Perth Amboy evening news., 1906-10-11
REALTY BOOM |
ON ISLAND.

stiffening of prices in Richmond bor-
ough the past week. There seems to
be but little desirable acreage avail
able at any price, although the de-
mand is very brisk-principally from
investors who have been operating in
Queens and Brooklyn.
The announcement that the city
has decided to establish another mum
icipal ferry, running to Stapleton,
has had a very good effect on the
market, and the large holders of pro-
perty who believe that Richmond is
on the eve of a building boom like
the one that swept over the Bronx a
few years ago see in the success of
the present ferry a ~forerunner of
many other similar improvements
for Staten Island in the near future.
Some idea of the actual develop
ment under way may be gained from
a trip along Richmond Turnpike,
Where Wood, Harmon & Company,
the big New York operators, who
We're SO successful in South Brooklyn
a rev years ago, have opened up
tnree additions. A small army of
workmen are now swarming over the
place laying out streets, building
sidewalks and curbs, and putting in
all the improvements that go to make
a high-class residential suburb.
The first two additions opened up
by this firm were completely sold out
in two weeks-a mountaineering per-
Torrance for even this record-break-
ing season. Sixteen fine houses are
now nearing completion on the pro-
perty, and indications point to a
building boom that will attract thou
sands of home seekers and small in
vestors who have made money in the
other boroughs. The third addition
Is now on the market, and visitors
may be seen on the property every
day making their selections.
1t certainly begins to look as
though the borough of Richmond is
to come in for it's share of the general
advance in property values that has
been going on in and around New
York for the past seven years. Prices
are still as low as they were in the
Bronx seven years ago, but this can
not last long. Staten Island used to
be forty-five minutes from the Bat
terry; now it is only twenty. Further
more, a subway under the Narrows,
connecting Richmond with all the
other boroughs, is part of the trans
portation program endorsed by the
authorities, SO that it seems to be
only a question of time when Staten
Islanders will have a municipal sub
way as we'll as a municipal ferry.
Mr.. T. H. Griffith, of st. George,
and Mr.. w. w. Whitford, of Port
Richmond, have combined their in
terests in their various real estate
deals and operations by entering into
a cop~artnership under the name
Whitford & Griffith. The occupy the
corner building at Jay and Wall
streets, opposite the st. George Fer
ry landing. Both are very optimistic
about the fall season, which they eX-
pect will far exceed in volume of
business all preceding autumns the
island has known.
Charles E. Griffith & Son, promin-
ent realty men of the North Shore
section of Staten Island, yesterday
stated that this has been the banner
year in the history of Staten Island,
and that they have sold a number of
acreage properties, both large and
small, and great numbers of building
sites and dwellings.
Many of the properties sold by
them in the early spring can now be
turned over at a large profit. Still,
they claim that the prices at which
properties have been sold during this
year are nothing to be compared with
the prices that will be obtained dur
ing the next year., when the new ferry
terminal at St. George is completed,
and the two new ferries which are
being established at Stapleton and
Port Richmond are in operation, by
which time a number of new indus
trial plans will be completed which
will employ between eight and ten
thousand people. The demand now
for houses that rent all the way from
SIS to $50 per month is far greater
than the supply, and is growing all
the time, yet the average rental OF all
dwellings between st. George and
Mariners Harbor pays more than II
per cent. on the cost of the properly:
The water fronts along the XII
Won Kull and Newark bay are grad
ually being acquired for manufactur-
ing which necess1tates the
removed of old residences from the
shore to the interior hills.
The vast improvements made the
last four years in the way OF sewers,
concrete sidewalks and asphalt and
brick paved streets have added much
TO the value of property in general
and the elegant high school built a
81. George. together with the numer'
ous nfie school houses, public 1brar
les. etc, build in various parts OF thu
borough, have all helped to brint
about a great change for h bette
in Richmond borough. Still, ther'
are acres and acres of the finest lant
in the great city of New York ina
can vet be bought at prices which vii
Weld investors large profits.
THE GARDENER.