New-York tribune., 1908-12-20

sion of 1907 many of the realty leaders began 10
observe signs ehat the purchasing operations loi-
lowing the opening Of the subway hsd oeen . i'
too extensive. 49,
The realty market had seemingly acquired III.
habit OF overndulging in speculation and perioo
Of retrenchment or rather readjustment' was near
ut hand. At such a time there was ittie @ use "
any ons talking about the briancy or tne tui',eI M
zone as a speculative investment feio' ana lof
+bat rssso1 the tunnel region, which had oeen al
most forgotten by builders in the days OF 'he @ pn
nomenaI trading in the upper DISTRICTS 0on'i"u
10 be little heard OF or referred 10 III Ea'ies' -
prominent builders
READJUSTING PROCESS ENDED.
7. took the real estate market from the fah OK
1907 10 about the beginning OF the las- iAil So ,
~ readiGst its affairs and to remove the "eAN
places in its foundation which us sUaoi'S a
therefore its attractiveness to investors Anu sP
lators rest This reedjustment perloo was ~
ouestionaby needed, and now that n Is enueu
many sneculators are returning to the older ana
central districts of the city, where there Is ii, ~
work to done and where the uhl7 ii0' - 20
been ripe for the. development OF large SITES 0Ve
the hest lines It is likely that specul ators IN 'e
zona 1yir soon have TO play lesser part than the
builder for the day of the builder there Is III,
questionaby at hand. and what gisanuc 'D piTp
lem the builders will have to solve VINO uhuet tdNo
TO perform creditable and profitable work there.
What kind or types of structures will prove ihos'
nro6tahle in the district is matter yet 10 DC
decided.
PLANS OF THE HUDSON COMPANY
II was thought months ago that the NJ.
son & Manhattan Railroad Company wouiu heip "
intensity interest in the tunnel region Oy '"0
zion Of a tunnel terminal building 10 OCCUPY "
o,t,ra block front on the westerly side or Broad
way between 32d and 33d streets. on "hlch staiuS
the old Manhattan Theatre Building ana lraihoi
Hotel The company, ii was also thouslI' "ou
use part Of the site q station It recenuy an
nounced that it had intention of erecting any
kind OF building the premises ana tha' tii0
property was in the market for sale AcColuit's
to recent reports a drygoodS store IS hKely 10 10
erected on the site in the near future and the
tenant of the property will probably be an out-oI
town firm. The site is estimated to be valued al
about s6500.OOo, and the building and lano WIN
represent. It is thought, an investment OF aOou.
100000. Some experts think that the Work Oh
improving that site will mark the beginning OF
the great building movement in the district Whlch
has been expected for so many years
Realty conditions change quickly. and since the
time that the Pennsylvania made public its tunnel
plans the needs of the city have assumed ne"
shapes. It may be that this tunnel zone Will be-
come as originally planned, great hotel theatrs
and loft zone and that Seventh avenue from ISu
to 42d street. will become another great "White
Way Ex-Representative Jefferson M Levy -
one OF the most prominent investors who holds
such opinion. and there are many other ProInl-
nent spectators and operators who hrmiy OeileVe
that the movement of theatres northWaro Will DO
checked when the work Of rebuilding this zone Is
reeIIv under vav The builders of loft structures
and other mercantile buildings not long ago got
firm foothold in the zone and those builders firmly
think that the great Pennsylvania tunnel section
will especially prove attractive to their line OF
work and that the region is destined to become
one Of the chief loft centres Of the greater city
One os the principal transactions in the district
last week the sale of the site occupied by
Mouquins restaurant. No. <52 to 45S Sixth avenue
nv the Alliance Realty Company and Daniel B.
Freedman, through Leopold We'll, TO John +. Lam
bias. for about 100000 The parcel was bought by
the seller about year ago. The property Is
landmark On the plot. which has frontage of
sS feet and depth of feet, 49.5 feet south Of
2sth street is three story building Of brick and
wood The wooden part of the structure was oulIt
about sixty years ago and was for years known
as the Knickerbocker Cottage
EXCHANGES OF REALTY A FEATURE
A feature of the real estate market continues to
be trades in which Manhattan Island and out
of-toWn properties, valued many hundred thou
sands figure. The principal realty news Item last
week was a transaction IN which the Builders EX-
change Building, opposite the Waldorf. and the
Plaza apartment hotel, in Chicago, changed owner
ship The asking price for the Builders Exchange
was g 100000. 1t is a modern twelve story fire
proof loft store and Office structure. 1t was re-
Gently erected on the premises Nos. q to 35 West
32d street and No. so to "a West SD street The
Mot on which the building stands was bought from
the late Charles T. Barney. It has frontage OF
100 feet In 32d and 526 feet In SSd street,
extending through the block between Fifth avenue
and broadway. It is entirely rented, the total
rental making II one Of the most attractive invest
rnent properties the greater city. It takes its
name from the Building Trades Employers AS
sociation which entire floor for exhibiting