New-York tribune., 1911-11-14
ITALIANS BUYING LAND
prouerties in Mulberry Bend Dis
triCt Rated at $4,000, 900.
ITALIANS OWN TW0-THlRDS
,rcrease in Holdings Has Con-
tinued Steadily Since the
Seventies.

-, transferring title to the four big
,c,ement houses. with stores, Nos,
a. gaxter street. TO Maddalena G..
has beens recorded. The property
easscd hy the city at $4,000 and was
,,.,,erlv held by Warren Bigelow as trus-
.se of an estate.
,.n,u This deco was placed on file old
,.-,her Knickerbocker. who has 50 many
10 tasks to occupy his attention. was not
,s,ontlv aware that sons and daughters
ss,,,,, italy are now the owners OF more
mn two-thirds Of all the bis tenement
so,,so and store properties in the Mulberry
Lend district.
~. had also seemingly overlooked the fact
.r,t ,uitc a number of his property own
- ,,ere Of Italian birth are wealthy. the
aim, of their real estate holdings and busl-
res Investments being many millions.
Nsddalena g Celnlo also owns. besides
tho Baxter street arcels. the store and
astbouse property No. 4i. facing Mulberry
md Park. II is assessed at s2S0l0.
The city values the property on the
,ss,crlv side Of Mulberry street at S.755,-
~, end that on the westerly side AT 500
,o the total being s6,96l. .coo. For Baxter
Mott and Elizabeth street buildings ana
.ites the tax assessors say fair market
raluo ie about s6.5coc0 90 street. Three
zines The sum rs SIP 5No"o. and therefore
IRE tsxsbl- value Of the four his thorough
fares Of the principal italian COLONY ot me
greater CITY is S26.is1 ESQ.
MANY experts agree however. that the
worth Of ell the taxable land and struct-
rres i'm the streets. Notwithstanding that
so,,c downtown properties have recently
Ice, sold al much less than their appraised
,alue hv the city. is nearer 100000 than
ysN0nO. Consequently. in normal real es-
,.,e davs about 100000 could he realized
IRON, sales Of ail tho tenement. store and
.othey. properties there. or this Ao"non
worth of income properties men and
srnrper Of Italian birth or descent own at
least tvo-thirds.
= Fietro who manages several big itanan
boarding houses I'm the Bend. IN referring
,ssterdav to the fact that there are now
some Italians living there rated at more
than q 10000. spoke about the hardships
the majority of Italians experienced IN
trying 10 better. themselves
Most Italian immigrants arriving here
after the Civil War came in the hope OF
finding sufficient remunerative work 10
enable them to return to the shores OF
their native land" said Mr.. Fletro, IN
four or five years with enough money TO
buv little business or a small farm
which would keep them in fairly comfort
sb,a circumstances for the remaining years
Of their lives.
j Immigration statistics show that thou
sands who were able 10 stand the rigors
NJ The climate here, who were not injured
st the lAborious work they were asked TO
do. and which they gladly did, did return
to their old homes with the necessary
money TO set M in business or cultivate
farm for their own profit.
but hundreds. when they could go back
IN Italy 10 live more pleasantly decided
IN STAY here forever and invest their lit
,e savings. and each year many more
have chosen Ia do the same thing In the
20. realty records reveal that real estate
Investments I'm the Bend amounting TO-
several hundred thousands dollars had been
made ny Italians, and from that. small
beginning to the many million mark it has
grown"
Loans on property in Mulberry street
we're difficult 10 get not many years ago;
now the big money lenders do not hesitate
10 lend freely. because they have no doubt
that the property will ne profitably main7
tained. and, if not already owned and
controlled soon will be by residents Of the
colony