Year: 1869

Real Estate in the Metropolitan District.


The year 1869 has opened with a resump-


ton Of the marked activity in real estate which


during the past year called for such frequent


notice, and bids fair to develop as great an


advance as the special interest and excite


ment then exhibited, continuing without in


terruption contrary to all precedent through


the summer months was in excess Of previous
years. Although but four weeks of the new
year have yet passed the sales of real estate


both at public and private sale, have amounted


to millions of dollars. These sales have in
cluded property situated at opposite extremi-
ties of what may very properly be termed the


Metropolitan District comprising all the
numerous towns and villages within radius
OF twenty miles from the centre of Manhattan
Island, and present in their results general
appreciation of real estate values throughout
the whole of this area, of a greater or less
degree, in proportion to distance from or
difficulty of communication with New York
city. In the city itself the move
ment is every day exciting more attention,
attracting fresh crowds of spectators and
absorbing new capital. The rapidity with
which the appreciation takes place is one of
the most astonishing features Of the market, it
being matter Of ordinary occurrence for the


purchaser Of to-day to dispose Of his purchase


few days hence at an advance Of several


hundred dollars, while property left with


brokers for sale is regularly advanced in price


from week to week il not disposed of at once.


Under ordinary circumstances this might ap-


pear to be mere imitation, the result of specu-


lative combinations, liable at any time to suffer


a reaction, involving incalculable loss to all


who trusted in it; but if we examine the mat


ter we readily discover the causes which are


producing these results, and can judge of


their weight and value considered in such re-


lation


The past and present of New York city ex-
hibt it as the great commercial centre of the


Union; and while its geographical situation
and advantages give the reason Of its acquir-
ing this distinction they likewise insure its


continued enjoyment of that pre-eminence and
inevitable growth and development. What
ever have been the results in New York
from its monopoly Of most of the great


commercial enterprises of the past and share
in all others, and they have been many-inso-


much as the greatest Of these enterprises is


dwarfed into mere tribe when compared with


that most stupendous Of all modern Hndertak-


ings in the interests Of commerce, the Pacific
Railroad, now nearly completed, which is to


make the American Continent the highway
between Europe and Asia-the past growth of
New York offers but faint index of what is
to follow. Here will be the eastern terminus
of that road, and through this city will pass


the products of both the Orient and Occident


The immense business of transshipment alone


will be sufficient to double our present popula-


tion while for its transaction requiring much
larger area than that now occupied for pur-
poses Of commerce. Here, then, we have the
active cause, the logical result of which is the
present movement in real property. Our
lars from time to time of the progress Of this
movement and Of values. The most sug-
gestive of these thus far this year is the
activity exhibited in Westchester property and


the high prices obtained at the recent sale Of
lots situated there. The inception Of the work
of clearing He'll Gate readily accounts for this
in the consequences that will follow its COM
pletion, now not to be long delayed, while at
the same time the new interest exhibited in
the project of uniting New York and Brooklyn
by means Of bridge gives assurance that the


latter place win not be behind in sharing in
the prosperity of Its parent city.