New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-03
NETWORK REAL ESTATE"
A TALK WITH a WELL-KNOWN BROkhH'
BUSINESS PROPERTY CONSIDERED PROFITABLE
FIELD FOR INvEsTMENT-WHY THE NUMBER
OLE TAIL. RIIInINGs IS INCREAsING.
OLE TALL. RrrLDINGs IS

OF TALL. BUILDINGS Is INCREASING
In spite OF much that has been published recently
regarding the III me number OF great Office
buildings IN the d.stric; lying north OF Canal-s, in
the central north and south line Of the city. real
estate dealers IN their office conversations. are
unanimous IN the in igmoni that there IS no danger
OF a shifting Of the large downtown business inter-
ests from the localities which they at present o.
cupy. The great business institutions are looHeA
upon firmly established n the lower end OF th'
island. and 1t IS believed that the financial centre
OF the hemisphere VIII continue to be associated
with the name Of Wall Street. 1t has been In the
past, and that there will never take place 50 ra'-
cal change the transfer OF the Newly ork STOCK
Exchange to a more northern point 1t IL mann
tained that the great buildings which year by year
have congregated about 1t will not only sustain
themselves. but that many additions VIII be made
to their number. While the increase OF Office area
below the City Han during the last fifteen years
has been immense. II is agreed that other interests
not so closely Identified with the financial elements
will find their business homes further northwari
In this connection the remarks of Frederick South
ack. Of the weliknown real estate firm OF Frederick
Southack & Co. OF No. III Broadway. will be read
with interest. Mr.. Southack has been long interest
ed in real estate in this city and his judgment
in such matters IS regarded as that OF an expert
Mr.. Southack said yesterday to a Tribune reporter
THE outlook never better for both renting
and selling. For the first time In two years rer-
making new ventures Heretofore they have been
holding where they were for the lowest possible
rent and for the shortest time not knowing what
going 10 happen. Now the conditions are
changed. The new hreproof buildings In the dry
goods district In Broadway have tendency to
bring back tenants on that thoroughfare. Formerly
the Old buildings chung TO this street because they
bringing In more rent than new building
would bring in. But the steel and other new meth
DDS OF construction make It possible FOR an owner
10 capitalize his ground area to It's full value ana
a ten-stOry new building now Will rent for twlc" a
much Two old ordinary ive-Story builllilSS'
Consequently you have one lot earning nrary as
question OF i getting to be vital one IN
the drygOois district. both on account OF the h'lsh
of the buildings and the number and character OF
tenants In buiiling. II has happened IN" laSi
when "A tenant who was Objectionable 10 IL
surance companies had got into a large building,
formed by the insurance companies that all their
insurance policies would be cancelled As an NUS
tratiOn, a property that was renting for f''"v per
year; a little tenant VINO only paid $2"p year
and was on the black list OF the insurance com
panles was the cause OF cancelling all the Ih-ui-
ance on the building. even that held hy me mort.
raress 50 that u makes a mans Insurance" record
OF property are Just waking n.y. % THIS new move
on the part OF the Insurance companies
THE business property Us becoming more, an
more attractive 20 investors, on account OF ne
li,'a care that i requires 90 take charge e" IT, the
prompiness with which tho tenants pay their rrni.
and when the landlord is reasonable ana meets me
market. he does 10, have any vacant property.