New-York tribune., 1908-01-22
THE REALTY OUTLOOK
pPEmcT MANY CHANGES.
~ Morgenthau Says Upper Fifth
rsnsuue U7W Be apartment District.

-
u,,-v Norganthau one Of the best known lead
- the local real estate market, spoke last night
t,+ the growth of New York and its probable
80. Greatness Al the real estate school Of the
- SIDE Young Mems Christian Association. in
~ street between Eighth and Ninth avenues BE
.-+eses that 9Th street would be lined with big
- stores that the most important hotel centre
-,-sa face Central Park. and that Fifth avenue.
- IF 5erh street would become a high class
.,a-rroeut house section II Is now one OF the
soi-est residential districts
z5o furthermore predicted the amusement centre
-o7,ld be moved up and around the Central Park
.bestre site and from there would extend TO the
.--or OF which Sherman Square is q part; Hudson
z7fver Bridge Landing people between 18th and 5lst
.--pets and onorher about 18th street, having
;he Palisades as one OF the piers would be built;
s+v-b avenue between 2Sd and sd streets changed
,-.o : Ho-rishing retail store and amusement dis
--r- as It natural link that has been neglected,
snd the water fronts on both the East and West
si5ss improved. permanent ana perfect light
os- he secured there The prices OF lots there
-eo low added the speaker The speaker further
vss5 that 1E5th street. between Lenox and Eighth
sve-uss, another great connecting link between
Washington Heights ana The Bronx. would ur-
doubtedly become as great shopping street as
-Eca street. Is to-day.
-. NoTgenthau said, IN speaking about me
growth OF this city
The Brooklyn Bridge was opened n May, l8S5.
rfe highest buildings then we're the present Post
r1 and Oto lr1Du1e 5Ll40l11S nc 4S- 80
and finest hotel was the Fifth Avenue The prln-
traI opera house the Academy OF MUSIC me
retail business centred around SteWarts- no"
Vznanzkers Thirty-fouTth street and F1fth ave
rae vas the residential csntre. The elevated roads
sitter = o'clock the evening, were running 10
Harlem On q one-hoIlr headway. The NUMBER q
elevated railroad tickets sold day in New @ 1oIA
then was 20 600: now II is Soeo2 -le popl-1'.o -
e Manhattan was 1850. and me b-o.-a . -
The population OF Manhattan no" Is -.s-O', a. 90
rrBe Rrcrx $4,000, and Of greater New AoI* 7'1lf
ss5 ...-...t., ~ /
The Rev Walter Laidlav-. tle 80. -
rhe rezsearch department cf the Ne" 1oA - -.
-fo- of Churches has calculated thar N Ii '---
-r1 ta efst- million inhabitants WIN = T=d--S O.
rsrs1ee1, miles of Cf;y t-aI In lSS 4, Per CEN =
80 -on11Istion of the states o. New h"-h anu Nv
jersey lived II that district ana IL - = - gss
re assessed value Of Manhattan -s-aAo II $50
- = ga ee e0e. and now II IS S7sseel"s- me
assessed value of the 1st Ward vas s7-"''.''' anu
-o- = i SGZa-3Ooeo eoe
= = Wilson bought the house at +5d street and !
~4-h s--z1us tn $50 for slS5o0o; it Is worth now
80 e cGa0. Lots n Broadway about wan /
s--ze+ were worth about s1oaoo and now are valued
a. ezsaeeo. lets 265 street. between fl1h @ a-lo
s---b avenues, were worth from $500" 10 s'SuoV
= are nav worth S5o0o0 II $4,000, lots n the
- se-r-A-- Madison and Fifth avenues, $50
So NV z-= worth s1oaero and upward lots On
- T-s-- size = the res SIS and SOS, froIn 8 coo
>, 60 6N and are worth now from S2aeso 70 Sane0'
Ists II 1e5th srresL Seventh II E7gh1n avenues
8 a9 g-d ncE worth slee-t
Most q The vel located property has quad
----le5 n value The Mutual New York Life,
-.7uf-zlIe sne Metropolitan had about S-l5.oH6no
sSse-s gnS now rave 1872 oono0 Of which $5z5.-
esaon g-s invested n mortgages II this city Jhe
ss-1zEs tanks n New York had $25e,oeo,SS assets
sns row have Soe. .o0c 600 invested IN mortgages.
~st-er Harlem was pretty oenssly populated you
tsd % turn 70 The Bronx, and again one could
4orssse that 1hs woodworking establishments and |
r-es-igs and other factories Offering employment
T-9vv
ths+ lnrs selling a. & ooo apiece, and acres a.
& aa = ssnoo had 10 increase largely n value
Here vas q desirable le-shhorhoed selling below
IS value see the result. Lots OF Third avenue
= -hs ueizt5orEood Of 1zSIh street selling
q x Do and over. They sold then al 5000 each.
-'Ths ---ura5Is tendency Of most natonalities 70
hover together and create colonies and centres Of
-bei- 7v- force values II sch districts they
l=st - abnormal prices such a. S2z996 Tor Henry
Ttsz--sy and Mulberry street lets. II you follow
--a --se q rr.ces CT tenement house lots IN Ihs
entire CRY y0U VII notice that Is the number Of
..---uroved lots few IN any neighborhOOd that
ca = reached within thirty or forty minutes b.
t-zls-r tbs EalUs % the lots increase 70 Sl'o /
and E5eN Ths most recent examples being that
IN 20 when ne subway was opened. the Donneliy
1-sc1 from 15z- street Il 1Sth street Amsterdam
svslre a-5 Broadway. vas sold TWO weeks before
tae s. 60 q lot and W1rhtn three Gays
resea e. EaH and now most OF the lots are
worth & 81 - 81 no. At the same tine lots from
;4h street = 1+6th street, Fifth 70 seventh ave
ruez, we're sailing S5.odG and now they are worth
S2@a TIE rents that can be obtained justify a
price o. $50 & loI. but not more
AS q apartment houses OF higher grades always
Sc 1ae bread avenues. especially such as have
Sisvs ove--ock,-g parks O. rivers the preference
Ary spa-rsr- house tast has exceptional light and
ou-look IS bound 70 pay well TIE tendency Is en-
c-.iy L that 61rec-ic---'
NJ. Morgerthzu said thai persons buying should
gss coss % pe--ra1ent centres. such as financial
retail argse4err and local like 125th street 14sth
F-est s-s Tz5E5 avenue. and eli great functions
They s1ou5 prefer corners OF account OF Light ana
rents. Z re-a.- sections give the south side and
rest S6s Preference over north and east side Is
pec.zly re-ez15e- 11zt the land alone increases II
value. src bricks and mortar They should also
Nstca dEveop--s--s and give section where popUla-
u01 e oelses che attention Above all study
es-6tlly the transit facilities
Real estate cannot be handled Ike railroad Sc
czT-i-eg F-gL -ened stockholders fix prices, while
Z sne CT Two houses are sacrificed II is forgotten
IL TEF pzIUaTE SAFFo MARKET