New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-17

OF Q number OF large plots in the upper West Side
for immediate Improvement with high class apart
uaent houses. and the taking over Of some big
midtown properties by speculative builders and
construction companies. which have had plans
drawn Cor putting up their new sites loft
buildings OF twelve stories or more.
The business done showed no invasion Of what
might be called new territory OF usefulness for
the leading investors and spectators Of the great
sr city. II was In the districts OF Manhattan
Island which have figured prominently because
OF their real estate visor since January that the
majority OF sales reported were made
transaction perfected which viii have
IL is thought, a most important effect future
operations in the upper Seventh avenue district
II was one OF the leading features OF the week
For years the upper Seventh avenue zone has
been especially noted for its fine apartment houses
and for its large number OF small, old buildings
come used for residential and others for COM
nercial purposes The building lines OF the dis
tract are 20 be changed IN the future by the
erection OF twelve story loft and Office building
by the Selkirk Realty Company 1t purchased
last week from the Seventh Avenue-54th Street
Company through Norwood g. Marden, q parcel
100 feet square at the southeast corner Of 54th
street and Seventh avenue. On that site are five
small dwelling houses and a hathouse The prop
erty held at s2SOOOO The selling company
purchased the premises last July from the Mills
estate.
Il IS on that site that the SeIlirk Company will
put up the proposed loft and Office building which
VIII represent Il is said. investment of $4,000
II win be ready for occupancy next summer. Ac-
corong 70 reports, II has practically been leased
Cor term OF twenty-oDe years 10 Eastern
tonobile concern The lessees viii occupy a part
of the building.
Within a short distance west of the site is the
Automobile Club OF America, and the southerly end
of what Is known in the automobile trade as the
automobile store district After getting foot
hold IN q district the automobile industry has
quickly become firmly intrenehed. and in a re-
rnarzably short time has reflected its presence In
the types OF the buildings.
REALTY CHARMS OF THE DISTRICT
The upper Seventh avenue may be one OF the
suitable districts the further extension OF
this automobile centre but to many real estate
perts this part OF the city, which in recent years
has received little attention from builders OF fine
apartment houses. seemed destined by nature and
location 20 be OF the greatest apartment house
districts OF the greater city II is Just north OF the
principal amusement centres OF the greater city
IL is gust west Of the big Fifth retail shop
ping zone It is only short distance southeast
OF beautiful Riverside Drive and its surrounding
territory. and bordering the district the north
Is Central Park. Moreover, within a short distance
east OF the section is the upper Fifth resi-
dental region. where plots and houses bring the
highest prices paid in the market That is not all.
Almost bordering the section the east is that
nne hotel centre at 18th street and the Plaza. and
some blocks west OF the is the second largest
amusement centre on Manhattan Island If this is
not place with all the realty measurements neces-
Bary for the creation Of Of the most Turing
ana one OF the most profitable apartment hoUse ter
rOTes, then the standards by which such districts
are gagged must in this respect be useless.
Many miles beyond this well located district
millions have been invested this year in the i'm
proVement OF sites with OF the best built
houses within the boundaries Of the city Many
millions, too, have in recent years been spent in
the creation Of q midtown hotel district and
also in an attempt TO preserve the charms which
made the old knckerbocker district just north
Of Washington Square well known years ago.
II may be too late now TO mike Of the upper
Seventh avenue district what it ought to have
beeen years ago-one Of the greatest residential
centres OF the city. For years the trend of realty
affairs has been for pushing the apartment house
lines further north each year. and OF changing the
central divisions Of the city into regions almost
entirely occupied by business houses with transient
hotels as the only type OF residential structure
within the district Some real estate experts have
prophesied that within twenty years there will be
comparatively few dwelling houses south of 59th
street These same experts have also said that
within q less period than that 57th street from
the approach to the Greensboro Bridge to Ninth
avenue win be one OF the leading retail shopping
centres OF the greater city.
These things have perhaps had considerable
weight IN causing many big speculative builders
and construction companies pass by unnoticed
the upper Seventh avenue district in order To he
come aligned with many persons and concerns en-
gagged in the development OF the upper sections of
Manhattan Island and with the task of increa ing
the residential and commercial vigor of The
Bronx.
AN ATTRACTIVE BUSINESS ZONE
The central Fourth avenue district as a field for
investment and speculation is exerting its influence
once again In many realty circles. The drawing
power OF the district was shown last week in GER
tain announcements regarding projects for the i'm
proveent Of sites there and by the finding of les
sees for loft space in buildings not yet ready for
tenants
One OF the latest Fourth avenue projects calls for
the erection OF sixteen story store loft and Office
building plot al the northeast OF Goth
street and Fourth avenue. The building is to be
put up by Charles Brogan, from plans by Neville
& Eagge, at a cost Of about 100000. He recently
purchased the site from the State Realty and
Mortgage Company. The plot, which is opposite
an Souls Church. measures 60 feet in the avenue
and 50 feet IN 10Th street.
The work OF improving many OF the sites which
were bought this year and which have large 'front.'
ages "a the is also well under way. A
permit was issued last week for the razng OF the
old Clarendon Hotel. at Fourth avenue and 18th
street. On that site is 10 be erected big COM
mercisl building by Henry Corn.
There is such demand for business space in this
part OF the city that the many building plans for
the Improvement OF plots in the zone are likely 10
be notably successful.
On the easterly side OF Fourth avenue, from
9th 20 18th street. heirs Of the Cooper estate
are putting up two big commercial structures
which viii De known the Peter Cooper Build
ings. Already considerable space in these build
ings has been leased from the plans. Last week
Frederick Fox & Co. rented entire floors,
containing about 1000 square feet, in those struct-
ures 90 James r. KeiseT, Incorporated The lessee
fs Of the largest manufacturing concerns in
this city, dealing IN mems and women's neck
wear In regard 20 the lease James r. Keiser
said: AFTER many months OF thorough consid-
Grafton OF the question Of locating a large manu-
featuring business IN New York, the conclusion
was reached THAI the Peter Cooper Buildings Of