Cleveland Morning Leader

Rise of Real Estate In New York.

The croakers in Europe will be more startled at the recent rapid advance in real estate than at any other event in our country since the rebellion commenced. In confirmation of this I ask your readers to turn their attention to the district embraced by Broadway, Murray street, West Broadway and Canal street. Take all the stores within that boundary, and the advance will be found, on every store, upon average, to be over fifty per cent. during the past year-that is, take the average of current rents on the first day of January, 1863, and they will be found on the first day of January, 1864, over fifty per cent. more than they were twelve months since. When I say the advance has been fifty per cent., it must be understood that no less advance can be estimated. On the other hand, there is no doubt the advance has been greater.

As it is only two or three years since many of our most sagacious and largest holders of property in this vicinity were under great depression in consequence of so many stores being vacant, and those rented not bringing much over half the former rents, the first question that arises is, what has so suddenly advanced the above property? A sufficient answer would be that New York is now becoming the banking house of this country, and soon will be that of the whole world. Here is the evidence of all this: Ask any of your readers who are retired merchants, to walk through the district above described and they will tell you that not only are all the business men strangers, but that nine-tenths of the firms are foreign merchants, embracing every nation, and many firms representing some of the oldest and most respectable houses from all parts of Europe. In addition to this, a large proportion of the most prominent houses in Boston, Philadelphia, Baltimore, and several other cities have already established and are now seeking stores, which are difficult to find, even at these advanced rents, in order to place branches of their respectable firms in this city, which they have discovered, with their usual sagacity, is the market for the sale of their productions.