New-York tribune., 1909-10-31

The vigor OF the real estate market last
week, indicating. IL did, return OF
many big investors and spectators as
buyers again. attracted widespread atten-
tion- There were few sections OF the
greater city in which there was not good
demand for all kinds Of properties In
fact. the volume of business transacted in
most of the principal speculative and in
Vestment zones was considerably larger
than in the previous week. and the week
was therefore one Of the busiest OF the
fan season.
Most Of the deals reported We're of large
size. affecting parcels valued at many
hundred thousand dollars. II was d week
which reminded many traders familiar
with market conditions IL recent years
OF the brisk purchasing operations and
building movements in the .fth avenue
retail shopping zone, IL the midtown loft
centres and in the upper West Side sec
nons about four years ago.
Investment buying in the Fifth avenue
retail shopping area, which has been an
important factor in the realty trading this
year, was a feature OF the market last
week. Owing TO the extensive upbUilding
OF this fine section Of the greater city in
recent years, bigger sums OF money are
needed TO operate successfully there than
at the time when the late Charles T. Bar
ney, the late Albert Flake. Robert Z
Bowling and many otter men who were
numbered among the builders of the foun-
cations on which rests the present great
ness OF this region a shopping centre
were active in the district.
According 10 many realty experts the
next big development Of this area OF the
city VIII be in &c cross streets and will
almost egllal nd
late transformation in the avenue. There
is now strong drift toward the street
frontages, and It is likely that many well
known retail firms seeming permanent
homes in this section will soon buy sites
near the main artery of the zone, for their
own use
OPPORTUNITY IN THE ZONE
That there are yet many realty oppor-
tunities in the central Fifth avenue
district for Iig speculators and investors
has been shown on many occasions this
year by quick resales OF properties in the
district a transaction OF that kind was
reported last week. For a client the Nc
Vickar-Gaillard Realty Company sold the
premises No. 537 Fifth avenue. a compara-
lively modern iiye-story business building
on a plot 30xl09 feet. 20 Charles Hoffman
sale clothing firm Of Hoffman. Roth
schild & Co. of New York and san
Francisco. Mr. Hoffman has been for
some years a large buyer of real estate
here. but Mr.. Rothschild, his business
associate is a newcomer TO the realty
mart Of this city He is, however, q big
owner Of real estate in San Francisco.
his holdings there being estimated 10 be
valued al several million dollars
This property sold by the same
brokerage house 10 the seller IL the pres
ent transaction about four months ago for
the heirs OF the Theodore A. IiaVemeyer
estate. The seller made q substantial
profit from his investment, and the present
buyers feel certain that their investment
viii be just profitable.
The announcement made last week that
George F. Baker. jr, vice-president OF
the First National Bank. had purchased
the old Anston apartment house property,
AT the northwest corner OF 3Sth street and
Madison avenue, from Frederick johnson,
through John " Goiding, caused consid-
eTabie rejoicing in the Murray Hill colony.
The majority OF owners OF property there
have apparently decided 10 preserve the
residential charms Of the section, even If it
Is necessary to spend many hundred thou
sand dollars TO do 50. Ever since the be-
ginning OF the movements which have
resulted IN the creation Of newer midtown
loft centres, the Fifth avenue retail shop
ping centre as the principal high class
retail business district Of the greater
city and the enlargement OF the central
hotel districts, there has been constant
fear Of all invasion OF business into
the Murray Hnl region. Most Of the
properties there are projected by iron
their plots with well built dwelling houses
or high class apartment structures only.
There are few sites within the boundaries
Of the region which be improved with
buildings for business use.
The Allston apartment house has changed
hands many times IN recent years. II was
owned A few years ago by the Thirty
eighth Street and Madison Avenue Com
pany. OF which William II. Chesehrough is
president. George T. and Frederick John
con bought the premises about year ago
from that concern. with the intention Of
erecting or the site d twelve story apart
ment house. with one suite of rooms to
each floor. Later George +. JohnsOn's in
tsrests in the premises were purchased by
Frederick johnson, and the plans for the
apartment structure abandoned for a
twenty story Office and loft building.
The work Of putting up the proposed
structure was well under way. The eX-
eaVation work had been done. the con-
tractors were ready for laying the founda-
ton walls, and the steel necessary lor the
lower floors was ready for shipment 10 this
city. That structure, however, will never
be built on the site selected for il, as Mr.
Baker, who lives with his father N a
hoUse adjoining The plot, intends 10 place
OF the .Allston site two and possibly three
high class dwelling houses. These dwell
ing house structures Will not only help to
conserve the the residential features Of
this beautiful old section Of Murray Hill,
hut will add 10 the strength OF the dis
trict as 2 residential centre. Il is said
that Mr. johnson paid about t55oGlp for the
plot. and thai the present purchase price
NSas about Sl.900.0oo.
There are several other large sites in and
near his psrt Of Murray HIn which are
likely 10 be offered Tor sale ia the near
fCture, ard Il The present trend OF affairs
sherc are any indication of me character
os future deals within rle boundaries Of
she district. there is little chunce OF any
one OF those sites being taken over by any
body not q resident ~ the district
TRADING IN TINES SQUARE.
The zone ol which the great theatre