New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-24
FIFTH-1VE. PROJECTS.
Building to Cost Many Millions OF
Dollars Planned.

focused on the Ffth-ave section which is expected
70 be benefited 20 greater extent than any otner
district by the proposed Pennsylvania Railroad
union terminal stations. Indications and the ten
tative plans OF Of the largest operators point
10 OF building operations in the Thirty
fourth-st. section OF Fifth-ave. which VIII eclipse
any similar activity in other parts OF the city Inc
character OF the various contemplated improve
rnents is foreshadowed by the several mercantile
and hotel structures which either projected or
now under construction.
A syndicate Of Wall Street ren, holding plot
IN Thirty-third-st. opposite the Waldorf-Astoria'
which runs through to Thity-secono-st'' ana oc-
cupies 1860 square feet. is planning TO erect
monster hotel on this site Negotiations have
been under way with several builders for the pur-
pose q carrying the 2lan into execution me syn
oicate offers 70 make large building loan on the
property. Up the present time no deal has been
Effected.
The site would seem 10 be especially adapted
for a transient hotel size The probable success
of such a venture seems assured from the outset
inasmuch the present transient hotel accoInnno-
datons in that part OF the city are already heavily
overtaxed. With the completion OF the various
projected railroad IN that part OF the city
the demand for hotel accommodations viii natural
ly be greatly increased.
The transformation that the Thirty-fourth-st.
section IF F5fth-ave IS 10 undergo in the present
year will cost many millions Of dollars This sec
ton begins al about wenty-third-st. and extends
as far north as Forty-second-st It is bordeTed
on the east by LexingtCn-ave., and on the west
by Sixth-ave. from Twenty-thrd 10 Thirty-third
St. and by Broadway from Thirty-third-st 10 For
ty-second-st. Work on more than ten Dig hotels
10 be built in this section is 10 be begun within
the few months Two of these hotels and the
land on which they will stand represent projects
OF more than s. 10000 each One Of the hostleIies
viii rise a large plot at the southwest corner
Of Forty-second-st AMI Fourth-ave.. and the other
viii be erected the block front on the eest side
OF Fifth-ave- from Twenty-sxth to Twentysev-
enth st The ore with the block frontage in Fifth
ave. viii be the New Brunswick Hotel, and the
other the Hotel Belmont Opposite the New
Brunswick Hotel 4 number of tall modern apart
ment houses and apartment hotels are be ready
for occupancy before the end of this year. Some
OF those buildings now IN course Of construc-
ton.
Then. in Twenty-eighth-st, on the site of the
old Woods Gymnasium another hotel. cost
many hundred thousand dollars. is to be built.
Approximately the proposed improvements Of plots
IN Twenty-sixth. Twenty-seventh and Twenty
eighth SITS, Of this district with hotels apart
ment houses. is a0.OOOO00
Brokers have grown so accustomed TO perfecting
ansac tions of this type Of being in close touch
with persons identified with such projects that
they frequently overlook the Importance Of such
deals To the interest Of the majority Of
persons in the real estate market in the Fifthave
section. it requires what may be called a spec
tacular transaction, involving more than 100000
the passing away Of old landmark. TO be
replaced by modern building. A tlfth-aNe. deal
representing outlay Of several hundred thou
sand dollars is usually soon forgotten. Thirty
years ago such deals awakened widespread inter
est in the same degree as the spectacular million
dollar transaction does to-day. Thus it will be
how great is the difference between realty
conditions IN the Fifth-ave. sections thirty years
ago and now. What was rare transaction then
IS no longer a novelty.
Almost innumerable stories Of realty movements
which were dismal failures, OF men who strove
for high places in the real estate market and
ended their days in poverty and OF sudden and
mystifying downward trends Of prices that brought
ruin and desolation to thousands OF persons may
be written. But none Of them so far as known
would relate this alluring and stable section
the Thirty-fourth-st section Of Flfth-ave. In the
early psr1 OF the LAST century. the Thrty-fourth-
St section Of Fifth-ave. was suburb Of the city
II was nothing more than series Of farms. Here
and there was a roadhouse. and none Of those
roadhouses were costly buildings. according TO per-
sons who have examined the records on this sub
jet in the archives q the city and elsewhere It
is even related that one real estate man, who
thought this suburban section not building up
as rapidly il should. and especially TO suit his
views as how it should grow. offered in the
early part OF the last century give a lot and a
nice little garden patch 10 any person who would
build house on the lot and live there Some OF
these gifts Of lots were Twenty-third-st. and
F1fth-ave. This tale 10 the present generation OF
residents Of this city sounds like fairy story but
especially whenever the narrator Of the yarn adds
And historical records show that there was no
wild scramble 10 accept this offer and few gifts
Of such plots were recorded The value OF those
gift lots" to-day is from $4,000 to $4,000 each
To return 10 the proposed improvements Of the
section. On last Thursday Connfelt & Clark an
nouncei that an eleven story mercantile building
would be built plot formed by the premises
Nos. go and 80 Fifth-ave., 651Oxl0O feet and
a stable the lot adjoining IN the street 236x98s
feet, by Henry Corn from plans drawn by Robert
Meinecke The building is 10000. On the
combined values aggregating nearly 100000, Mr..
Corn IS pay q fixed percentage rental The
total rent for the term OF the lease. which is
twenty-one years viii be more than 100000 Mrs
Mary Norris Bell. widow Of DR.. Christopher NJ
Bel. is the owner Of the property. Connfelt &
Clark were the brokers in the transaction. The
house No. so Fifth-ave. bought by Mrs Bell
about twenty-five years ago for $4,000 and the
adjoining house last year at a reported price OF
$4,000. a few weeks ago lot IN the section was
sold at $4,000 the rate OF s124 square foot
L was not 50 long ago that the work Of i'm
proving the Stewart mansion Site at the northwest
corner Of Thirty-foUrth-st. and Fifth-ave was be-
gun On that plot the Knickerbocker Trust Com
pany Is building uptown house. which VIII be
mostly occupied by its own business. Adjoining
that building the west. the Century Realty
Company is erecting store, loft and office build
ing Within short distance Of the Century build
ing an old landmark is soon 70 be torn down to
make way for q splendid Improvement The land
mark is the old home OF the City Club at No 10
West Thirty-fourth-st On the site an eleven story
and basement building is TO be built the inter
plans drawn by F A Minuth That building will
contain many novel features The annro1ros iis
cost Is $4,000 At the southeast corner Of Thirty
tourth-st: and Flfth-aVe: . twelve story loft and
ONCE building IS being built by Louis Korn the
arehltects II IS expected that the basement and
5000 a year-a sum more than half OF the price
paid BY Mrs. Bell for No. go Fifth-ave twenty-ve
a. tEs Southeast corner OF Thirty-seventh-st. and
MF-lHr