The sun., 1901-09-08
REAL ESTATE NEWS.


Last weeks brokerage business developed
80 .isn Of deps rture from the condition OF
.,,r.n. quiet which usually prevails In tho
- estate market In August The trsnsac-
80. consisted of several sales OF private
-. n tb. Fifth avenue section TO intend
,,s occupants. of feS purchases Of hts ~
.,,.. for high grade dwellings and apart
=, sot.I. bV builder and Of small num-
-, Of nisoellAneous deals. mostly probes
.ohAi
u.rhAp. IN. item nl chief interest vas
80. r.,rrt hat = buyer has been found for
a.. suit. d estate plot on the south corner
a, Piv.r.fd- Drive aud Seventy-thnd street.
,psr, from the Orphan Asylum block oppo-
-. the ~utphin corner IL the only vacant
r.,,.l remaining In th- Drive below Seventy
.is,th street In some quarters the fashion
"a. h-.n handed down from earlier years
a, rr,gng wondering comments on tho slow
,rosrsss ~ private improvements In the
nrI,- dr-pit. it, unrivalled natural attrso-
,,cu. Hu' - matter Of fact the Drive has
hen th. at Of an astonishing building ac-
,ivtv IN a.. past three years. In that time
one builder son. has covered several blocks
IN the E shtie- with private houses that have
I'D ~ ,;U.cO 70 si2S.coo each. and other
u,,,si. house, operators have built up block
anon block IN the Nineties and further north.
Ny can 10 be said that the character Of the
t-,-r.ysmsuts has fallen short of the resson-
.b. strsctatlon entertained when the idea
= ..rtsrtrg the Riverside belt Of precipice
mt .r .ruamen'al park wss put into execu-
I'm LOO l.-- hy the awarding Of the contract
f,, giving uut the park The Clark residence
1. admittedly one of the costliest and hand
,.,rs.t ,r the city. and the stretch between
..r. grd iu,th -trcets j. commonly referred
tas. Blankets Row because of the number of
v.rs sH.H,n fnancicr- who have their homes
here Within a very recent period no les
than 'Hi.f, eight dwellings have been erected
In Oh. priv. and IN adjoining streets south of
s..,.f..righlh street Tor private owners
Acfugrt. from plans by one architect only.
Wtcr .'.- O n-itered that the select sites and
rr.r....flres in a locality are normally the
r.. .H u. improved. and that fifteen years
e.. ne Nest Side was but region OF squat
tsr. .Hlute-. there l. little ground for think
Irg 'a' KIVeTzide Drive u not Jusufyins
cog. r"trut expectations.
some apartments have been built In the
urus. but a modern elevator Nat. IN which
'.. rent of a suite equals that of good private
ls..y. b, a different Hfair from real estate
u,..t - view from tho old five-story nat
Iurttetfuore. cons id.rable portions 81 the
I,-,,e are noe restricted to private dwellings.
and h,.-ide-, the upward trend of land values
vlu no doubt eventually preclude apartment
hpu.~ construction ON purely economic
grounds Il has been said that Riverside
pr,- the mn-t beautifully located thorough
fare M the city. can never. a. was once et-
rssted. riNal fifth avenue a. a seat for the
fe-dencs- OF the very rich
Possibly that may be. but ~ the fashion
able clubs, hotels. theatres and retail shops
are ever compelled to move north OF my
ninth street. as within twenty years and less
the, have been compelled to move north OF
INsnty-third. they will undoubtedly follow
the Ine OF Broadway. and In that event River
side Drive will hold the same relation To the
recreation centre OF metropolitan lie that
Tuh avenue now holds and has held since
the close Of the knickcrbooksr period. The
recreation and exclusive residential centres
are interdependent and havr always. In New
York at least, been contiguous 60 each other.
but their successive locations have been
determined by the expanding pressure OF
Wholesale trade. which will presumably
always follow broadway. the city's one cen
trail continuous business thoroushfare
That Riverside Drive may some time rival
Fifth avenue l. at any rate IA theoretical
possibility Meantime. there i nothing In
the present character Of the Improvements
IN the Drive to repel the very rich that are
In a position 20 select n residence In accord
anoe with the most fastidious' fancy. while
the unsanitary foundations. saturated ny
under ground streams. In some Of th. most
exclusive parts of fifth avenue tend to limit
the supply OF available sites there quite A.
much as other considerations more apparent
70 casual ob-eryAti n Undoubtedly. Mr.
schwab's entrance into Riverside Drive
b. the purchase a week ago OF the orphan
asylum will tend To attract business Asso-
GATES ard social nc1usihtsnc~s. ard IL -
not unlikely his purchase may have a. marked
an Influence On th" Drive ss Mr. Carnegie
rurch ase Of the Highlands OF Fifrh avenue
three years ago had on tho upper part OF
that avcnua