The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-07-28
Syndicate With s65,oo0,-
600 to Buy Up Lands
On the Jersey Coast
and River Fronts.
YAADERBlLqS AND TRUST CO. S IN IT
Hackensack Meadows and
Lands in Hudson County
70 Be Acquired for
Commercial Pur-
poses.
VANDERBILTS AND TRUST CO. IN IT


News leaked out this morning Of
gigantic deal in which Hudson County
real estate owners and agents are deeply
Interested. A syndicate with $65 100000
| at its command has been formed to buy
up and develop lands on the Jersey
Coast lands on the Hackensack and
Passaic water fronts, and tracts of real
estate in Hudson County for manufac
turing purposes. Behind this enterprise
the Vanderbilts, Realty Trust Company
Iiof New York, Central Bond and Trust
Company of New York, George w.
Young, president Of the United States
Mortgage and Trust Company and these
are represented in this city by Vice Pres
ident James G.. Young, of the National
Realty Company.
GENERAL PLANS OF THE SYN
DICATE.
The plan is to secure suitable blocks
of property on desirable water fronts
piers along the coast. All the interests
of the company formed to develop the
Hackensack Meadows are controlled by
the syndicate and up to now upwards of
5000 acres of shore front has been Sc
cured. The syndicate is securing these
tracks contiguous to the railroad routes
and ere long every desirable front be-
tween Atlantic Highlands and Atlantic
City will be controlled by the big in
terests mentioned.
HUDSON COUNTY'S FRONT.
The advantages of Hudson County's
river ports have long been apparent for
commercial enterprises. Since the Uni
ted States Government has decided to
spend several millions during the next
two years in deepening and widening the
channels of the Passaic, Hackensack,
South and RRritan Rivers and the cham
nels between the. Jersey Coast and Staten
Island, the value of the territory has
immaasurably increased Sharp eyed
fnanciers see that in a few years strips
of land fronting on these waters and
near the sea, now bringing few hun
dred dollars per acre, will rise to incredi-
BILE figures. In fact, they say, the COM
mercial development iss beyond the scope
of man to conceive.
WHAT MR.. J. G. YOUNG SAID.
Vice-President James C. Young, of the
National Realty, was interviewed this
morning about the scheme, and he re-
piled that it was true. He was interest
ed in it, but as it was in its infancy, he
would prefer not to say anything about
it. He was asked if he had secured any
+l,o
side, and he replied
"Yes, | have at present options on
3,72S acres"
.Can you tell US what the syndicate
generally proposes to do?''
'.Not at present The acquisition of
lands in Jersey is for the purpose of de-
veloping them for commercial purposes
replied Mr.. Young
REAL ESTATE MEN INTERESTED
The effect of the news in real estate
circles was very startling. There had
been rumors for some time that "some-
thing big was going to drop in real es-
tate matters" but nothing definite was
known. As soon as one prominent deal
er heard the parties behind the scheme
and the general plan he said to repor-
ter of .sThe News"
Il had an inkling of it last week, and
| have now called off certain negotiations
for the sale of some property / am con
tracing. 1t will be good thing, al
though the small middleman, I fear, will
be squeezed out. However, anything
which will develop the acres of waste
land in this County and along the coast
will unquestionably benefit everybody di-
rectly or Indirectly
PAPERS OF incorporation.
The Incorporation papers for the syn
dicate are now being prepared by one of
the ablest real estate lawyers in New
York City, and will be ready for fling
with the Secretary Of State in few
days.
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