The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-08-10
JERSEY CITY PUTS land
EXPERT ON THE STAND.
Shows Value of Property Contiguous to
That Owned by the Pennsylvania
Railroad Company.
Especial to tho Evening STAR

UDD[ta1A - AAR @fEAAAf6 1hN@4
JERSEY CITY, Aug. 10.-At the State
Board of Taxation hearing of the rail-
roads appeal from their assessments
today, Mr.. Record put on the stand
James C. Young, president of the Ma
tional Realty Company. who has long
experience in large real estate deals
In Jersey City. He qualified as an ex-.
pert on shore front valuations. although
Mr.. Edwards submitted him to a gruel-
ling cross-examination IN expert
knowledge.
Mr.. Young testified that the purchase
of the Basford & Glenn property. on
Exchange place, for 100000. by former
Senator William Brinkerhoff, on Jan
uary l last. represented an acreage
value of $500, 900, while the railroads
claim their property across the street
is worth only $4,000 an acre. He said
that he had bought property at Hudson
and York streets, a block away from
the Pennsylvania Railroad property, for
$25, 900, and that it represented a land
value Of 5000 a lot or S102, 900 an acre.
while he had sold two lots of the same
property for $4,000. or at the rate OF
$12.5 500 a lot or $212,50O an acre.
Il place. as a moderate valuation on
railroad terminal property from the
Hoboken line to the southerly line Of
the Central Railroad property the fig
ure of 100000 an acre. Thai Is the
land value. It extends from the pier
line to the city streets"
Mr.. Edwards made some remark
about low valuations placed on private
property by city assessors and Mr..
Young tartly answered.:
valuations of private owners are
kept down because the railroads have
never paid their fair share of taxes"
ut Is contempt of court" William H.
corbin observed.
Both sides nave been guilty Of that"
Major Lentz snapped at Mr.. Corbin.
Mr.. Young continued to testify. He
said the land values on Montgomery street
between Washington and Greene streets
had &en the highest In Jersey City at one
time, until the Pennsylvania Railroad alb
sorbed the g of the property ana de-
preciated the front
rs not land at Grove street and Pavonia
avenue more valuable than that nearer
the river and the railroad property" Mr..
Edward asked.
Eyes, except one piece of property at
Pavonia avenue and Kelso street, which
the present owner paid $4,000 for and will
not sell for $4,000, although the building
on the 25N10O lot is worth only 5000"
THAT is because the Erie Railroad wants
that property, which is used for a saloon,
is it not?" Mr.. Edwards inquired.
YES, but you haven't dared to condemn
It, because you know that you will pay as
much as the owner now demands"
Mr.. Edwards tried to get Mr.. Young 10
admit that a lot 25x100 In railroad terminal
property was not put TO as high and profit
able a use when it vas used for storing
freight cars on it as It would be if a four
story double-decker tenement was con-
structed on this lot.
Mr.. Young replied that under the present
tenement house law very Few are being
erected in Jersey City. as there Is little
profit for the owner who obeys the law in
regard to construction.