New-York tribune., 1908-12-20
ro-rr. SFAPKwrTT.

at SD street and Seventh avenue. which would
occupy many blocks were made public, scores Of
little property owners found that they had become
big factors the realty market The old buildings
fronting in cross streets which were poor paying
investments. suddenly became in great demand
Values on all sides increased at a surprising rate
in spite fact that there was no visible con-
yerted action the part Of the largest operating
sndicares whicn were prominent in the district to
bring about the early transformation Of the region
The big operating syndicates were at that time
apparently that the territory would become
great hotel theatre and loft centre. and that this
replacing the old structures could best be
shaped by big builders without any suggestions
from them Another aim Of the operating syndi-
Gates then appeared be to get all the profit pos
sble out Of the purchase and resale OF properties
there before the attractveness Of the district
less magnetic
In the last four years hundreds Of properties IN
the region have changed hands. vast sums OF
money have been made there by Spectators and
OF investors have become Identified with the
zone but somehow builders able to bring about
the rebuilding Of the section along the lines for
which IL the most suitable are not yet in
evidence The zone has been the scene Of a series
OF purchasing movements Of great magnitude which
are likely 10 be remembered for many years. Still
the physical characteristics Of the district remain
about the same they were before the Pennsyl-
vania Railroad decided TO weld together in links
Of steel Long Island, Manhattan Island and New
Jersey.
FEW BUILDERS N PENNSYLVANIA SECTION
Some big projects have been carried out in the
district and others. the details OF which well
known TO every wideawake real estate operator and
investor. drawing near completion; but IN
those building operations the big builders and many
realty men who have been active in the district will
receive little credit for the work accomplished The
changes which have taken place in the region IN
the period mentioned include the replacing Of
four blocks at $50 street and Seventh avenue, on
which stood rows Of old tenement houses and a
ling
houses with the tunnel terminal station OF the
Pennsylvania and Long Island railroads. That is
the chief building project which has marked the
history Of the section in the last four years
None OF the big hotels which according to
ports, had been planned for sites near the tunnel
terminal have been built. None Of the proposed
large palaces Of amusement which rumor said
would be erected there have been put up. None
Of the loft buildings Of record breaking size
which il was also said would occupy large
sites Of land there have been constructed according
10 the alleged plans There has been no wholesale
obteratiun the old rookeTies. There has been no
Important change n the physical characteristics
of the district all. except those which have been
brought about by what are known outside
forces" such as the railroad companies. The larg-
est achievements the section Of realty operators
can be found by thumbing the records relating to
the erection Of loft buildings and small hotels Here
and there a modern type Of loft building occupies
a site on which stood an old tenement house. and
some other sites in the region have been adorned
2, hotels Of small size which have not greatly
added 10 the realty strength Of the zone Ana -
spite Of all this lethargy and The abandonment OF
plans which made Interesting reading, and which
must undoubtedly have lured many investors 10
purchase properties there vast fortunes have been
made in the district
II i no easy task u discover the cause rather
-he rrrcual factor. which has retarded the carry
In ,ur Ia lis most successful end Of the vast pur-
-rasiu:, movement in the region which followed
-he announcement Of the Fenusy lvanla Railroad
SANS II IS likely that the various experts VINO
undertake 10 solve this problem viii have TO 20
outside of tie zone L. ascertain why this splendid
sneolJIst.ye and Investment region Of the city re-
7rars ia sbout the condition il was four years ag1
IS TO THE BOUNDARIES OF THE SECTION.
The Douular5es aI Junuei zone are not wei
defined. and because Of that fact many persons
connected With the real estate market may hold 10
he ouiuton that the purchasing movement in the
central districts some years ago has undoubtedly
resulted ia the transformation Oh = large scale of
--hat they cousi1er be the tunnel area. Such
persons are likely To consider the newer Broadway
district formed by the big stores of r. H Macy az
Co. saks & co. and Rogers. Peet & Co. and the
greater part II The a4th street between Park
avenue and Broadway within the Do"ndarl.
Of :he area mostly benefited ~ Tie Pennsylvania
tunnel tgoeE
Some Of those persons may ch-l tAllk that this
s-sat 6rygoods centre Waz created e result OF