The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1904-11-30

company. The most northerly from the
Pennsylvania Coal Company, through
Charles W, Henry, in May, 1889, for
S425s 900. II has an area Of 5,16 acres
back Of the solid filing line and to the
centre line Of bounding streets; thus the
rate was So. 800 per acre.
The second plot between Bay and Nor
gan streets was purchased in May, 1890,
from Dodge, ct ais, for $4,000, and
in 1895 the riparian title was perfected
by the payment of $4,000, making a
total Of $3Ss,0o0. The area, back of
solid filing line and to the centre of
bounding streets, is 5.01S acres. and the
rate per acre was thus, $77. .321. Though
almost alike in acreage. the first plot has
a frontage of .31s feet, while the last
has only 260 feet, which would account
for the difference ia acre price.
At the time of purchase these two
plots could not have been said to be in
the market They were both in use for
business purposes, and in the case of
the Dodge sale, the transfer entailed an
entire removal Of an old and successful
business and its establishment in a
new location on the Hackensack mea-
dews.
There was a pier in front of each prop
erty, since removed.
The circumstances surrounding these
sales must be taken into account in ap-
plying the consideration for comparisons.
AT this time the Pennsylvania Rail
road Company was engaged in elevating
its main line in lower jersey City. This
change involved the cutting off of Greene
street in front Of the passenger depot.
Greene street was the shortest line Of
communication for trucking and other
business between the ferry and these
properties, and its closing was opposed
BY their owner Action was pending in
the courts, which might or might no
embarrass the company in the great
work it was engaged upon. These sales
acted, of course, as a settlement of all
suits.
The average consideration per acre
of these two sales-S So, $50 and q. .321--
is about ss0,o0o
If this valuation be applied to so
much of the Harsimus yard as lies east
of Greene street, yiz.:-28.94 acres, we
would have llsla iiszs.fes-t possttisis
Of s., 2,si52oo.
This rear portion of the yard contains
31.4 acres, lying between Greene street
extended and Henderson street.
This portion can be compared with
recent sale of two entire blocks of land
lying Immediately adjoining to the south
and bounded by Second, Bay, Provost
and Warren streets. This sale was
made March is, 1901, from Garret E.
Winants to James Wits, and is recorded
in Liber 767, page 643.
The area to the centre of bounding
streets is 1862 acres, and the considera-
ton was $4,000. which gives n rate of
S24, ,s34 per acre.
Applying a rate Of $4,000 per acre to
the rear 81 acres of Harsimus yard,
gives valuation of $7S5,000, which,
added to the valuation obtained for the
front at $4,000 per acre, s2,315, 200,
makes a total Of So, ,1o0,201 for the 5o.34
acres assessed by the State Board.
But the properties used for COMPARE
son, being all on improved and severed
streets, deduction Of $4,000 per acre
should be made, or $240, 600, leaving net
81, ,9e0,2o1, or $47 POO per acre as the
valuation Of the Harsimus yard based
on the sales of business property under
the circumstances above noted
The yard is assessed for taxation at
$41, 900 per acre. Thus it is seen that
BY no method of comparison, either by
sales, assessed value. or appraisal BY
experts, is it possible to reach a rate
per acre which is equivalent to the con-
sideration in the transfer from the Jer-
sey Shore Improvement Company to the
Morris and Essex Railroad in June, 1881.
Of $50,3S5 per acre. which sale was
used by the State Board as a basis Of
valuation of railroad terminal lands.
No proof can be obtained from any
actual facts, that the true value Of
these lands has been advanced a dollar
since 1854, when they were valued at
the very highest standard.
In fact, the proof shows that these
lands are not today as desirable or valu-
able for railroad uses as they were in
Ss4, and any statements to the contrary