New-York tribune., 1903-03-08
THE WEEK IN REALTY.
Development Near Drggoods Sec
tion-RentaLs Increased.

28 to 145 West seventeenth-st plot 195x92 feet
Il is said that this movement will probably result
in the rebuilding of many plots in the streets con-
tiguous to the shopping district and west OF SXth-
ave. with lofts and warehouses. Most OF these
streets it is asserted have long been attractive IoF
such improvements, and 1t is thought that theg
may in the near future contain many little stores
While the Hudson Realty Company has nnAde nc
statement regarding its purchase in the street. II
has been widely reported that it intended TO sell
the plot in suitable lots for the erection OF oIs or
warehouses.
The purchase by the New-York Central OF the
property Of st. Peters Evangelical Lutheran
Church at the southwest corner OF Forty-slAtn-sI
and Lexington-ave, attracted considerable dI'eN-
ton once more to the section north OF rory SEE
ond-st. and east Of the Fourth-aVe LuIiliei' ~
has been the tendency Of many churches III recent
years after selling their old home sites 10 noVs
further uptown than their old places OF "ol-
ship. In this instance the site selected Dy 81
Peters Church on which to replace the eui'lNo
bought by the railroad company Is the plot covered
by six dwelling houses st the southeast corner Oh
Fifty-fourth-st. and Lexington-ave, which IS oi'y
short distance away from the old church sue sIle.
The size of the Fiftyfourthst plot is oVo Oy aDoI
135 feet and or 1t will be built, besides church'
house for the pastor.
The railroad company bought the Forty-sixth-st'
property to carry out its plans for improving Ine
terminal facilities of the Grand Central Staton' II
has been frequently said in The Tribune that 1t Is
the opinion Of most OF the leading real estate
brokers that the plans of the railroad company TOT
lettering the motive power ana the service VI uI0
trains through the Park-ave- tunnel VIII unoouOl-
edly result in The Improvement on an attractive
scale of the section bounded by Forty-second ana
Fifty-ninth cts and Park and Third aves II IS 10
be built up with modern dwelling houses apart
ment houses and hotels unless the opinions OF
many real estate experts false Com
pared with many other sections OF the cry
within easy reach OF the centre, prices ioF
lots in the section amazingly low. but II Is
thought that the long expected movement III Ihe
will in
operators and the builders and other persons VINO
are watching this district for signs Of this move
ment will rush to buy and improve property
Many operators and builders acknowledge mat
the section is and has been for long time alur-
ing to them. but they have been waiting Tor some
realty giant to lead them into the district. Al
ways taking cue from leader is peculiar tra't
Of many persons identified with the MARKET WHO
are apparently happiest when they are following
in the footsteps of others This habit IS uslaly
saa 70 De Costly; An ana tnGs9 ssctfon in question
investors speculators. It Is not tnat tne oP
portunities for safe investment in the section VII o
less then, for each improvement In the oistrlcE
will make the district better from an tnVeseloiS az
point of view They will practically be losers IN
certain sense the day they enter the seGL66n, sf6
than they are to-day. However: the chances for
quick turn will be greater and the 3Pp9reotfbbsS tb5
getting into the district when prices were at the
lowest IsrH o9geFdl peSPian Some Months ago
have already sold their holdings there at nice
these sellers to buy some more properties IN the
Another section Of the city in which some, in
vestors and spectators are SLOWLY 1eeI9su
second SITS, Lexington and Third aves Prices In
this section appear to be slowly but surely hcreas-
interesting addition to the mSyeWent, 91t, near ear the he
built was the purchase by Potter g. Bro. Of No.
to Eat bofias en 66t a feet adj6nng
the KnickerbockeE apartment house; The oI96f pi6f
6Scs FotfT Ite9c cub buidnE the sale Of Which
thought Spo to have been bought By the NewYoTE
interest it's terminal plans. It is said that the
bv the American Express Company This report
could not be verified Yesterday .-- 49,.
east side Of Fifth-sys the Union Cuh 70 he
80 Sfs so9s OF With M eSeePon Of 6ne house
now b in gS1 OF sseGn a II IS @ @f a Wam s.
s9ano will present as gt IT. to gag se daggh h6se a
joining the 3 Tnon CUB The plans for this house
and the adjoining It on the north were filed
southeast corne- of Ftfty-second dst and Fifth-aye
occupancy, and at the northeast corner of Fifty
second-st. and Fifth-a'e ). Henry smith VII build
A word should be said about rentals. The leasing
being made as to whether rentals higher or
Rg 66cPa aP adf districts yTf shSWs that have in
creased from to 100 per cent. The highest IN
SESSIONS was and iOGR IN the he Greeley ri square Section
next highest increase was noted IN q, the business
between Thtrty-fourth and Forty-second , Sts,
T1r' yeaT For this store 800 was recently refused
and it is said on excellent authority that o 6o 6ne
In Wall Street section according 70 several Wei
known real estate men, premiums nave Deei1 OF
fered for offices, 50 great is the demand LOT
"T6e Real Estate Record and Guide" In its issue
of Yesterday said in part in regard to the real estate
situation:
The past week witnessed no dmi4ution ,tl of the
activity which has prevailed since the fall Daring
the year 1902 there transactions i'll real
the cfty's history but the Year iso5 bids fair go
ahead Of 3 the gG@s G9 fg bm {es T s srcn to-
cate the growing rather than the diminishing vital
activity. There Is good sale At the present @ - TIM
parts of the ETY. but the demand is particularly
good in those sections which are available Tor small
instance there have been great mang a1G sites br Tor
new US S and I houses u sGG ana m @
building records for the frst two months or me me
from the corresponding figures of last year. but the
falling off is not large enough to possess much
items in which the faIling of has taken place. Il
bUiiding operations throughout 1903 We may expect
a decrease Of perhaps 90 per cent In the number
new structures Of this kind are not as numerous
as they were Inc nu51DeT I'm OF gSRSnSlbe br sTs
also diminishing and IN spite Of fact that plans
put up BY their owners the Eross amount Of money
spent will probably be smal!er 80 tar as business
last year will be equalled, IL not exceeded. The
ss Of IS ogFang by the records
the hrst two months is that of tenement houses
T oroba Die that over SIS 10000 viii be spent during
ns s0mas o o2y 2Fs during last ast YEAR The
totals Will not. however be as large as we apdic d
shadowed for the immediate future Washington
| can't property those parts do not propose to
start the movement this spring, but will reserve
building operations for another year, until some Of
effects S Of Sn5Tny sesoH sT "a te
tunnel win not be running untf the expiration Of
several months SITTER ne opening o. the man an. n me