New-York tribune., 1903-02-15
THE WEEK IN REALTY.
The Change of Opinion Regarding
Green,cich Village.

showed nlessiny activity many lines While no
new tendencies were revealed, it was plainly seen
fhaf some the old movements which are iiheS W
result in the spbuilding OF attractive sections OF 'ie
city were becoming more vigorous lhere W.
forceful signs. however, in the reports OF tne
that one movement which il was hoped Wouid DC
particularly prominent al this season had iost 'i ~
of its yitality-the movement in the Green"leh
ssge section. When the old Morton-st tunhei
p-oiect was revived a number of specuiators anu
investors entered the district II was then SAID thai
the tunnel project would not only create greater
demand for properties in the section put "ouo re-
suit in the replacing hundreds of old buildings
there with modern fathpuses and apartment houses'
IL would seem that this opinion regarding the
future of the district is TOW held by few persons
Many now think that the section VIII IN the near
<t,,r. he almost exclusively occupied by big busi-
ness buildings
The reasons given for :his change of thought as
-, the future of the section and the arguments ao
,anced in support of the new idea are interesting
I,- is said that the New-Jersey and Ne"-iorh tuh
el will hiring many large and choice vacant tracts
Of land in New-Jersey so close TO the business anu
social centres Of this city as TO make Ne"-'elseS
narticularly attractive to large numbers VINO hFe
IN Nathouses here. but who. 1t rs fhouehtr "oSiu
,,icllx move from the fathouses if they couid
lease or own dwelling houses Land IN many heA y y
sections of New-jersey is much cheaper than ii
any Of the suburban districts or TINS CITY, ana iiS
difference in value will remain 1t Is thoush' even
after the Jersey and Manhattan shores are "edeo
together with tunnels
These tunnels will undoubtedly send the values
of certain choice dwelling house sections in New
Jersey suitable for occupancy by persons "ao
have business here or employed in this CITY
soaring bevond the rAch of the workingman. but
il is the opinion of many expert reai estate men
WIN have given considerable time 10 the stuos %
This absorbing question that the lnIliiel ploIoC'o
will omen in Sew-Jersey to the worhinGmah scores
sr ad 5u,ellinr house tracts where he can safely
,n,lost his savings in home for himself ana Ian-
lily ,,,z, ,o+.
,--;.r,n q short distance of City Hail. Manhattan
- n, ,o,,r,,+ TO-DAY for frcm $50 to $50 each. The
nar of such a lot can with the aid of any one OF
many sound building loan organizations improve 'iie
lot with modern dwelling house at COST OF from
ahout 50 500 upward. This sum can be PAID on the
same as rent in monthly, quarterly or semi-annu-
oIl,- 5nstalments and IN about ten or twelve years
the instalment mortgage would be PAID. Ihere are
many persons who do not like the 1nstaln1ent mort
.-,pe and seldom become owners Of property The
lnopledse of such persons of the various forms or
instalrnent mortgages is generally pracucahs
uo-thless and the plan that they know the most
about is the one which no sane real estate man
would accept. Some excellent building loan co-l-
panies always insure the life OF the persons TO
whom they loan money for building purposes on
the fnstalment plan in a equal to that Of the
building loan. This life insurance policy protects
the lender and the borrower, though OF course the
borrower has to pay the policy premiums Inc
sum 20 be paid month under the various forms OF
fnstaunent mortgages varies greatly Some OF the
best building loan companies charge slo month
on $1,000 and under such plan debt OF sl.eo can
be paid of about IA instalments. Those VINO 90
not like the instalnenI mortgage can in purchasing
house mortgage IT for % per cent OF more oi ils
value. ., :. -, <,,.,,r.- of
the Greenwich Village section for residence pur-
poses think that though New-Jersey will gain much
by the tunnel project New-York will be a larger
gamer than New-Jersey. The picture that these
Re1pe nave ceion SHOWS W taI modern business build
ings in every street of the village and HUNDREDS OF
ing concerns at present outside of this State The
location Of these hers wofla OF
Some of the principal deals Of the week were the
se Reen of ts B9ss and sts
Jai Alai Ball COMPANY Of Havana tarongs ss RSo- eo
the sale of No. 20 Fifth-ave- and No 10 West
Charles F Roe: the purchase of Grand Circle
plot by Albert Flake at record price Tor that sec
auin in west Forty-fourtf-st, and the plot at the
southwest corner Of Forty-second-st and Madison
The Real Estate Record and Guide" Of Feb
ruary Il says in an article on the real estate
Perhaps Forty39second-st, has been more in eIyi: I
othe! important ssrs Several r1ae sxpeSnsiye ,r
Bs sssd sy at SseavS sRd
stated 10 have been very big soGo % oest more sa y
results Of these gsnsaetiGpps but they I all ia a'sn m
Forty-second-st viii eventually be the most i'm.
portant crosstown street in NeT,Yorkuthe stree
most active It will surpass in these respects oo6r
TWenty-Ihird and Thirty -fourfh-Sts-. because ds
We pointed some three years ago Forty
second-st Will be the line of unparalleled con
cenrraIion ~ interests and activities and all the
occurrences the last three years have tended &c
confirm this yiew. Broadway and Forty -second-st
has definitely become the amusement centre of the
CITY and will remain for long time. Thr &c
Of the largest hotels in New-York being built
on Forty-SeoCnd-s1 its immediate vicinity. The
improvements the Grand Central Station viii
enormously improve that neighborhood- The cleo
trif1cation OF the tunnel and the through service
that will be offered TO the City Hall VIII enor-
ously and quickly increase the population OF those
districts served by the NewHaven and Central
roads and consequently will multiply the shoppers
lines VIII fetch to NewYork- But most ol
all the tunnel, running through Forty-second-st
will make il the most convenient street for pas
senSers on the subway from the West Side 10 cross
over TO the East Side, passengers from the
F,sst Side 10 cross TO the West Side Finally
The situation o. the ferry TO the West Shore Rail
road at Forty-second-st- viii eventually be ar
important source Of traffic The present tendencI
Of Improvement apart from the hotels: is In the
direction of office buildings. The Transit Buiidins
well rented. and the reconstructed Hotel Bristol
or the corner Of Fifth-ave is rapidly filling witf
tenants An eighteen-story office building is to bt
erected between Madison and Fifth-aves. This
tendency will probably continue. for the prices
which property is reaching. makes office building:
the only class of Improvement that will pay suf
fciently.