New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-29
NETWORK REAL ESTATE
IMPORTANT CHANGES IN THE UPTOWN
DRYGOODS DISTRICT.

INCREASE OF VALUES IN BROADWAY AND IT'S
ACKNOWLEDGEMENTS or THE CoNsTRUC-
TIoN OF MODERN BUILDINGs-THE MOVE
MENT or TRADE CENTRES
The firm OF NJ & l. Hess at No GA Broadway
has been in the real estate business in this city for
the last years. 1t has negotiated many Inn
portant transactions. and has also witnessed great
changes in the progress OF the reconstruction OF
New-York on modern lines. To Tribune reporter
Morris Hess, the head OF the firm said yesterday:
THE business Of our firm is almost wholly confined
to what is known the uptown drygoods district.
within the area. say. OF Bleecker and Fourteenth
SITS. Broadway and Wooster-st. We buy, sell and
rent business property. to the exclusion Of every
thing else The city has grown large that 1t has
become necessary for a man identified with the
real estate business to conlne himself to neigh
borhood to the end that he may thoroughly familiar
lie himself with values, abstracts of title and the
like.
Business property in district is. in my judg
mcnt. held more strongly than ever before, and In
fact values going higher all the time, especially
in the best localities. Broadway property has been
especially active. and largely increased in value
lately We have recently sold a great deal Of prop
erty Broadway. and have turned ii over or resod
it several times within short period Business in
Broadway below Fourteenth-st. was for many
years in a dormant state, but within the last two
years there has been evident change in the con-
dton there. Notwithstanding this apparent mac
tlvlty in realty in this street. well as in con-
tiguous property In district. three years ago
thought prices were high. 1t is not three years
ago that we offered improved property in Broad
way for sale at $1,000 city lot, 25xloO. This
same property will realize 40 per cent adj
vance in value Not only has Broadway property
increased in value. but property in certain nearby
localities is also held in very strong hands.
zone OF the reasons for this activity Is the read
justment of localities for the Capitalization OF special
classes OF business. When improvements began IN
Grecne-st.. some years ago. many tenants vacated
Broadway for that street. Now, with the con
structlon OF larger and more commodous buildings
in Broadway, tenants are returning ana occupying
the new structures They were. of course attracted
10 Greene-st by reason OF the increased facilities
Afforded such as heating, lighting elevators ana
the like There IL practically rebuilding ot BfoaI-
way going now between Canal ana Fourteenth
SITS and there II strong contrast between the
unsatisfactory conditions existing five. or even
new building Is ar Improvement upon It's prede-
cessor and tenants naturally seek buildings whefc
they can get the best adyantaSss. IL h,,i,,n mo-
thus far erected or IL process of construction. nave
already been rented. This in my judgment:
demonstrates the value and importance OF Keeping
M with the times. I'm tearing down old buildings
and replacing them with modern structures in
streets NOT far from Broadway have no difficulty
For example, have recently rented the entire
building. 75xso at Washington Place and Washing
ton SQUARE to large business concern.
The renting of offices and floor lofts for the com
ing year s now pretty active. This is que chietiy
town. and that their places are benS SuppiI,.d. ~
n new class OF business which enters this district
from the lower drygoods dstIcl OF H's,1 i,hin
the wholesale matters were formerly Wlthh
three years-situated In Greene-st. below leecKer-
ST. but their headquarters are now north OF fouIln-
81 and extend almost to Twelfth-st. In the mean
time other classes of trade hlnG up the vacan
cles caused by these removals. We are expecting
a very active realty market during the coming