The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-06-23
Real Estate Dealers Say the
Hudson Tunnels Place It
Very High Up In the
Market
HUDSON RENTS RISE
VALUES ALONG THE PALISADES
RIDGE FROM JERSEY CITY TO
ENGLEWooD SHOW REMARK
ABLE CHANGES

New Jersey has within the past three
months enjoyed real estate boom. Val
ues have risen enormously and rents
have SCARED correspondingly. Land on
the Palisades between Union Hill and
Englswood is now worth $1,000 an acre
and in some places desirable sites bring
$1,000. Englewood is one of the high
priced villages.
The Pennsylvania tunnel under the
Hudson river is responsible for the Union
Hill land boom. The tunnel will pass
Immediately beneath the business part,
or centre. of Union Hill itself. Although
the Pennsylvania management has made
no official announcement on the subject,
it is accepted as a fact that the tunnel
or subway will have passenger station
at that place. Merchants have been con-
verting Bergenline avenue, near Fourth
street, into a closely built business CEN
tire. Values have been rising to height
unprecedented in town of that size in
New Jersey.
A corner, with brick store and fats,
on Bergenline avenue sold recently for
$4,000. Another corner near by, with
95 feet frontage on Bergenline avenue,
with an old-fashioned frame dwelling,
is held for $2,o9OO. There is practically
very little property left in that part of
Union Hill for business purposes. 1t
is predicted that property fronting on
Bergenline avenue will be worth, be-
fore next summer, from $500 to 81 900 a
front foot.
The influence of the Pennsylvania
tunnel is extending over the entire
Union Hill district, covering the whole
ridge from the Hudson bluffs north
of Hoboken across the Heights and
down the west slope into the pleasant
Hackensack River valley. Many new
streets are being opened and graded.
Attractive frame houses and brick flats
are going up. Some of the houses are
costing. to build, from $4,000 to ST 800.
They are sold mostly to folks who are
moving from the upper part OF Man
haitian and from Brooklyn.
Generally speaking, the new Union
Hill is being developed for persons who
can pay from $40 to $40 a, month rent
or who can stand an investment repre-
senting that much month in interest
and fixed charges.
ment. Jersey City Heights shades off
into Union Hill on the north and this
spring the advance in rents shows how
the land lies in the real estate market.
Many houses are going up and it is plain
every effort is being made to be ready
for the influx of New Workers that is ex-
pected from the completed tunnel.
At Englewoed, on the other hand. the
development is predicated very largely
on the promise of the Erie Railroad
management for early electrifcation of
the northern branch of that system. 1t
has little to do with the Hudson tunnels,
although of course, the movement is to
some extent animated by the prospect of
a connection at the Erie terminal in Jer
sey City with the 'McAdoo- Pennsylvania
trolley subway under the river to Merton
street in MAMMA ttaii.
Englewood is growing very fast. 1t
ha sover 1900 population. 1t has the
reputation of being one OF the handsom-
est places in New Jersey. 1t is high grade
in every particular. The only factory is
one for making ice. The elevation aver
ages 200 feet above the sea, but some
parts on the Palisades are much higher.
There is a great deal of wealth. Many
of the residences are costly and beauti-
fuh There are a number Of New York
miIlionaires whose dwellings represent an
outlay of $4,000 to $4,000
The Edgewater Realty Company has
bought seventy acres between Engle-
wood and the cliffs. 1t Il opening it for
settleentm. Other large syndicates are
operating in the district
West New York, which lies just north
Of Union Hill and wes of Weehawken,
is growing rapidly The houses and
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