New-York tribune., 1910-06-05
WATERFRONT SITES
Few Real Estate Men Experts on
Harbor Facilities.
CITY'S AVAILABLE SUPPLY
Many Sites on New Jersey and
Staten Island Shores Ready
for Immediate Improvement.
Ey Floyd =. Corbin.

Ey Floyd =. torDfn
Waterfront properties in New York Har-
Dor offer an interesting subject for study,
as they present many problems IN the
choice of location, character of develop
ment and suitability for different lines OF
I business.
| Although the material welfare and COM
mercial supremacy of the city depend
largely upon it's haroor and shipping facili-
ties. yet 1t IS a fact that no class of prop
erty is so little understood by spectators
end investors. This is probably due to sew
eral causes Such properties do not change
ownership frequently. in nearly every in
stance being improved for some specific
purpose, and the records of sales and trans
fers are not so easily obtained as those OF
other classes of rea! estate; and yet no other
properties offer a more inviting field for
| specula tion and deveopment-one In which
| there is practically no competition. ana
| where the available supply is being con-
stantly diminished. for. once taken, they
rarely come back upon the market Hence
enhancement in value is absolutely assured
IL New York continues to increase its COM
merce.
The term waterfront prOperty'-as its
name implies-refers to land bordering up
| on navigable streams. But all the water
front properties are not commercially avail
| able; many things must be taken into con-
| sideration, among which may be cited the
depth of channel leading up to the property
and the difficulty or expense of keeping II
| open, the depth of water in front OF the
property, the length of bulkhead and pier
| lines, protection 10 shipping, obstructlons
to navigation, such as drawbridges. etc,
| nV- Ian
tances from labor markets and centres Of
population.
Generally speaking. the ownership of land
lying between high and low water is vested
| in the state, and before any use can be
| made of same by the abutting property
| owner a riparian grant or lease must be
| Obtained from the Board of Riparian Com
missioners. Upon application, leases are
| made by the commissioners upon their esti-
| mate of value, on which interest is charged
annually, but such leases are convertible
| into grants payment of the principal
sum. In recent years, however, the policy
| in New Jersey has been to make as few OF
these grants in perpetuity as possible. and
| legislation having for its object the grant
| ing of these leases for stated periods, with
| revaluations, has been attempted SIch
| grants or leases define the bulkhead and
pierhead lines; i. e. the line of solid filling
and the extent to which piers may be built
in the water. The United States government.
however has supreme control of navigable
streams, ana exercises the right to increase
| or decrease such lines as it may deem fit
This matter is under the jurisdiction of the
Secretary Of War. and in the case of New
| York Harbor recommendations for the pier
| and bulkhead lines are made by the HarbOr
| Line Board.
Units of Measurements and Values.
The unit of value of waterfront properties
| is generally the linear foot, measured upon
the bulkhead line. and for given distance
! back from the water. In some instances 1t
| is determined by the area of land under
water and the extent TO which ii can be
/ filled in. Important considerations in deter
mining values are depths OF water. length
of pier line. land and rail communications,
labor markets and the highest character of
development for whictSthe property is suit
able The most valuable waterfront prop
/ erty in New York Harbor is on the Man
haitian shore OF the Hudson River. while
next in importance and value is the New
/ Jersey shore of the Hudson and the Man
/ hat ttan shore of the East River The values
of such properties in New York HarbOr
vary grea atty.
/ An erroneous impression prevails that the
| available supply of waterfrOnts for com
mercial purposes in New York is practically
unlimited. Nothing could be further from
! the truth. While the shore line within the
limits of the five boroughs is apparently
very great for commercial development. this
Is more apparent than real large pCr-
tion of this frontage is difficult and costly
to improve. and. owing 10 present trans
pOrtation facilities would be unsuited 10
many lines Of business. on Manhattan
/ Island the amount of such property in the
market uroccupied and for sale Is negli-
gible quantity. and there are comparative
! IL few pieces Obtainable on the Brooklyn
shore of the East River from 39th street to
point about opposite 18th street, Manhat-
/ tan. From this point in Queens Borough
north to Astoria. the shore is compara-
lively undevelOped. with the exception of
| few scattering parcels. The current here Is
very swift. Dividing the bOroughs of
Queens and Brooklyn. Newtown Creek. al
though sluggish stream, with depth of