The Brooklyn Daily Eagle from Brooklyn, New York • Page 33

THE BROOKLYN DAIX.Y EAGLE. KE YORK, SUNDAY, APRIL 16, 1899. 33 MANHATTAN REAL ESTATE A GILT EDGED SECURITY. Generally Regarded as a Better Investment Than United States Government Bonds. J.

D. H. BERGEJI. De HART BERGEN. J.D.

H. BERGEN SON, Real Estate Insurance, ESTABLISHED 20 YEARS, No. 314 COURT ST, Bet. Degraw and Sackett Streets. Houses, apartments, flats or floors, to suit all demands, in the Sixth or Tenth Wards, near Fer ries and Bridge.

APPRAISEriENT HADE. MORTGAGE LOANS. INSURANCE EFFECTED IN ALL LEADING COMPANIES. TELEPHONE MAIN 698. MILLIONAIRES' BIG PURCHASES.

Large Blocks of Unimproved Land on Upper Fifth Avenue Bought for Building Purposes. planning improvements of the mo3t satisfactory and lasting character. This is commonly known as the millionaire section and tho houses for a stretch of a mile and a half are" almost all the residences ot Xew York's wealthiest men. Andrew Carnegie Is tho purchaser of a whole block above Eightieth, street, on which he Intends to build. Only a few days ago another big deal was consummated for another entire block in this district, the purchaser of which is said to bo Howard Gould.

William A. Clark, the new Senator from Montana and many times a millionaire, Is building on upper Fifth avenue a home which is virtually a palace. The recent land purchases in this section of Fifth avenue and in cross streets between Fifth and Madison avenues amount to millions of dollars. The projected buildings and those now in comae of erection In the same territory equal many millions more. The district is the scene of the most costly building operations In the city.

Manhattan differs materially from the other boroughs of the city in respect to suburban growth. The entire lower and middle parts of the island are now thickly built up, and what new growth there is is necessarily In the northern end chiefly. There the lack of adequate transit facilities has retarded rapid development and brought it almost to a standstill. It is remarkable that so large a territory so close to the center cf the city's life should have escaped so long, but it is due entirely to the difficulty of communication and the inconvenience attending residence there under existing conditions. As soon as real rapid transit reaches the section of the Island lying north of One Hundred and Fifty fifth street speedy change may be looked for, but not until then.

Despite present transit conditions, however, land in this part of the island Is held high for the realization of ultimate values. There is no disposition at present to proceed with great improvements in the shape of building, but owners know that in time conditions will the more highly Improved property could demand. Since then, however, more skyscrapers have gone up, bringing a great increase in accommodations and a consequent larger variety of choice and the qxodus from les3 desirable quarters has steadily proceeded. The period is one of transition on a large scale, satisfactory to nobody except tenants looking for desirable quarters at cheap rentals. The owners of all classes of office property are dissatisfied with present It is almost impossible to get tenants for old buildings devoid of the modern requirements, while at the same time, owners of new office buildings find trouble in filling their rooms.

Rentals are low and with a tendency to drop slightly lower. The cutting of rales on old buildings continues to have a disorganizing influence on the downtown market, while accommodations in the new structures are so plentiful that rentals have been held down in them. The new sky scrapers, which rent for 1 per cent. net. are considered under present conditions to be doing well.

The lean 'brokers arc bearish regarding' the present condition of the market and prospects for the near future. They make general complaint regarding the difficulty met with in placing safe leans at fair rates of interest. The trouble appears to be caused by the immense amounts of money seeking investment in loans on Manhattan real estate. The savings banks, insurance companies and thousands of private investors are in the field offering money on satisfactory risks. Competition is very keen and rates are consequently depressed.

Money is being loaned in large quantities at 4 per cent, and upward. Investors find but little money profit in such transactions after charges are paid. The redeeming feature of the loan market is the practically gilt edge value of Manhattan real, estate. Ot course it is possible there as well as elsewhere to overrate property but the men in the business are not often caught napping in this respect. Values are so thoroughly known and inspection is so thorough wherever deals are involved that it Is almost 869, 867, 865 Shrew.l investments in land situated on Manhattan Island have created the fortunes (it man? of New York's greatest millionaires, and wltt amtinue to pile up wealth for their fortunate owners as long as the city maintains Its position as the metropolis of the western hemisphere.

There is practically no limit to the land wealth of this limited space of territory, which was purchased from the Indians less than three hundred years ago for the paltry sum of $30. To day real estate in Manhattan, in all but a few instances, is regarded as a better investment than United States government gold bonds, for It not only brings a better return on capital invested, but also appreciates in value from year to year. It is the most gilt edged of securities that be offered for ready money loans and is always convertible into cash. This is a condition approached by no other district of anything like equal size or value in this country or elsewhere. Tho constant rise In values and keen competition for holdings have made the real estate market there one of the greatest of all businesses transacted in this city ot gigantic business activity.

Tho buying and selling of realty and its management, including rentals, leases and purely speculative Improvement, form the Park fNear Nostrand av; fine 3 story and basement private houses; just Residence of E. D. Bedford, Green's Farms, Designed by A. Korber, Brooklyn. A.

KORBER, 29 and 3t DeKalb Near Fulton completed, with and without ex i tension dining rooms; first class a throughout, with every modern 2 improvement, including private bath rooms off main sleeping: ARCHITECT, DECORATOR. rooms; electric lights; extension dining rooms, walls all panelled, with domed ceilings and curved inexcusable to miss the mark much. The great advantage arising from so steady and constant a mr.rket is the possibility of realizing on short notice. Actual sales can always be made in Manhattan, while it often happens that property in other boroughs can oak beams; must be seen to be ap oaK Deams; must ue seen, iv ue ap Jpreciated; open for inspection. bibs I W.

d. UnttNtVlAN, business of thousands of trained experts who have so systematized and refined their operations as to make their business an exact science. In no other section of like character have values become so generally fixed and universally recognized. The best list of actual value Is the selling price. Sales, not offers, constitute, the true valuation.

Tho movement in MANUFACTURER Of Architectural Cabinet Work and Interior Decorations We have up to date facilities for the quick and prompt execution of all kinds of woodwork. PLANS FOR NEW RESIDENCES, In stone, brick or frame. If preferable, select your own builder, plumber, etc. All work conscientiously supervised to completion at 5 per cent, basis. REMODELING HOUSES.

change and that when that time comes valuations will jump and remain fixed far above anything obtainable now. The north side of Manhattan is destined to grow whrn cDDdltioDS for that growth are realized. There is the promise of great things in tho near future, although there is no great activity at the present. Probably the sections of greatest growth and development in Manhattan to day are the west side districts, along Morningside and Riverside Parks. Great activity Is noticeable in these districts both In sales cad transfers and in actual building operations.

The west side section above Fifty ninth street and extending to One Hundred and Twenty fifth street, between Central Park and the Hudson Kivu has in the last few years witnessed an alvnest marvelous growth. It has become a great residential section, the character of which has become as nearly fixed as any section of the city. Change in Xew York has been so rapid in all its past history that it is difficult to predict the ultimate character of any particular section absolutely, but indications point very clearly to the future of the west, side as a great residential district, with incidental business communl only be disposed of by exchange or deal. The question of transportation remains of as large importance as ever in the past and in some respects more imperatively in need of extension. In fact, the value of land in the upper part of the island bears a direct ratio (o tho transportation facilities existing or projected.

Land in Manhattan, as elsewhere, is largely valueless where there is no means of getting to it. Of course, while there is no land on Manhattan Island actually in this situation, there is wide variance in the present availability of uptown tracts where rapid transit is barely penetrating. Harlem was mndn possible, without question, by the building of the elevated railroads. Builder, on Premises, $0 J. W.

GILDER, Real Estate Broker 859 Union st, corner Seventh, av, Brooklyn Bargains in houses and lots on the Park Slope Have made selling and exchanging property in this section a specialty for the last 25 years. Manhattan realty is so constant that experts have no difficulty in appraising to a nicety values In all classes of holdings. The course of the Manhattan real estate market is studied carefully from day to day by the brokers, who note all movements and compare every transaction. They maintain elaborate charts con iney nave made a city of a desert waste of stone crop. ru the opinion of men whose long experience in New York real estate transactions and the genera! market gives them the right to speak with authority.

Harlem prosperity has come to a standstill and there i lics to SUPP'" the requirements of the district. stantly subject to correction and upon the showings of these and their general knowledge of busfhess and financial oc.iditions they base their estimates of appraisal. It is customary in large transactions to secure several independent appraisements In order to determine value more closely. Experience has shown that different experts on given properties almost invariably reach tho same general conclusions. There will be differences of but a few thousands in estimates running far into Above Fifty ninth street and west of Central will he no general advance in values there Park the main growth has been in the cfos3 streets, with the exception of Central Park West, the extension of Eighth avenue, which has had remarkable development.

Fine residential property lines miles of streets, inter until comprehensive rapid transit plans are formed for that section and put into execution. This opinion covers not only the section strictly defined as Harlem, but the entire northern end of the island. We have the facilities to conduct this branch of the business to perfection. A cottage transformed into a castle has frequently been demonstrated. Why not transform the Hall, the Long Angular Rooms, the every day monotonous style house, into Grace, Beauty and Dignity.

We have many beautiful specimens that would interest you, feasible and very reasonable in price. OUR DEPARTMENTS, in charge of a. corps of competent men. Every phase is conducted in conformity with Architecture and fundamental principals" of Decorative Art. schemes shown for furnishing and decorating single rooms, or entire residences, from simplest to most ostentatious.

are capable and responsible for ths satisfactory completion of the work intrusted to us, and at moderate prices. DECORATING AND PAINTING. Wall Paper, Leather Specialties, Burlap, all colors; Cretons, Tapestries and Fabrics, Novelties, Special Exquisite colorings; Telephone 453 Main. spersed frequently by hotel and apartment i ne Jinnnaiian nas exnaustert its powers the millions. All this goes to prove the general recognition of values and the fixed and firm condition of the Manhattan market.

Real estate In Manhattan enlists the services not only of tho brokers and agents of supplying rapid transit from the business I houses. They have practically covered the center of the city, and something new must, district along Its middle and eastern liaes. develop to supplement its work. Partial de The cross streets nearer the river are. in velopment is now going on in the extension many instances, awaiting development or un Builders, Attention! Among other desirable real estate we note a large number of building lots in the Twenty sixth Ward, a part of the Isaac O.

Schenck estate. are all on the proper grade, "'with sewers, water, gas and electric lights, and are among the best lots in the Twenty sixth Ward, and well worth the attention of builders Jand anyone wishing a home in a Wealthy location. Mr. JOHN C. SCHENCK is interested in them and will give any further wno actually negotiate mc aeais.

out. also ot neclric surtaee traction, hut it is power dergoing improvement. Lots arc held at high figures ar. sales ate frequent. They are of ot a strong section of the.

bar. There are less to afford real rapid transit from the numerous great law firms which make a lower end of the island. The value of these surface lines is not minimized. They supply a great want and will assist largely in improving and building up the districts through HALLWAY, J. A.

Mc GARRY, EIGHTH AVE' NUE, BROOKLYN. which Ihc run; but they cannot bring them permanent Investment character rather than speculative, and the amount of high class building shows a steady tendency of a well to do population to seek hecnts away from the business avenues. West End avenue ami Itivcrsi drive are becoming notable residence streets in the best sense of the word along their entire length, while the boulevard, now Broadway, continues as the main business and raflie thoroughfare from the lower section of the city. The Morningside plateau, lying between the upper limits of Central Park and Manhattan valley and the Harlem plain and the Hudson, has already developed into one of the show Into direct and rapid communication 'with the great business center of the city, which is the ultimate necessity. Wall street will always remain the financial center of the city and the entire surrounding district, north and south, will in consequence increase rather than recede in commercial importance and value.

There is a gradual movement nearer toward the City Hall and the law courts of the law of Manhattan Isiiand. The chief will probably center i sections yers and eventually the; rehitectural feature of this district lies on about half a mile above Rector street specialty of real estate law and take practically no other business. They manage estates, loan money for banks, insurance companies and private investors, collect rents and take charge of all matters concerning titles, deeds, transfers, etc. Keal estate law is one of the most important as well as intricate forms of business engaging the attention of the legal profession of the city. The center of the real estate market is in the financial district.

All of the great auctioneering firms and many of the general renting agents are locate! in Liberty street, and on lower Broadway and the neighboring cross streets, within easy distance oX the Real Estate Exchange. Renting agencies are scattered far and wide over the entire district, but headquarters are in and about the Wall street district. This year's notnble increase in assessed valuations all over Manhattan has caused bitter grumbling among real estate holders and considerable anxiety over ite effect upon rentals. The city's necessities in the matter of revenue have, however, met with general recognition, property owners realizing that valuations had to go up sooner or later. The chief complaint made ia in the violc nt jump made at once.

They would have preferred a more gradual increase in order to permit adjustment to new conditions with less hardship. The wholesale provision trades are well i heights rising abuve Morningside Park, and couiprises a magnificent group of ecclesiastical, eleemosynary and educational buildings, including the ICpisjopa: Cathedral of St. John the Divine, St. Luke's Hospital, Columbia University, Barnard College and tho Teachers' College. The new home of the National Academy 01 Design is shortly to be added to this group, while near by the tomb of General Grant rears itself, the commanding architectural feature of the territory south of Manhattan valley.

From the Grant tomb down Riverside drive, notable for its individual types of residential improvements, the most beautiful part of the city is visible. The Hudson's broad waters. placed on the west side, between liarelay and Franklin streets, where there is plenty or room for them and where they have easy access to the North River. Above this section and somewhat overlapping it is the great wholesale and jobbing dry goods center. That shows a tendency to more slightly uptown, but the center will not change for many years.

It now extends practically to the retail dry goods district whioh commences with Wanamaker's, on Broadway, at Ninth street. This is the extreme southern point of the retail district, which has been steadily moving northward for some years. Sixth avenue. Broadway and Fourteenth and Twen At Ingleside, Flushing, Borough of Queens, New York City, YOU CAN OWN A PERFECT MODEL DETACHED HOUSE, 8 TO 12 ROOMS, For Less Than You Are Now Paying for Rent. TOTAL COST OF CARRYING PAYING FOR YOUR HOME, $26 to $40 Per Month.

We have homes already for occupancy or will build to order. Ideal refined residential neighborhood. Only ij5 minutes from 84th st and Broadway, Manhattan. Low commutation. Steam and electric roads.

When the valuations were first made known ty third streets mark its present limits. In fear was expresserl that the bic increase Fifth avenue is centered the book trade. From Twelfth street up to Twenty third there are congregated a areat number and variety of book concerns and allied interests. It needs no far sight into the future to see what is to become of the very choice eection IvinK between Twenty third and Forty se ond wilit the Paiisades beyond and the long river 1 stretch, both north and south, give in plenty the charm of most perfect landscape and water view. Along this westerly plateau, it Is sata I to say, the city's handsomest residential buiid ings wiii continue to multiply.

North, of Manhattan vailey there is even greater natural beauty which will ia time at I tract due attention. Lack of efficient transit facilities has up to the present time, however. prevented a fuil realization of its charm. 'This section, stretching beyond Inwood station on the river, contains possibilities that can not fail 1. 1 be taken advantage of In the near future.

Although development has been less TfooR First risen would react badly upon ail classes of holdings and bring about stagnation In the market, injuring selling transactions and hurtinc; rentals. These fears, however, have not been realized anything like prophesied. There has been no acute difficulty, the work of the as sessors having been thorough if severe, and there are no noticeable burdens growing out of the new As a matter of fact, it is not denied that i realty in Manhattan has in the past escaped heavy taxation. Valuations were always so i low that property bore very light burdens, even in years of heavy tax rates. Much prop erty had been assessed at more than half of its actual value, while none was assessed higher than 65 or 70 per possibly.

This was a condition far better than had prevailed for years In Brooklyn, where frequently valuations were almost at par. The charter pro The above cut represents a row of thirty 3 story and basement brown and. limestone front houses, 27 of which have been sold. These houses are trimmed throughout in choice hardwoods with foyer and regulation halls, with and without extension dining rooms, and contain every modern improvement, tiled bathrooms with open nickel plumbing, electric gas lighting, burglar alarms, linen shutes and refrigerator with rapid in this section than in some others streets and Fourth and Sixth avenues. Business has steadily encroached here and will make larger demands than over as time goes on.

The residence character of this entire section is doomed and year by year the inevitable pressure for business space will drive further north its present The change is going on now and is plainly apparent to any one who has known the district for four or live years. Business of various description has taken possession of Fifth avenue, the center and main artery of the district, and is not to be dislodged. Every private residence between Lots or Plots for Investment or Building Purposes, ON EXCEPTIONALLY LIBERAL TERflS. I water cooler, etc. many important improvements are already I completed which have added to the perraaneut value ol property.

Among such are the I Iar lem speedway, the St. Nicholas viaduct. Ma comb's dam bridge and the Washington I bridge, while one ujw under way deserves mention, the viaduct over Manhattan vailey, designed to connect the present terminus of the Riverside drive with the proposed ex BISHOP, Builder, Decatur St and Lewis av. 1 Send for Booklet. vmeu lor equduidiwu ot a.

sessea valuations, Twenty third and Forty second streets, once and as the elty required more money Manhat is turned to business uses, either for tan valuations were bound to rise. The Com u.a,lt.. or eluhR. It is a region also of missioners of Taxes and Assessments, while hl)tels of the graje. AI, Uie trade on desirous of effecting the equalization provided mnue Ui 0.

high Ils Pbops for, did not think it wise to take the whole nccu3 the pooplc who formerly step at once, took a long one, for fear that it. I u.j'j., ot llle clement of the pop would disorder the market and create much uhuion mr)3l t0 pav for the difficulty and hardship. But It is plain that I mllllnorv fn. niShin SUBSTANTIAL, ARTISTIC HOUSES North oT Manhattan valley on the extreme west side dcvelopai" at of property has been distinctively suburban in character. Audubon Park, named for the great bird historian, ia one of the most attractive ami successful ol such settlements.

It lies near the Hudsoa at the head of the One Hundred aud Fifty fifth street viaduct, which, in turn, connects with the Bronx, crossing the Harlem over the dam bridge. before equalization is actually effected Man I of various and pictures are to be seen along the whole stretch. The dry goods I tradv sins not yet reached the point se'tz ing positions on Fifth avenue, but the time hattan valuations must rise considerably higher still. Given time, however, owners will be able to meet the new conditions, since THIS PROPERTY Has All Conveniences, Electricity, Gas, "Water, Police, Letter Carriers, and is essentially a high elfiss place of residence. EIGHTY HOUSES SOLD DURING LAST YEAR We give.

you tlus opportunity of owning a home on terms which are absolutely fair. Our houses are splendidly built and embody every modern feature of comfort and beauty. Look Elsewhere, but Do Not Close Until You See Ingleside. SEND OR CALL FOR FULL PARTICULARS and FREE TICKETS TO VISIT. inur iioiui.U; uuyb i imuh.mc vaiue mat.

i arrive for drv goods shops am! will enable them to meet all fair claims. A wili have gained absolute MODEEN BUILDING METHODS. mrtuer ui ue uiuwia.aoie. ns uie vra wmiin. The pressure of business session.

The pressure or business ent one uuuuuoieuty is, out it win nave will be slower cros. will be slower, bo endured. The ultimate effect will be to lessen slightly profits, rather than to produce any marked rise in rentals, which would antagonize too many tenants and tend to still FTTH1 fsTi 'i i rV i I ft I I I Brick and stone, hardwood trim, open plnmbing, bookcases, mirrors, every modern improvement and luxury, at PRICES FROn $7,000 TO $11,500. These houses are located on Midwood street, Rutland Road and Fenimore street, near Flatbush avenue, on the estate of John Lefferts. The entire section is restricted to private residences and the neighborhood must remain permanently high class, PEOPLE WHO WANT HOMES AT MODERATE PRICES, in a neighborhood, which for beauty, healthfulness or convenience of access is not surpassed, should take a Flatbush avenue car to my office, corner Lincoln Road, and look at them.

CIRCULARS ON REQUEST. HENRY W. SHERRILL, Manager, ESTATE OF JOHN LEFFERTS. MAIN OFFICE: 13 Willoughby St, Near Fulton. in tne though just 1 Inevitable.

The district is so situated that. I it will naturally become the center of the re tail shopping trade in everything, i nusiness will find itself stopped by nat i ural conditions from swallowing the district i north of Forty sec md street. The New York Central and Hudson River Railroad forms one i great barrier. It will always pour its ini 11 ions of out at Forty second treet. It great passenger station and car shift ins yards above make a dividing line 'that cannot easily in passed over by traffic.

Routes of travel diverge above Forty sec ond street. All I lie population of the west side takes one route, while t.ie east aide pop Hint ion folio. v. another. Where they meet I ijiSm Lf JL 1 I i i further depress the market.

In the great down I.oa'ii district of business and finance, real estate has within the past few years undergone great change. Values have been radically disturbed and upset new construction and new methods in building. The new which have gone up in all directions, have produced a stampede from the older and smaller office buildings, which owners have found it more and more Impossible to stem. Tenants In ever Increasing numbers persist in giving up the Good Work Put Into Residences Erected by a Flatbush Firm. The progress made by the T.

li. Aekersou Construction Company in Fiathush Is marked and much credit Is due to them for the high class of improvements which they seem to aim at maintaining. The features in the houses erected by them certainly ir.erlt approval and the application of best methods of erection of substantial, solid and strictly artistic houses has given them a reputation among neighbors and friends not short of what they deserve. They appear to aim to build an honest house rather than to save where the necessity of an honest house demands expense of labor or money. The asph and macadamizing of streets, laying of sidewalks, planting ol trees and general horticultural effect of labor now put on their property, which lies in bounded by Ocean av.mue.

East Nk rtceuth street, Avenue and Beverley load. Biitl adjacent to i'ro( pe i'ark ail etricted and in the heart of the elite section of Flatbush will tend to maKu their property among the fitieit In Brooklyn. 60 62 LIBERTY ST, MANHATTAN. Corson If there be anything in the maxim, "Like hates like," there must he warm dark, old fashioned and badly lighted and and below must the center of business stop ventilated structures, now that they have in its upward march. discovered they may get light and airy quar The past few mouths have witnessed an ters In the new steel skyscrapers, at but i oiioi u.cuh movement in the upper Fifth ave slightly increased rates.

Up tu two years nuc 'ction. be' Sc ven; and ago the owners of old buildings In the flnan i One Hundred and Tenth streets. Many tracts affection between opposltes. Hilburn That's what makes Dollitig3 and hi3 wife think so Mr. Tozzleton (with swelling muscles) What would you do if you and I were all alone in the house and you should see a burglar crawling through the Miss Dazeley Oh.

1 should stand right in front of the chair behind which you were hid and. If possible, argue with him until the folks came home. Chicago News. A HYMN THAT PLEASES. Vassar Freshie I wasn't born with a silver spoon In my mouth, as you were.

Vassar Junior Oh, my, no! It looks as if ft was a wooden spoon! Jewelers' Weekly. FROM TWO POINTS OF VIEW. Miss Don't you think Mr. Good's charms are irresistible? Mrs. Coe Quctte Indeed, I do, especially that one with the large diamond in it.

Jewelers' "Weekly. much of each other. She declares he is the I salt of the earth, and he snysfjShc is sweeter clal center, were willing to moke no conees of unimproved Uyid have been bough: in in than iiusar. Jio ston Tiauccria bio iiis iu ictiv. incu; as suu.

as largo iueKs, tnc new noiuers oi waicn are.