New-York tribune., 1902-12-21
THE WEEK IN REALTY.
Increase in Prices for Property Near Penn
sylvania Railroads Terminal.

To the student Of realty affairs an interesting
problem is furnished by the increased valuation Of
properties In the Greeley Square section Of tho
city The difference between prices paid for proper
ties in the district before the Pennsylvania tunnel
project was planned and the figures At which some
parcels in the section have been sold since that
time is great To cause amazement. Owners
OF property there have been enriched by many
thousands of dollars II is undSputed that property
at or near Thrty-thrd-sL and Seventh-ave hE-
uratively went a-begging few years ago notwith-
standing that the boom in the Broadway section
between Twenty third-st and Forty-Sixth-st was
then well underway Now II is difficult TO get any
10 sell mis- holdings The reason that there is
no apparent desire part with parcels, even in
the face Of tempting offers is said IN he the opin-
ion held by the jory Of owners that the pictures
already drawn Of the probable future greatness of
the section affected by the Pennsylvania tunnel
project will be many times outdone when plans for
building and improving carried out Prices
soaring upward at the present time and are likely
10 take another jump upward by the announcement
of almost any new big building operation.
It Is possible here TO give only meagre idea
Of how prices for properties In the section have
advanced since the Pennsylvania tunnel project be-
come known. In the block front the west side
of Seventh-ave. between Thirty-third and Thirty
fourth sts. parcel sold about year ago
for $4,000 another for $55 900 Before the Penn
svlvania Railroad announced that II would build
the tunnel of these properties was sold for
500 500. An offer to buy Of the properties at
So7 said recently made and refused.
Other lots in the same block front said 10 be
held at sums ranging from SIS 900 TO 100000. With
such varying asking prices II is easy matter
get approximately the average increased valua-
ton of in the block since the purchase in the
district by the Pennsylvania Railroad. If. for
ample. the average increase in the valuation of
lots is about $4,000 these figures the value OF the
block is now 100000 more than II before the
beginning of the present good times in the section.
on this increased valuation of the property the
city would receive in from each parcel little
more than $500 year under the old tax
rate There are many other block fronts however,
where prices for lots have risen just high in
the one in question. A big rise in values Is in the
block fronts on the east side of Seventh-ave from
Thirty-frst-st. to Thirty-fourth-st.. and both
sides of Seventh-ave. from Thrty-fourth-st
Fortv-second-st- Should the increased
ceived in taxes from these parcels average
5000 for each block front the increase in
nue. 10 the city, owing this change of realty
ditions would be than $4,000.
Valuations of lots in many cross streets have
also risen considerably. The permanency of Thirty
fourth-st as one of the principal streets of
the district is assured, according to most of the
real estate brokers OF the section. It's natural
fractions are much better. it is thought, than
those of any other streets 1t that the demand
for properties in the street is likely to remain
larger and better than demands for lots in by
streets 1t is confidently expected. however. that
Thirty-frst-st, Thirty -second-st between Seventh
and Fourth aves., and Thirty y-thrd-st will soon
have long rows Of modern business buildings. About
and Seventh aves., 1t IS said could be bought for
SIS $4,000