This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
Let us look at what it was twenty-five years ago, and then compare it in detail with to-day. The Brooklyn
Bridge was opened in May, 1883. The highest buildings were the present Postoffice and the old Tribune Building. The largest and finest hotel was the Fifth Avenue. The opera was at the Academy of Music. The retail business centered about Stewart's, now Wanamaker's. The Astor and Stewart mansions at Thirty-fourth Street formed the residential centers. The elevated roads, after 11 o'clock at night, were running to Harlem on one hour headway. The number of elevated railroad tickets sold per day in New York then was 230,000; now it is 800,-000. The population of Manhattan was 1,165,000, and of the Bronx 51,980. The population of Manhattan now is 2,500,000, of the Bronx 450,000, and of New York City 4,113,343.
The Rev. Walter Laidlaw, the statistician of the Research Department of the New York Federation of Churches, has calculated that in 1921 there will be 8,000,-000 inhabitants within a radius of nineteen miles of the City Hall. In 1890, 44.7 per cent of population of the States of New York and New Jersey lived in this district; in 1895, 52 per cent.
The assessed value of Manhattan Island in 1883 was $1,054,000,000, and it now is $4,788,000,000. The assessed value of the First Ward was $64,000,000, and now it is $320,000,000. R. T. Wilson bought his residence at Forty-third Street and Fifth Avenue in 1880 for $185,000. Now it is worth more than $1,000,000. Lots in Broadway around Wall Street were worth about $100,000, and now are worth $450,000.
Lots on the south side of Twenty-third Street, between Fifth and Sixth Avenues, then worth from $60,-000 to $75,000, are now worth $250,000 to $300,000. Lots in the seventies, between Madison and Fifth Avenues, were worth $15,000, and now are worth $100,000 and upward. Lots on the West Side, in the seventies, eighties and nineties, were worth from $4,000 to $10,000,, and are now worth from $20,000 to $30,000. Lots on the south side of 125th Street, Seventh and Eighth Avenues were worth $8,000, and are now worth $100,000. Most of the well-located property has quadrupled in value.
The Mutual, New York Life, Equitable, and Metropolitan Life Insurance Companies had about $215,000,000 assets, and now have $1,572,000,000, of which $345,000,-000 are invested in mortgages in New York City.
The savings banks in New York had $250,000,000 assets, and now have $703,000,000, of which $305,000,000 are invested in mortgages.