New-York tribune., 1909-12-19

Trading IN the downtown business zones
Was the leading feature OF the real estate
market last week. The transactions made
in the area south OF 14th street affected
properties valued at many millions and
formed the largest volume of business OF
this character in the present season.
There was one Wall street deal involving
about sl.500.OO0. a Broadway investment
Of about $4,000. coo. the purchase of a loft
building in Greenwich street i'm course Of
construction. and sale in Varick street
which viii result in increasing the number
Of modern loft structures in the downtown
business region.
Owing 20 the value OF properties which
changed hands in the week the business i'm
the downtown districts far overshadowed
the purchasing operations in other Manhat-
tar zones. The speculative movement,
however in the new midtown loft centres
was as regards the number of properties
sold. of greater numerical strength than
the investment deals in the lower districts
OF Manhattan Island
II was one Of the busiest weeks since the
DAYS Of the financial depression I'm 1907.
Many popular investment and speculative
zones took on new vigor. and one transac-
tion was perfected which will result I'm
adding a popular type Of building 10 a
charming section Of the West Side.
From now until some days after the
New Year many well known investors and
spectators will be away from the city
spending the holiday season with relatives
or friends. For that reason there is likely
20 he little trading in the two remaining
weeks of the year
II the week Just ended is any criterion
Of what the new year has in store for
realty owners and builders a new con-
struction and purchasing record is going
TO be made in 1910 and investors are going
20 play very important part in the trad
ing. There are long rows OF we'll built
apartment houses. hundreds OF fine loft
structures and many block fronts of mod
ern dwelling houses recently completed by
construction companies and individual
builders ready to be marketed Brokers
should experience little difficulty In the
new year if present conditions prevail in
finding ready buyers for this vast number
Of substantial structures which have
helped so largely TO increase the taxable
properties OF the greater city. There have
been few weeks this fall season when CO.
operative house projects have not figured
conspicuously among deals for adding to
the residential strength OF the city. The
cooperative type of house is most popular.
and. next year many such projects will
probably be launched in the zones north of
18th street
The trading last week was not confined
70 few districts on Manhattan Island.
hut was widely scattered, thus indicating
the stability Of values throughout the
tire borough and the prospects for fur
ther enhancement OF realty prices.
IN CENTRAL MADISON AVENUE.
A zone which has been virtually over
looked in the year owing 10 the magnitude
OF the lower Fourth avenue purchasing op-
erations and the extent of the construc-
tion work there is the Madison avenue
district just north Of 42d street. In that
section last week sale involving s250.00O
WAS made. Pease & Gilman were the
brokers in the transaction. They sold for
John W. and Hugh b. Auchincloss as trus-
tees OF the Edgar s. AUchincloss estate
and for Maria Sloane Auchincloss the two
four story dwelling houses Nos. "a and 26
East 4sth street. southwest corner of Mad
ison avenue, 10 James A. Farley. The
premises measure 449 feet I'm the street
and 1908 feet on the avenue. This section
of Madison avenue is being rapidly con-
verted TO business uses and in the near
future II will likely he worthy annex of
centre.
The $4,000 Broadway deal last week
was the sale OF the two modern office
|. buildings at the northeast corner of Broad
NJ way and Leonard street and al the north
cast corner Of Broadway ana Franklin
street TO an investor. The sale of the
properties was made by l.. j. Phillips &
co. for Louis NJ and Thomas ". Jones.
The aggregate annual rental Of the two
parcels is about s2500o0. II Is n long time
since transaction of this character in
this section has been reported. Most of the
properties I'm the zone are firmly held by
their owners. and that is the principal
reason that The district furnishes few items
OF reait- news The two structures are
fine modern office and store buildings. The
Broadway and Leonard street structure is
ten stories high and occupies a ploX 61X175
feet Opposite the premises is the New
York Lite Building. The Franklin street
. building is twelve stories high and is on
plot 59xl50 feet. Both structures have
exceptional light on three sides.
MAY IMPROVE WALL STREET SITE.
The Sl.5ea."ro Wall Street deal affected the
GilIeuder Building. % nineteen story bank
and Office structure AT the northwest cor
neT Of Wall and Nassau streets. The prop
erty was purchased by the Manhattan
Trusi COMPANY. which for years has oc-
cupieds the ground floor OF the structure
through Huston & Asinari from Mrs. Hell
ens l.. Giilender Asnari
The plot on which the building stands
comprises l.S25 square feet, and At 81 so OoO
the square foot rate paid for the site was
about So This deal attracted widespread
attention, tho sum paid = square foot
being considered by some real estate ex-
perts to estao osh new high record price
for land on Manhattan Island. Those ex-
peris. however, i'm determining the value of
the property apparently looked upon II as
q vacant site. and not plot on which
stands z modern Office and bank structure
which many builders think could not be
pUt up to-day A. mach less than $4,000
IL may be that the trust company intends
20 improve the site. but the alteration
plans. unless additional plottage is ac-
CURED. are not likely TO provide for the
tearing down of this magnificent structure
The supporting walls could be strength
ened II necessary and the height of the
structure thereby considerably Increased.
Being corner BUILDING this modern sky
scraper lends itself more readily and easily
10 any scheme that might be devised for
adding 10 its floor area or for uniting IL
with any building TO he erected on an ad-
joining site.
Architecturally II is one Of the most