New-York tribune., 1909-06-13

Inc speculative ana investment operations IN the
central Fourth avenue district have been of such
magnitude divert the attention Of many
realty leaders from the trading in the great West
Side. That is one that little has been said
recently about the enlargement of the various dis
tricts which comprise the West Side and about the
character Of the trading there since the first Of the
year. Were it not for the spectacular purchasing
movements in more southerly parts Of the city the
residential territory Of Central Park and
north cf Columbus Circle would he the predoni-
mating feature Of the market this year.
For some months there has been brisk demand
for modern apartment houses in the northwest
sections Of the city among investors. and for plots
ana block fronts Washington Heights
and in the Dycknan zones by SPECTATORS The
vigorous tone of the market for West Side prop
critics has been clearly reflected in the deals per
fected there each week Of the present season
II is said that the number of poorly rentable
houses on the West Side could be quickly counted,
and that fact alone shows what a marked change
for the better which has taken place there in the
last ten years Even the lower and upper River
side Drive territory. which for years ap-
peared to have few admirers in big building circles.
Is now one Of the busiest thoroughfares, from a
building point OF view.
IN THE sos IN THE DISTRICT
In the early s0s. when the great West Side was
in the initial stage Of development most Of the big
realty leaders who prominent in the trading
there in those days were of the opinion that in
Riverside Drive would be built residential col
of similar character 10 lnaI lot which t-e
1lpper Fifth district is noted Some of the
leaders talked so much on this subject that they
actually induced a number If well known persons
who under ordinary conditions would have selected
q home in the Fifth avenue zone, 10 buy and build
houses for their own occupancy along the Drive
B,,, their purchases were not followed by the in
vasicn Of the Drive district by large numbers OF
persons We. known IN society
The Drive, in spite OF its magnificent location.
overlooking the HUDSON River and its richness in
~ not
place suitable for the creation Of another resi-
dental zone equal in grandeur and cost 10 'he
choice Fifth avenue home section Its develop
7nent along these lines was impossible in the ~
because Of the inaccessibilty Of the greater part
Of the territory from the principal amusement and
business zones of the greater city Il then hao
only one big line Of rapid transit, which was the
Ninth avenue elevated road, the surface hhes
which traversed the district furnishing unsatls-
factory service TO the majority Of homeseekers
The district was a'so sparsely settled for long
time notwithstanding the concerted efforts made
TO transform il into allur1ng home section ana
Il continued in that way until many Of the DIE
builders found that the great West Side afforded
them most profitable field for the erection OF
speculatvely built apartment houses
AN AILURING ZONE TO BUILDERS.
With the increase in the apartment house prof.
ects il seemed that the doom Of the Riverside
Drive district as section rivallng the Fifth ave-
nue residential gore assured. and since then
the Drive district has been more popular with
builders OF apartment houses than with persons
who can afford 10 rent and occupy houses costing
soooao or more. Some palatial mansions occupying
sutes with frontages the Drive have been erect
ed there within recent years. one OF the best
known structures being the house owned and occu-
pied by Charles II. Schwab the block bounded
by 80 and 74th streets, West End avenue and the
Drive.
There is something about the realty makeup OF
the Drive district which changes the plans of many
persons who buy and build there for themselves,
for the period Of tenacy of most Of the well known
persons who have built mansions there has been
Of short duration Charles ". SChwab planned TO
occupy his home permanently 1t is now for sale
II it was located in the choice Fifth avenue resi-
dental district il would unquestionably he the most
valua bic residential holding in the greater city.
The other day well known real estate broker was
asked If he conducting negotiations for the
sale OF the property. lie looked at the inquirer
intently for a moment and replied: "Oh. l wish
that house Fifth avenue landi" So the
dreams of the pioneers in the great West Side are
not 10 be realized times OF the present day
school Of operators, and there is little likelihood
that the realty the district viii undergo
such marked changes result in the creation IN
the Drive in the next generation of home dis
trict Of equal proportions the choice Fifth ave
nue. residential TERRITORY. Some other well known
persons may build in the Drive section dwelling
houses costly and large that erected by Nj
Schwab before the leaders Of the market many
years older. but who has studied the real
estate situation Of the West Side carefully thinks
that such home building viii ever he extensive
there.
Ilrstivey speaking aside this OF land with
its southern limits at Columbus Circle and its
northern limits the Harlem Ship Canal. their