New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-19

ord and Guide a maj. who has made close
study of the effect on Surrounding property of
the building of the big terminal, holds firmly to
the belief that its erection and the operation OF
the road will not benefit so much the property
close to the station that along Seventh ave-
nue.. Sixth avenue. Broadway and Fifth avenue
from Thirty-third and Thirty fourth streets
north TO Forty-second
The history of all terminals said Mr.. Mutt.
has shown that they distribute their benefits
over wide territory. Property in their imIne-
date vicinity Is of course benefited along GER
tain lines for certain classes Of business.
The Grand Central Station can hardly be re-
garded as parallel case with the opening OF
the Pennsylvania terminal 10 traffic. Condi-
lions since the erection OF the Grand Central
have greatly changed and. indeed. believe a
great deal connected with the increase in values
about the Grand Central is due not so much TO
tho terminal itself to the irresistible north
ward growth of population. Just how much or
this is due the station itself is difficult 70 say
We have other Manhattan terminals, repre-
scented by our ferry stations These % al IN
tents and purposes railroad terminals. and
in those cases that they have proved not
OF great Importance 10 the immediate surround
ing property
1t seems to me that the truth Of the situation
is this: People come off train in a hurry II
they came To buy goods they have some definite
purchasing point in view; they do not come pre-
pared to buy their goods around railroad sta
ton. You will find that the goods sold around a
station are principally such as travellers need
10 satisfy their immediate Wants-a bunch CT
flowers. a box of candy. a bite TO eat-but in
general II may be said DAT people do not do
their real bargaining close to a station
"Of course. the locality must be benefited by
the erection OF the Pennsylvania station but
believe its benefits will be more especially en-
phasized in that part of the city between Broad
way. Fifth avenue and Thirtyfourth and Forty
second streets. For some years past property
interests have been gravitating that quarter.
and now l anticipate a remarkable real estate
movement there This has been emphasized.
foreshadowed. so 10 speak, by the erection OF
the Altman block in Fifth avenue. the recent
location I'm that quarter of Tiffany. Gorham and
other big business houses. That is the section
10 n he OF
the Pennsylvania station the site selected.
II is just far enough removed from the terminal
You know a railroad Is good thing 10 be near.
but Il is the same with that with the elevated
road-one does not want To be too close. Three
or four blocks away is just right
The tendency resulting from the erection Of
the new Pennsylvania station will be. l believe,
not TO attract to its immediate vicinity the best
hotels business houses but there will be about
II an accumulation of smaller hotels and small
lines of business catering. as l have indicated.
10 the immediate wants Of passengers. I believe
34th street between Broadway and Seventh
nue. Will as result of the terminal. develop
into first class retail shopping district 1
think the terminal means a great future for
seventh avenue. In my opinion. that thorough
fare VIII become OF the finest in the city, and
will be built up either side with fire apart
ment houses Cor great distance to the north OF
the terminal.
The part OF the city where the station is 10
be located has lain fallow, might say. for
years. Now there seems 10 be a great future
Tor II. The whole centre of that district is
Greeley Square and the real estate movement
of which / have spoken is already manifesting
itself there Philadelphia capitalists are now
planning erect a first class hotel opposite the
proposed McAdoo terminal. where the Manhat-
tan Theatre now stands. Another big building
is going up where the old Tabernacle stood.
Mecy's store just above, is another indication
of the character this district is assuming
Concerning the great increase in values which
has followed the work on the terminal Mr.. Mutt
is inclined TO be skeptical Not in every case"
said he, will the great increase in prices now
being quoted by owners be justified by the
sales Many will. of course. find themselves in
the path of progress. and will make fortunes
but there are others many others. who fear
will find themselves out OF the swim"
The work OF excavating in the block between
Seventh and Eighth avenues. where the ter
minal Itself is to stand, is now about completed
after many delays. Over half OF the foundation
pits have been blasted out, so that on June
builders can begin work all sides of the
cavation at once. Six months ago the engineers
were much discouraged at the slow progress
the New York Contracting Company had made
In the work of excavatng, and at the best they
could not see how the big terminal could be
finished before 1909 Now the prediction is
made by Paul Starrett. president of the Fuller
in 1908
The energies Of the workers on the excavation
job have been concentrated chiefly upon the
actual site of the terminal. In the block TO the
west, between Eighth and Ninth avenues. where
the companys terminal sheds and the new post
office building are to be located. the progress has
the current year before the work of excavating is
done there; where the solid rock is being cut
away 10 a depth of about fifty feet
The statement of Third Vice President Rea
that the company has invested about ST. 600 O1O
in real estate in connection with the erection
of the terminal is regarded by real estate men
as n conservative one. Though the company
was represented in the field by some of the
most adroit purchasing agents those with land
to sell were not long in awaking TO the situa-
ton and prices climbed at once AS far back
as lsN2 the company had spent about S10OGl-
Np- In acquiring land for its station site. and
an official of the road said at that time: I'VE
expected to get all the land needed for Il
station for not TO exceed S6OO0000 We are
not through buying. Ii Is probab BILE that the
entire cost of the tunnel and station and in
cidental improvements WILL by the time the
tunnel Is In operation. be above S.,4 UlD ono
We think e VIII be abeut fifteen years before
the eefnRahS.s- Increased earnings on account
of the tunnel will pay the interest on the in
vestment."
The figures quoted. then, viewed in the light
of present day developments and even when
compared with the valuations of surrounding
property. afford excellent object lesson in
Manhattan real estate. and would ssem to en-
phasize the assertions of the real estate mon
that In the face of such values the new sta
ton Is bringing With II the neighborhood in
which 1t Is to be located must certainly devotion
into one of the finest commercial sections OF the