Water-front property must be managed from the point of view of the water-front and not from the point of view of upland property, if the highest return thereon in the way of revenue is to be obtained. This is very important, and in many sections of the city you will find two pieces of property similarly situated, one yielding a high return because this fact has been kept in view, and the other yielding comparatively little, much to the detriment apparently of the fee value, until the possibilities are carefully studied from the point of view of water-front usage.

Special kinds of usage have developed around the water-front in various localities. Some places have become centers for the distribution of railroad freight, others for the great steamship lines. In one spot on the North River the hay trade congregates and in another the brick trade. Peculiar arrangements for landing may be found in the railroad transfer bridges, in the ferry slips, in the ice bridges. These and many particular kinds of usage as the dumping boards (for the disposal of what is technically known as cellar dirt, generally consisting of excavations, etc.) and centers of trade, demand special study. The relationship which the water-front bears to the markets of the city, such as the Oyster Basin at the Gansevoort Market (New West Washington Market) and the Wallabout Basin in front of the Wallabout Market in Brooklyn, will prove interesting.

Taxation

Water-front property rights are subject to taxation just as upland real estate is taxed, though leasehold property of the city is not taxed by it.