New-York tribune., 1902-12-08
THE WEEK IN RE4LTY.
architectural Betterment Of Section
North of Grand Central and
East of Tracks.

Once again the students of the real estate Hdihes
have cause to rejoice Last season most OF tneh'
pointed out the forces that were working Ior 'ne
betterment from a real estate point OF V1e"' OF
the district north Of the Grand Central statioh anu
east of the railroad tracks, 1t was then ieaIneo
that there was growing demand for dwelling
houses In Fifty-ffth-st Just east of Park-aVe aio
later Herbert A. Sherman reported that ne mao
bought for number OF clubmen some properties
in that street. Most of the spectators VINO
rasped this opportunity for quick sales purchased
several properties, which they soon resoid a' IAN
profit
number of the properties which the SPECTATORS
bought in the district somewhat further east
than the houses bought by the clubnlen 1or their
occupancy. and. in the opinion OF some OIL 'he
leading persons identified with the real estate ni
ket were outside Of the zone affected by the move
ment with which the clubmen were connected
However, all who became active in or near the
street in which the clubmen bought met win more
less success, SO far known. This movement
showed II was said at the time it well under
way. that everybody of means could not possibly
live in what are known as the oil tashionaole anu
central dstricts-an assertion which Is a seli-eN-
dent fact-and that those who could not ma
houses buy those districts If they desired 10
live in districts as nearly centrally located as the
other sections, must buy close to the edge OF the
old fashioned sections.
The clubmen who bought apparently had this
object in view when they made their purchases III
East Fifty-ffth-st. And by joining together IN
such movement they would not only be aoie 10
buy dwelling houses at prices considered small do
compared with Fifth-ave. values, but would De
able to build quickly new fashionable sectlon'
A strange feature of the movement was that the
advantages of the district into which the ciuo-
men moved quickly forgotten, and 1t was
not long before there were few signs OF actilty III
the new popular section" The cluomeh' now
ever clearly indicated that they were in the secto
TO stay for some time and they perfected their
plans
Old dwelling houses were changed to the modern
type. and some OF the spectators who were buyers
in the street helped change the architectural
appearance of the street by improving on the pest
lines some of the houses which they bought why
this interesting movement was soon forgotten Is
hard to conjecture. tt might have been due II Is
said to the fact that most of the real estate eS-
perts ceased talking TO their business associates
and friends about the charms of the section. which
apparently going a-begging, or to the etior's
of certain real estate associations TO get the New"
York Central and Hudson River Railroad Company
to change the motive power in the tunnel section
and to lower the tracks, from the station TO as
far north as Fifty-sxth-st,. and TO build orldses
of the most approved style, so That all thofoush
fares north of the station would be open 10 Neicies
and pedestrians.
There was no denying that the value of real es-
tate north Of Forty-second-st and east OF Park
ave. was not so high by many figures as properly
Just west of the tracks or in the section Oh faIh-
ave. north of Fifty-sixth-st east and west OF 'ne
tracks The majority of owners of real estate IN
the district contiguous to the Grand Central sta
tion have for many years thought, ana DO YET
think that they are in way to blame Tor thls
depressfon of realty values. There Is evidence tldt
the section in question could be made more beauti-
full as a residential one. and If they had pahueo
their efforts for making the district attractive
wears ago. it is thought they could have at least
placed restriction on sites so that they couid say
what kind of buildings could be erected HAD
this been done it is likely that the architectural
lines OF the district to-day would indeed De more
pleasing
In the real estate records there Will be fouhd IN
stances where man has transformed d periec'
wilderness into delightful place TO live II one
man could have done so much. how much more
could a thousand striving for similar ends III
one section do? To talk thus to the majority or
persons who have suffered from the depression OF
values In question may be considered as adding TO
their sufferings. However. these facts are peril
nent, and il they considered carefully by the
owners of property who have not only found it an
impossiblity to sell at the prices for which they
bought. but difficult to find a buyer at any ptiCe'
vantages home district usually TENDS 70 .iI ae
bere should be no cause for the owners OF
properties in such section TO be sad When t tney
see buildings other than dwelling houses about them
if they made no concerted action TO keep such
buildings out of the section. Go, r-o.,
Undoubtedly the section north OF the drSnd Cen
trail Station and east of the tracks Is to be mace
beautiful and this aeIoTdhg n1ng 10 ess
section s there The View held by the real estate
to bring about great change for the better III the
ne SaT rms nes IS ef the ine os Striking
the market this week. i is thought that this
York Central and Hudson River Railroad In re-
gard to the question of the building OF bridges
large number Of sales in the district is reported
today and the price paid for these properties ii III, is
section have sold for in many years