New-York tribune., 1901-12-15
THE WEEK IN REALTY.
THE PENNSYLVANIA BOOM ABSoRBs THE
ATTENTION OF REAL ESTATE MEN
THE CITY OVER.

The announcement Of the plans of the Pennsyl-
vania-New-Y York Extension Railroad Company
overshadowed in Importance all other realty re-
ports announced last week. The building Of
union terminal station Thrty-thrd-st and Sew
enth-ave will undoubtedly have good effect upon
realty in all sections of the city. 1t will be
one of the greatest public improvements ever un-
dertaken in this city, and it is expected that it
viii bring about in a little while a wonderful
change for the better in the architectural appear
ance of the buildings in the streets, which will be
in closer touch with the progressive hand of the
PENNSYLVANIA and Long Island Railroad companies
than any other. The section of the city in which
the union terminal station is to be built has not
felt realty boom in years.
This fact has been reiterated many times in the
last few days While this inactivity of the district
from a real estate point Of view has been great
drawback to operators, who for a, long time have
thought we'll of the future of the section, it has in
some wavs been blessing in disguise. 1t will make
the work of those who will buy to improve there
easier than If long rows of new buildings had re-
Gently been built. only TO be pulled down 10 give
way to better buildings, and this listlessness in
realty operations in the section found the operators
with few if any movements for Improvement un-
der way when the present stupendous realty boom
broke over the section. Therefore the operators
find themselves with free hands to take up the
great task of building wisely and well.
It is the opinion of many Of the leading real es-
tate of this city that the appearance Of the
district will undergo quick change for the better
be built opposite the terminal that big
hotels will rise on sites occupied by old build
ings, from which only a poor income is derived
There is also likely be built in the near future
many business buildings.
Whether the principal thoroughfare from the sta
ton Broadway will be Thirty first. Ihlrty-
second Thirty-third. Thirty-fourth SITS. or some
other nearby street is a question on Whlch many
realty students 10 be divided Some think
that the best streets in business sense VIII be
Thirty-third and Thirty-fourth sts and the avenue
which will undergo the greatest change for the bet
ter will Seventh and Eighth aves- between Ihlr-
ty-frst and Forty-second sts In a little While the
big realty opera tors will probably make themselves
vsibly felt in the district, and disclosure OF their
plans may possibly reveal a glipmse OF its future
appearance.
Some well known spectators have already bought
property in the district, and whether they have
bought to sell at a profit to improve, no one
seems 70 be able to say at present It is hoped
that the spectators and other purchasers or prop
ertv will work along harmonious lines. ShouId tney
conflict obstacles that cannot be removed IN a day
NAV retard the operations Of those VINO ldentlry
themselves with movements looking TO the improve
ment of the section. Obsta cles of this KIND nave
retarded improvements begun in other parts OF the
civ and 1t was years before they were overcome
and the change for the better carried out as orls-
nally planned ,-., o.,..5 +o-
ropertv in the district standard of va lue seems
70 have been set aside. II is hard TO see how pay
ing business buildings be put up now on many
sizes al the present asking price Some OF the lead
ing realty operators il is expected. VIII set ana
he able TO maintain just standard OF value IN the