The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-26
THE REAL ESTATE MARKET.
BUYING IN THE JEROME AVENUE
VALLEY BEGUN At LAST.
me Boom Expected for Thirty Years IL
Apparently Getting Under Way-Big
Holdings Of Land Passing Into the
Hands o. Professional Operators.

Hands Of Professional operators.
sales reported in the past few weeks point
10 the development Of an important realty
boom in the Jerome avenue valley. The
Jerome avenue district Is the only remain
ing one Of any size In the direct line OF the
city's northward growth that has not
yet been exploited, Prices sro low, many
OF the streets have been paved and severed
and the neghbOrhood Is ripe for improve
ment.
The boom has long been expected. Jer-
ONE avenue was a part Of that magnificent
system Of ddveways laid out by Boss Tweed
IL is the Bronx extension Of Seventh avenue,
and via 10th street, now Cathedral Park
way) Of Riverside Drive and the old Boule-
ward II was Tweed's idea that II would
be the main channel Of travel northward
from Manhattan Island.
Shortly after the avenue was laid out,
while il was stll only iOO-foot dirt road,
there was an auction sale Of about 100 lots
belonging to the old Morris estate. They
we're in the neighborhood Of 18TH and
I0eth streets This auction was looked
upon "a a speculative opportunity. Avenue
lots sold readily at 5000 and inside lots
At from 81 800 TO 5000. But the boom did
not come. and for over thirty years those
prices remained the standard Of value.
Paradoxical as il may seem, Tweed's
Improvement was undoubtedly the means
Of arrcsting the development Of this section.
The Jerome avenue racing track, one OF
the bygone gI0ries Of turf history, was
laid out. and the avenue itself was taken
possession Of by the sporting fraternity.
When there were no races the avenue was
used as n speedway. IL was one OF the
sights Of the city 10 sec tho hundreds OF
carriages that crossed the old Macomb's
Dam Bridge on any fine Sunday. Those
who had no horse and carriage walked.
The avenue was dotted from end to end
with road horses So large was the crowd
chs attended these impromptu horse
meets and 50 strong was their influence
that the taxpaying property o Hners asked
in vain for improvements. re avenue
was kept a soft dirt road because that made
the bost speeding track. The avenue
was kept clear Of cars and tracks because
thew would be a ccnsta Mt nuisance and
interruption. And 30 the jerome avenue
boom languished
Then the Speedway along the Harlem
River was laid out, and the interdict against
Jerome avenue improvements was at last
removed. But meanwhile the unfettered
. east side Of The Bronx had been growing
rapidly. II had numerous transit facilities
and street improvements, and Manhattans
surplus population settled there. Con Sc
quently, when the subway was built, in
stead of the LenoI avenue branch run
ming northward under the Harlem and up
through the jerome avenue valley, when
was admitted to be its natural course, II
was diverted and made long detour to
the eastward on the principle OF the great
eat good 10 the greatest number,
A branch line Of the Union trolley COM
pany provided the only transit facilities
Tor the immense stretch Of country repre-
scented by the jerome avenue valley. This
line merely carried passengers to The Bronx
end Of the Macombs Dam bridge. A
long exposed walk across this bridge was
necessary to reach the elevated and surface
lines on Manhattan. The result was mevt-
tabe-the territory was sparsely inhabited.
Streets, however, were cut through IN ali
directions and severed, curbed and paved.
With lots IN tine eastern part OF Inc bronx
selling st from 5000 TO 5000 and lots on
Washington Heights soaring as high as
Si2 900, speCulators began TO turn TO the
big stretch Of undeveloped country sand
wiched in between these two oyerspeou-
lated districts. That they are beginning
90 invest in anticipation OF a sharp rise
IN values Is shown by the number Of large
holdings that have char ged hands during
the past few weeks, Many Of these were
q block or two in extent and had been
held for years by the same owners. The
great Vsrian and Morris tracts had been
vested in these families for over century.
These plots were all bought by operators,
who will split them up into small lots and
resell to builders.
The recent extension Of the Jerome avenue
trolley across the Macomb's Dam id &c,
connecting with the Sixth and Ninth avenue
elevated roads at the l55th street terminal,
and the laying within the next few months
of the Interborough's trolley tracks across
the Washington Bridge, connecting the
western side Of The Bronx directly with
the subway at fslst street and Broadway,
will provide the Jerome avenue district
with transit facilities that are on par with
those Of a large part Of the eastern Bronx.
IN addition TO this there "a the prospect
a. the very near future Of direct rapid tran
sit with the elimination Of the trolley trans
fer Tho plans submitted last Thursday
20 the Rapid Transit Commission by both
the marlborough and the Metropolitan
contain provisions for jerome avenue.
The lnterborough'S proposal IL 70 extend
their Sixth and smith avenue elevated
systems across the river and up the avenue.
The Metropolitan offers 10 run its proposed
Eighth avenue subway under the Harlem
and through jerome avenue 70 the city
line.
district should build up rapidly. jerome
avenue itself will develop into a business
thorou hfare. Unlike Third avenue in
the eastern Bronx, the conformation OF
the land Is such that there can be no other
business avenue OF great importance, The
ground rises gradually on both sides OF
Jerome avenue 90 hills Of some little height,
which fall away again on the east TO the
Harlem division OF the New York Central
tracks and on the west to the Harlem River.
There is no ", nue. that runs north or south
for any distance on either Of these hills.
They all tend toward and eventually ter
inmate In Jerome avenue The surface car
lines already laid and those planned follow
this, same tendency and converge toward
the main Jerome avenue line.
The hills on either side will make health
full sites for inexpensive houses. At re-
cent meeting Of Jerome avenue property
owners q resolution was passed suggest
ing that the side avenues and streets be
reserved for small houses and only Jerome
! avenue be improved with store flats.
Lot Boom AZ bay Ridge.