Year: 1868




Conditions AGcctisg Ii.


There ID no department Of industrial or spe-
culative enterprise which presents SO many and
varied features in respect TO ih several condi-
tions OF price, demand, supply, inquiry, quality
or quantity, a. the aggregation Of operations In
lands and tenements, both at public and pri-
vate sale, leasehold and freehold, which make
up what mon summarily describe ~ The real
estate market Different individuals view it
from different standpoints, and consequently
reach opposite conclusions. as the sum Of their
observations, more or less affected, no doubt,
by personal interest in one way or the other.
Asurvey Of the situation, with view to deter
mine the correctness Of one or the other deduc-
tons, establishes, however, the fact that neither
is strictly correct while both are to certain ex
tent true. The fact s transactions in real estate
this month give but very imperfect data upon
which to base inferences respecting what the
state Of the market will be few weeks hence.
January is always dull, lull in enterprise
naturally succeeding the examination Of
loss il the latter, retrenchment becoming ne
cessary; If the former, grave consideration
preceding any new investment Greater ac-
tivity is promised next month, and already an
nouncements in large black letters adorn the
fences and deadwalls about the city calling
attention to many valuable lots offered for
sale to the highest bidder. The value Of real
estate on this island has been we'll maintained
throughout the various changes that have been
80 marked in the fluctuations in prices Of all
other marketable commodities during the last
and previous years, and to-day in it's aggregate
It represents higher value in dollars than ever
before. Not alone is this the case, but in spite
of special instances Of depreciation, and not
withstanding its encumbrance by an ire
sponsible, spendthrift municipal admins
tration, with . heavy and rapidly in
creasing burden Of taxation, it is steadily
advancing, more especially. or perhaps
rather noticeably, up town. The various
projects Of bridging or tunnelling the East
river, underground or elevated railways from
the Battery to Harlem, canal to connect the
Hudson and Harlem rivers, or the removal of
the distractions at He'll Gate-all affect to
greater or lesser degree the value Of real estate
this influence producing changes and huctua-
tions in price and demand according as they
become the subject Of discussion, and their FEAST
bility or possible accomplishment is con-
sidered in positive or negative sense
The opening of the new Boulevard will also
have beyond doubt similar influence, the value
Of the land bordering on or adjacent to it
being certain to be enhanced. This is already
apparent from the sales that have thus far
been made, but will be better observed when
the publication Of the awards takes place.
many holders Of lots thus interested being
desirous Of selling, but indisposed to do so
until such time as they have learned the result
OF the appraisement Present indications JUS
tify conclusion that the value OF real estate
will advance, and with it the reduction in
rents so anxiously hoped for by the overbur-
dened working population of this city will be
still further postponed. In the future, how
ever, is to be found the solution of the problem
thus raised. New York is but entering upon
Its career. and is destined at no distant day to
become the great commercial centre of the
world. Already Its influence is felt throughout
the extent Of the United States all the great
steamship lines centre here, and soon when the
great tramway which is to connect the two
oceans and furnish highroad for travel and
transportation FREQ from vexatious customs
regulations ia completed, 1t will be, as the
Eastern terminus, the most important city in
the world, the snarep6t Of continent enlarged
and extended by the absorption within its
political boundaries Of all the neighboring
islands, A rapid advance in the value Of
property here is, therefore, but the natural
consequence Of New York's destined future
greatness; and as already land within twenty
miles responds to the quotations OF property
in Fortieth street, so will all the surrounding
cities feel the same Improvement