New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-01


-r1crs win modern business structures Inc acoN-
ftv CT builders operators and investors Throughout
rhe section bounded by 18th and 18Th streets anu
the East and North rivers has someho" escape
the attention OF many realty experts Inc reason
thai these projects have not received consloerdo4e
zublicry IS apparently due TO the fact that the
newer residential zones have demanded close STUDY
since the hrst OF the year
F-7r since the plans of the Pennsylvania Railroad
for -he building Of a tunnel terminal station al
SD street and Seventh avenue were perfected ana
the work of building series Of tunnels unoer Inc
North ard East rivers was begun, the attractive
ness Of the midtown districts to many OF the lead
inE investors and spectators has largely increased
RAPID RISE OF VALUES.
ahou. two years ago there was q rapid rise Of
values throughout the central Seventh avenue area
OF the district il every part Of the central t1fth
svenue retail shopping region and in every cross
street forming q part OF the chief retail shopping
and theatre centre OF the greater city In those
GAYS scores Of Spectators and investors became
identified with the movement TO transform the ter
r1tcry Into g more aIluring business and theatre
When tie Pennsylvania projects were perfected
prosperity vas widespread and hundreds Of retail
Business and wholesale houses were seeking new
homes. where they could carry on their business
Under more favorable conditions than the sites
which they had occupied for years. The subways
and the intercity tunnel plans were e big factor
fn the reewakening Of interest in the central Fifth
svenCe district and n the enhancement OF the
value Of the land adjoining the well established loft
centres between 14th and S4th streets
MANY LARGE CENTRES CREATED
Within few years Fifth avenue north Of ESD
street and far 51st street has become one of
the greatest retail shopping centres in this coun-
fry, not in the world In the same period the
factory zoneor, 10 more familiar expression,
-he loft districts centrally Iocated-have than
doubled il size and all these building operations
nave added many millions To the realty value OF
fhe g7ester city. IN the period many theatres
have been erected. hotel centre has been Gre
atec. and many clubs which scattered
throughout the city Lave been grouped IN what IS
known es the Gramercy Park section OF the great
midtown zone Moreover. some Of the Oldest land
marks O. this ciry have been replaced by big Office
hotel and theatre buildings, and long lines OF small
dwelling houses and old business structures have
been altered into modern store and loft structures
IS realty progress has obliterated, among other
famous landmarks, the Everett House, at 18th
street and Fourth avenue; the Fifth Avenue Hotel,
- sd street and Broadway: the old Madison
Square Theatre, n 24th street tust west Of Broad
way. the old Darlington apartments, in Broadway,
between zSd and 4th streets the former home Of
-he Manhattan Eye and Ear Hospital at +1st street
snd Park avenue Woods Gymnasium. IN 18th
street Just east Of Fifth avenue, ana in the cen
rreI Fifth avenue section many dwelling houses
which were for years occupied by many well known
families q New York
SOAFE BUILDING RECORDS BROKEN
In that period. TOO some Of the structures which
have been erected throughout the region have.
regards SIZE and plans exceeded the records made
fer buildings Of similar tyne previously put up
one Of me record buildings Is the annex TO the
Metropolitan Life Insurance Building, which occu-
ries 4 r1ot az the southeast corner Of cath street
and Madison avenue. and which is the tallest build
sng IN The world with the opening Of the subway
in 7s94 there was widespread building activity
throughout this enhancing territory and IN that
YER and the three years following, 1905, 1866 and
1897 more old dwelling houses between 14th and
2sth streets and Madison and Seventh avenues were
torn down make way fer modern loTr, store and
office buildings than in any corresponding period
,r TIE history the Manhattan real estate mar
l.e+ These operations were not the result OF any
cve-ind ulgeuce IN speculation. but q response
20 the immediate needs O. the greater CITY
Fr- that reason hundreds Of the buildings put up
were leased from the plans and as many more
buildings we're taken over by investors before they
-ve-e omen for OCCUPANCY. There few vacancies
sn the new buildings which occupv sites within this
wonderful section OF TIE city, and Il Is the opinion
Of e1perts who have carefully studied the needs Of
the great retail and wholesale concerns that IN 4
f. wears thg Ion district viii extend considerably
yyes+ Of Eighth avenue and far north IS 5erh
street
kr1s OF MANY SEVENTH AVENUE OWNERS
fey Years zgo some effort was made among
properly ow1wers along Seventh avenue, from z5d
10 z2d street intensity interest in their area Of
this great business zone with the aim Of transpos-
sng II into worthy hotel and apartment house dis
,-+ If the greater CITY Their efforts in this respect
were 50 feeble that the number Of plots IN the ave
ruc which have been improved since then Is very
small Being just OF Broadway, and within a snort
distance Of the great theatrical centre q the city
and being b.sected by the land occupied by the
y.-ngygvania terminal turnd station this part OF
Seventh avenue appeared many months ago ready
for the builders Of big apartment hotels and hotels
for the exclusive transient guests. Opposite
and within 2 short distance OF the Grand Central
Station are z number Of the best type Of modern
hotels al Of which ars inClu6ed among the best
raying obstetrics IN the city
retail. ZONE NAY EXTEND MUCH FURTHER
WEST.
Z IS likely that similar group OF big hotels will
built opposite the Pennsylvania tunrel terminal
STATEN Plans fo- several such structures have
heep drawn within the last TWO years and one Of
she hosteries VII be built by Cola el john Jacob
Az-ar and VII about the tunnel terminal site. 1t
likely, too, that many theatres VIII be erected
The tunnel the few ,rears and here
and there vii first class resta 3rants It IS likely,
roc that the great Sixth avenue and Broadway re
Ysu shopping district VII spread much further both
east and west, and the west viii take II a large
srea q land The majority Of sites, however near
the tunrel site more suitable for the uses Of
wholesale firms CT retail houses IL need Of large
display rooms. and the present signs indicate that
his s what this section q the midtown zone Is
dsst.ned u beco-,e-a great annex Of the old loft
centres.
In the last week the plans we're fled for the tear
Eng down q another famous Landmark IN the
r,,6roEv- area The plans call for the replacing
of rhe Putnam House, ia Fourth avenue, opposite
;he Madison Square Garden. by a twelve story
and basement loft and Office building 10 be built
for the Putnam Holding Company, OF which Varick
y Martin IS president The original Putnam
House occupied plot at the northeast corner q
addition vas erected. ana that addition comprises
al that remains Of the famous hostelry. On the