New-York tribune., 1909-09-19

large volume OF business transacted in the choicest
investment zones Manhattan Island and in The
Bronx, but the trading reflected an increase in the
demand for improved properties valued at many
hundred thousand dollars. In the Vesey street
salesroOms the budget was attractive than
usual. and included many voluntary offerings buy
being found for fair number Of the properties
listed for sale.
Sales and leases affecting midtown properties
the principal features OF the week, and these
transactions were looked upon confirming some
recent opinions Of realty leaders that the real
estate outlook was bright. Few fall seasons in
recent years have been ushered in with more favor
able conditions affecting realty trading than the
present And seldom have there been such large
sums available for the furthering Of building and
purchasing projects the minimum OF inter
est. II is long time. since the various prn-
cpal Manhattan Island and in The Bronx
have had such drawing power TO investors and
spectators.
Moreover. the season has begun with many signs
pointing TO the probable creation of many larger
business and amusement centres. Plans have al
ready been perfected for changing the skyline Of
the Times Square district, of those projects
being launched last week. II will result in the
improvement Of large plot at the northeast cor
ner OF 2d street and Broadway. opposite the tri-
angular shaped site on hich stands The Times"
Building. with twelve story office and store build
ing. That structure viii be for the United
Merchants Realty and Improvement Company
which has leased the parcel for term Of twenty
one years. with privilege of four renewals max
ing the total term OF the rental lO5 years
The plot is owned by the Astor estate and has q
frontage OF about los feet in Broadway and of ll2
feet in 42d street Its northerly line is l27 feet
The structure Is 10 A.Ol00eO and the work OF
putting it up is 10 be begun on May /. on The
northerly end OF the plot he improved : shan
ley's restaurant large part Of the store floor Of
the new building viii be occupied by the United
Cigar Stores Company. At the southwest corner Of
s2d street and Broadway the Heidelberg Building is
being erected 1t Will be six stories high. with a
tower rising $50 feet above the roof II is said that
IL viii be Of the most imposing structures OF
its kind built
With the Improvement of the Astor plot at the
northeast corner Of 42d street and Broadway all
the corners formed by the intersection Of these
thoroughfares viii be adorned with substantial
buildings. When the life OF these structures is
ended and other buildings designed take
their place, there viii be big drygoods stores
throughout the entire length OF 57th street, from
Third TO Ninth avenue, according to many real
estate experts, and the theatrical zone. which is
being rapidly extended in the Lincoln Square sec
fion Of the city, Will equal in area and cost OF
buildings and land the present principal amusement
centre OF the greater city.
TONE OF THE MARKET EXCELLENT
The tone of the real estate marker last week was
excellent that il reminded many traders of the
brisk realty days some years and of the vigor-
demand then for properties IN the central Fifth
avenue district, from 26th street 10 Jth street 1t
the central Fifth avenue district which fur
DlSne0 lne prnCllal items Il realty news III
the week just ended one transaction the sale
OF the Night and Day Bank Building, at the south
east corner of 4sth street and Fifth avenue, and
the other was the leasing OF Ihe Goelet estate
house, at the northeast corner Of 4Sth street and
Fifth avenue. for a long term Of years to a well
known business house which will occupy the
premises after they have been extensively altered
FOR business purposes.
The Night and Day Bank Building purchased
by the American Real Estate Company for S,seOOOo
as an investment through J. Clarence Davies and
S Osgood PeIl & Co. from the Forty-fourth Street
and Fifth Avenue Building Corporation. II is an
eleven story and basement modern freproof office
structure, covering a rectangular plot 65 feet ID
Fifth avenue by l05 feet in 44th street II is d
rectly opposite Sherrys Delmonieo's and the Fifth
Avenue Bank The building constructed in
1905 by the Forty-fourth Street and Fifth Avenue
Building Corporation. Of which William H chese-
brough is president and chairman q the building
committee.
A well known real estate broker, in speaking
about this investment deal. said:
The success and sale OF this investment prop
erty marks another step in the northward progress
and development Of Fifth avenue above sd street.
the increasing strength Of which business and
retail section is becoming daily apparent The
property is within six hundred feet of the new
Grand Central Station.
FOR THE CROIsIC ABOUT Ssago
Since January many millions have been invested
IN central Fifth properties. In fact. the
volume Of business transacted there in that
has been considerably larger than estimated
by many persons identified with the market. Louis
n. and Thomas ". Jones recently sold for about
$4,000 the Crosic apartments. six story strcct-
ure. together with the six story building adjoining
AZ 18th street and Fifth avenue 70 a syndicate rep
resented by Thomas Starrett. Tha; syndicate in
tends to erect the site which has frontage Of
about IS feet in Fifth and Of 1916 feet in
18th street. a sixteen story office building TO cost
about $4,000 The sellers bought the property iu
January from j. d Ireland. T. T. Smith was the
broker In the transaction Black Starr & Frost.
jewellers, recently bought the six story building
No. 5Sa Fifth avenue, southwest corner Of 4sth
street, from J. D. Ichenhauser The jewelry firm
also bought from the same seller the four story
and basement dwelling house No. West 4sth street.
adjoining. The six story building occupies plot
2sxleo feet and the dwelling house 25xlOO5 The
Firth avenue building formerly owned by the
Charles 7 Cook estate According 10 a report the
purchase price for the combined parcels was con-
sderaby more than $4,000. In 1894 the Cook prop
erty was sold FOR s2s5 900 1893 it changed hands
for 100000 few weeks later ii was resod for
ssSooco and shortly afterward at $4,000
DEAL NEAR The GOULD HOUSE
Mrs. Virginia r. Dingee. OF san Francisco. re-
Gently sold the premises Nos So and $50 Fifth ave
nue. two bro|nstone dwelling houses. on q plot
SSx4v0 feet' adjoining the home OF Miss Eelen Il
Could AT The northeast corner of eth street and
Fifth avenue. Mrs. Dingee got The houses last
March from the City Investing Company in a trade
Tor her house. No. SIS Fifth avenue which WAS
formerly owned and occupied oy Isaac Stern The
upper Firth avenue house subsequently, sold 20
Thomas +. Ryan. The present owner Of the prem-
ises fronting on Fifth avenue and adjoining Miss
Helen n GOulds house Is Justice James W Gerard
one OF the principal deals In the central Fifth
avenue zone reported this year was the sale oy
John y. Goldng for Miss Sarah sWitzer To F. V a.
d. Burton OF the four story dwelling house AZ
the northeast Of Fifth avenue and 3sth
sueel The purchase price reported to be