New-York tribune., 1902-05-13

FactS were obtained yesterday by Tribune re-
porters showing that there has been unwonted
activity IN real estate in the long strip Of land
which is 10 be utilized for the proposed Man
haitian Bridge. No sooner was the plan made
public it appears than certain real estate op-
orators went into this district of the borough
and began buying up the property for future
sale To the city. As consequence there is little
if any, activity in the real estate of this section
at the present time, all this property now being
held in anticipation of condemnation proceed
ings. by which these owners will be enabled 10
sell the land to the city. The margin which will
be made by these spectators will necessarily be
paid by the city.
That such has been the case was affirmed by
several real estate dealers who were seen by
Tribune men yesterday. Some of them believed
that for this reason the city should not abandon
the bridge. AS one expressed 1T:
THE city has adopted the plans for this bridge
and has pledged itself to its construction Ac-
cordingly. a great number of people have gone
ahead in good faith and invested money in
property in the anticipation that the bridge
would be built For the city TO turn around at
this stage Of the game and knock the project
in the head would be unfair to these investors
and an act of bad faith For that reason think
that the city should not abandon this improve
ment"
One real estate agent said that he had sold
some time ago at auction three houses in Till
aryst.. north of Bridge-st for $4,000 The land
is in the path of the approach Of the Manhattan
Bridge. The houses are three story frame struct-
ures, with basement and would bring, ordi-
narily about $4,000 or $3.50. This. he said.
was only example
Frederick B. Snow. OF the real estate firm of
the Jere Johnson. 1r.. Company said that the ac-
tVtty in the real estate TO be be'condemned for the
Manhattan Bridge was a matter OF history
MOST OF THE LAND BOUGHT UP
Soon after it became known, even in a gen.
eral way" he said, that the approach TO the
Manhattan Bridge was TO strike through this
section or the city, there was a very active
market in these properties. Most Of the avail
able land has been bought. and a sale of
lots in the strip of land which is to be ulti-
mately purchased by the city for the bridge is
infrequent at the present time. Those who have
the property either originally or by subsequent
purchase are now holding out for condemna-
ton proceedings"
David Porter. Of the real estate firm Of c. N
Moody & Co., said:
I would be in favor of tunnels as is urged
by The Tribune. If the city were not committed
TO the Manhattan Bridge. All things being
equal. 1 think that tunnels are in many ways
superior to bridges, for the reason that they can
be built quicker. cost less and do not wipe of
property from the face Of the tax map as a
bridge must necessarily do for it's approaches"
DO you understand that there has been any
great amount Of money invested in anticIpa-
tion Of The construction Of the Manhattan
BTidge?" was asked.
know so,' was the answer. Money has
been invested in Brooklyn property which will
necessarily benefit by the operation OF such a
bridge. Flathouses have been projected near
the terminal of the bridge. Such houses will
be rersed readily TO people who work in Manhat-
tan and wish quick access from homes in
Brooklyn"
Have there not been considerable purchases
of the land 10 be utilized for the bridge ap-
prcach?"
Il do not think there has been to any great
extent. think that the chief sufferers from
the abandonment of the Manhattan Bridge
would be those who have purchased property
for Improvement near its Brooklyn terminal. If
investors had not taken the city at it's word and
gone ahead with their operations. I would urge,
The Tribune does, that the city build tunnels
rot one. but two or three-for the purpose of
binding as many parts Of Brooklyn closer TO the
business sections Of Manhattan"
THINKS PROPERTY INJURED BY BRIDGE.
One real estate man. who asked that his name
be withheld said that, in his opinion the prop
always injured more than benefited. He pointed
to the property the Brooklyn terminal Of
the present Brooklyn Bridge. If there had been
any activity in the market he said it was not
in land near the terminals but in that TO be
condemned, which could be bought before its
owners We're fully aware of the intentions of
the city. and afterward sold at a profit.
The Tribune's fight for the abandonment of
the Manhattan Bridge and the substitution Of a
system Of tunnels is strengthened by facts which
have been published by The Brooklyn Eagle"
In the issue Of January 2S, 1900 The Eagle"
printed an elaborate article, which said that the
land required for the Williamsburg Bridge would
cost not less than SS.OO0,0OO and proba bly,
S9,OO0,OOO. II then continued:
The approaches are not so long as those of the !
proposed (Manhattan) bridge the land for which |
is estimated 10 cost only So 2S1 600 Other esti-
mates made by people who have looked at the |
plans of property TO be taken figure out that !
the land for the Manhattan Brooklyn structure |
VIII cost all the way up to S15 900 900 and that |
the land for the Blackwells Island Bridge will |
cost up 10 Sl00OOO00. These figures are re- |
garded as excessive. but more at variance |
with the actual facts than the conservative fig |
ures Of the Bridge Department engineers
sHEAs LOW ESTIMATE.
The Eagle" also printed the estimates Of the |
cost OF the Manhattan Bridge which were made
by the Bridge Department of which Mr. Shea |
was at that time the Commissioner The figures