The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-06-12
FORTUNES IN RIAL ESTATE
NORRIS ESTATE LOTS REILIIE
PROFIT OF SIOO.OOO
the, were Worih s1OO. OOO i've Montha
NEo and nroaEht stl3.Ias last
Neck Other Instances 0f Ma Gains
New Cnase OF IllslnE Land Nalaes-

Everybody was agrs6ably surprised
last week In connection With the auc-
ton sale Of vacant land in The Bronx
conducted by Mr. Kennedy for the estate
Of Lewis Gouvsrneur Morris. The oher-
ing comprised rs lots, or the equivalent
Of about ten acres In section which.
" hatsver is prospects. has Recently been
inactive To put Mp az public auction
= holding of this sire and character Just
" hen a building boom appeared % BE- near
ing 10 end seemed a hazardous expert
mont Nevertheless. the sale was an un-
qualified sucCess from every point Of view
The bidding was Of the keenest. and
among the competitors we're eXpertenced
investors whose judgment h unheul-
tatingly accepted in matters pertaining
% real estate The Offering realized a
! total Of tll2 765. or upward Of tiOo.OO more
than the upset valuation established by
/ the appraisers for the estate.
/ How IL this great difference bstWeen
the upset valuation and tho sum actually
realized 20 be accounted forp The ex-
PLANTATION il that the upset valuation was
based on the record u scattering sales
made in the neighborhood in the last year
OF two, sales effected before a subway
/ in Jerome avenue looked 40 much matter
Of the immediate future a. Il does nov.
The appraisal was obtained a couple OF
months ago when the preliminaries look
ing 10 the auction sale were being ar
/ ranged Since then. however. tho rapid
/ transit situation has changed completely.
/ The appraisal was an expert opinion OF
the market value of the lots this spring.
The sum realized last week indicates just
how much their market value has been
augmented by tho intervening change IN
/ the rapid transit outlook.
The lots are ln a promising location, on
+ high ground near Washington Bridge and
adjacent 10 the line Of the proposed JeT-
ONE avenue subway They brought On
an average $3.50 apiece II they are
worth this nos several years IN advance
I 81 the possible completion ~ the subway.
hos much will they he worth when the
subway Is In operation Well. even an
expert appraiser would decline ~ commit
himself 10 exact figures. but Il precedent
may be relied on II u quite certain that
between the letting n the construction
contract for the subway and the opening
Of the new road these lots will double
/ and treble in value They are opposite
Washington Heights on the west and
Hunts Point on the east. between the
two forks " the present subway, but
inaccessible % either just before the con-
tract for the present subway vas awarded
Hunts Point lots we're worth about 81 500
each when tho subway vas opened
they had advanced 20 S5.OD To-day they
are valued at $1,000 On Washington
/ Hei xhts Broadway corner plots loOKioO
have advanced IN the same period from
SIS UN 70 SI2s.un0
Instances might be multiplied 81 no
table advances IN realty values due %
improved transportation such instances
have been - common. almost every day.
. occurrence in and about New York since
the beginning ~ the era y subway and
tunnel building Transportation. how
ever 10 only one ~ many inhuences
D. hearing on real estate. and IL may no 81
interest IN call attention 10 = cause u
rising values which docs not appear n he
a. vet widely recognized This u the con-
+ osntration in New York city 81 an inoreas-
ING proportion ~ tho retail trade 81 the
country a. large
This r,oveuent mas reached conapic-
rous proportions IN the las couple u
vears 10 received = very marked I'M
petus through tho ranic of 1917 The
nanir was especially disastrous Ia the
Industrial cities u the kasi II had no
ap0reciahls effect. however. IN the pros
nerous agricultural communities n the
West The purchasing power of tho we'll
4 10 do glasses IN New YORK city was cur
tailed and the better grade Il stores In
the midtown shopping district. including
/ Fifth avenue had a hard time - u In
1878 Thev net tho situation. which was
indeed = critical one hv making special
efforts IN increase their mail order husi-
meas with tho country az large and par
ticularly with the West
I In all that great variety II products Of
light manufacturing IN which New York
outranks all other Industrial centres the
retail dealers here are able 70 undersell
out n town CompetitOrs. and having set
out In earnest ~ acquire a national trade
they had no difficulty On achieving their
purpose Today b il not only depart
ment stores that Do a big mail order
business bat all kinds ~ sIpsSial shops
The retail trade onseIuently y becoming
national instead ~ being merely lOcal.
hut IN composition embracing the
country a. large the New York merchant
has De, isive advantages which need not
h. enumerated here The result "a that
successful out IT town retail houses are
taking up sites IN New York New stores
are coming IN and those already here are
charging their quarters and edding TO
the number ~ their employ cess
THIS tendency " retail trade % concern
trats m New York accounts IN n large
measure Tor the tremendous rise IN values
which has iken place IN the midtown ncc-
ton IN the last year and half For that
rise there ar u number u causes. and new
Transportation n me - them. but the ex-
pansiun II retail trade ~ national proper
tioLs II not the least important. A. any
rate The great building boom which has
de- yeluped N the midtown section sincs
the panic must be tracrable % Il IN no
small d-Rre- Il j. In the MIDTOWN section
that Land values have increased most
notably IN the last year and a half.
On Fifth avenue both leaAea and halea
reflect remarkable advance In pricea. In
the spring II 1919. Tor example, the north
west corner ~ Fifth avenue and Fifty
third street brought s1iO.DO. although
three years before that u had BEEN valued
at SJOUD
In july ~ last year the HnvomayeT
estate sid tho building az j77 Firth ave-
mo for k3Gl Dn The building immedi-
stely adjoining this on the south. occupy
mg a lot 0f the same dimensions. Was cold
in 1870 for about t225.OD
The I0tos Club property az $50 and SIS
Fifth avenue brought t75O.O0O last wear.
THIS spring Il was resDld % KnOedler a Co.
L. a a a.