The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-17

This increase In population and In wealth
could be attributed to New York city.
where thousands and thousands came
attracted BY Its business possibilities,
no property worth went up due to the
expansion OF business and residential
ones In 1858 more than 10000 prop
rites valued at S16o,027.469 were sold,
nd In the five years from 1865 10 1870
10 city's population increased from
1886 to e42.2s2.
Real estate values moved IN in every
ectfon OF the city. Tor a few hundred
siollars people bought properties during
he war which at the close OF the strur-
lie were sold at big advances. II was
'ossiole to buy lots on l25th street Tor
1900 during the last year Of the war
while $500 would not secure them tho
lay after Gen. Lee decided that tie
South had had enough war. Through
he east ana west sides, now tho best
residential sections OF the city where
taHd to-day apartment houses and
dwellings, the homes OF the weaithiest
PEOPLE In the country, lots brought In
'onae cases much less than those in Har-
| am Dazzling profits were being made
through the purchase and sale OF real
estate everywhere. Sacchi & BuriinE
paid c. G. Ravens 100000 for the
block between Central Park West and
Columbus avenue, Seventeen and
Seventy-first street, a big price every
one admitted at this time, but high
as the public regarded the consideration
The following month another came along
and paid the spectators sos, 900 profit
for their purchase.
At bout the same time . plot Of nine
'ots on Eighty-fourtfi street between
Fifth and Madison avenues was p1r-
chased for $4,000. Thls too was re-
yardea high fGure for and there. but
within sixty days the value OF that prop
erty had jumped $4,000. the lots hsv-
ing changed hands four times during the
period. Within few years after the
ending OF the sectional struggle $4,000
was bong paid for lots In Seventeen
street west o: Central Par! West Two
lots at the northeast corner OF Fifth ave-
nue. and 10th street sold for 100000,
while lots at the southeast corner OF
Fifth avenue and S,xty-seventh street
were selling at the rate of $4,000 each.
six OF them bringing 100000. A few
years previous fractional part Of this
figure would have been considered a
big price. Willis $4,000 lot was ire
price OF lots at Fifth avenue ard Sixty
seventh street buyers we're willingly
paying about s12,5oo for lotz On Madison
avenue. which only two years previous
had teen extended. The records show
that the northeast corner OF Madison
avenue and Seventy seventh street con-
tanning Ave lots brought $4,000, which
10 at the rate OF $I2,4oo each. while lots
at Fourth avenue and seventy-sixth
street were selling for $4,000 each
ENN N
great that values one day could not be
accepted the next. A few days after
the sale at $4,000 each OF the lots at
the northeast corner OF Fifth avenue
and Sixty-seventh street one OF the lots
was resold for sS2,60o. little way
down FIFTH avenue at the northeast cor
mar OF sixty-fift street. now covered by
Vincent Astor's dwelling. three lots sold
Cor Ss7.60o. Post war epeculation lifted
the value OF two lots on Fifth evenue
,ust south OF sixty-third street. part OF
the property now occupied by the
Knickerbocker Club. frori a few thou
sand dollars to $4,000 each. Il was
during this period OF speculation that
John D. Crimnins, William II. Wander
bilt, the Goelets. wendeis, Rhineianders,
Astors and many others whose present
wealth can be directly attributed 10
property, invested IN real estate With
values jumping and 10 per cent over
night these men aid not hesitate to buy.
They had faith IN the worth OF the land
OF New York and. although there vas
crude rapid transit and the city was
open country above Forty-second street
they invested knowing that the day was
coming when the city would come UP
and their property would be worth
good deai more than they had paid for
u
Nrhsy were correct New York waE
expanding In every direction under the
pressure OF the resumption Of business
New York has been under restraint
for the last four years its needs could
not b attended TO while the country
was At war This restraint Is soon to BE-
lifted from the materials nesded for
new dwellings,. business structures and
factories. and builders are being re-
lieved from war work by the Govern
mont 90 that they may 90 back and
take UP the construction Of the city
where they LETT of. Just 30 soon as
building material prices come down from
their high war level, which Is starting,
operations on an extensive scale viii
follow and property values as known
To the market to-day will suffer by COM
parison, according to real estate experts
who have been following the market
ana the meaning OF every little develop
nent. There will be no revolutionary
construction such ag followed the specu-
latfve period which started with the
close Of the Civil War ana continued
for several years. The construction
operations which are needed for this
city will 30 evolutionary rather than
revolutionary. Much Will be made OF
the buildings standing before new con-
struction will be extensively taken Up.
New types of buildings will be delevoped
TO meet conditions arising from new
trade conditions the zoning law, the
demands OF financial interests and tho
like.
But everything will tend to higher in
comes and higher values than now GRE
vail. The great uplift that followed the
Civil War is expected to DO repeated now
ana TO continue without abatement as
the needs Of the city are great and VIII
| be greater when business Ii again In tuii
awinR with the world coming up to the
counters Of New York for nearly every
thing Il wants. There was no such
ssinnulus for real estate at the close OF
| the last great war America engaged In.
| The stimulation then was merely the
expansion or rather the satisfaction OF
j conditions which had developed during
the four years the men OF the North
were battling for the preservation OF tne
Union.
Those who are IN closest touch with
I - -, A-a. .fa,..1t.A ssx that thAra