New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-02
REBUILDING BUSINESS CENTRES
UNUSUALLY LARGE NUMBER OF BIG OFFICE STRUCT-
URES PLANNED LAST YEAR.
More than S16000 Spent for Manhattan and The Bonr Constrac
ton U'ork-G1eat Demand for Flathouses.

A decrease of over $25 100000 in the invested
in Manhattan and Bronx buildings, COM
pared with the total amouat pent for similar
struction work IN 1868, feature in the build
Ing trudes Of the year Just closed. This is
usually large decrease In the cost of construction
work IN year. But it should not Ice forgotten
that sos. with which the closing years tables
compared, noteworthy an unprece-
dented activity IN all kinds of building lines es-
pecialy In the construction of hathouses in the
upper section Of tie city.
In 1908 sl6l.562.c05 spent in building in Man
haitian and The Bronx. That nearly s35O0O,0O0
more than the largest previous expended
In one year for buildings III Manhattan and
The Bronx. As the total cost OF such construction
work last year vas S26.00OGjO less than the total
sum invested in buildings in 1905, the year just
ended exceeded al! orher years in the history OF
the city, excepting 1905 In the early part of the
year it looked as ii 1906 would surpass the record
but about June there came lessenng of build
ing activity in the upper sections, and then fol-
lowed striasency Of money. From that time to
the end of the yen money conditions as affecting
real estate operations improved slightly. In spite
of these unfavorabe obstacles IL the path of wide
spread realty progress the stability OF the real es
tate market clearly shown by the unusually
largo number of big business buildings projects
launched in the year.
The year witnessed a slump in construction
work in the Fort Washington Heights and Dyck-
man sections But south of Chambers street there
was a renewal of building activity remarkable In
the magnitude Of the projects planned and IN the
sum to be spent in carrying out these proposed
building plans. The lower sections Of the city
are being practically rebuilt. Vast business con-
Germs whose needs for better office facilities have
been UNDECIDED for long time, are now hndlng
excellent opportunities 10 get new and sultao!e
quarters. Never before probably in the history
OF me city has leaschod property in the business
sections been in such demand. 1t was difhcult
matter up to a few months ago to get almost any
of the leading Builders to identity hlihselI
with the Improvement Of leasehod property un-
less the terms OF tho contract affecting the site
were so worded as 70 be apparently written to
have him undertake the Improvement Of the site
The rebuilding Of the business sections OF the
city. which begun on large scale in the
year. IS likely continue over long period Of
years. II will. undoubtedly, result in the creation
OF three or four greater business centres. That
vast tract OF land lying south Of the Brooklyn
Bridge north If Maiden Lane and east OF Broad
way. part OF which is known IS The swamp
contains many well known landmarks. Some OF
these old structures have been occupied by the
present tenants for twenty-five years or more and
in that TIME they have not even been altered or
improved for any business use In the last two
months plans have been drawn for ut least seven
big office structures occupy sites IN this dis
trict Most Of those structures Will stand
leasehold ground. ana this fac, clearly indicates
the increased value 90 land for Office building
purposes Manhattan Island Along Broadway,
in the lower and business sections. the founda-
lions for many large buildings laid in the
year
The principal building activity IN the lower
Broadway section. In which district the twin struct
Of the Trinity Building is being erected. and
within short distance the forty -onesory Singer
I Building. tho McAdoO Terminal sky scrapcr for the
Cortlandt street tunnel, the Broadway Cortlandt
Street Building and the United States Express Com
pany's structure
The year ended with the general building outlook
fairly bright. Tho city some months before the
close OF the year. found itself wofuy overbuilt
in modern fathouses and lacking suitable Offices
for many big concerns The builders OF fla thOuses
have been taught excellent lesson though they
4
cerned for their experience. The tracts in the
upper sections OF the city which they improved
within the last two years-apparently regardless OF
the fact 10 whether not there need
OF such houses-are not yet attractive 10 the av-
erage investor. Most OF the houses poorly
rented, and the majority OF builders will not find