New-York tribune., 1909-09-26

T-ero 0re many oTn0TIlIIIIea
speculative enterprises and for the periec,ion -
many investment projects shat big realty buyers
and syndiesfes have been most prominent 9''''
January. -.
Plans have lately been drawn for investing many
million dollars IN improving sites IN me iNis
s,,,sre section which forms the principal amuse-
rnent centre Of the greater city That Hlstfio' i'
uished last week the principal item Of real'y new
u was the leasing Of the plot al the sou1ii
.orper Of 4sd street and Broadway, owned py 0AIS'
Mary Fitzgerald 10 syndicate composer % -.
a. L Grav Construction Company. Frank b. lall
and Moses Underwood. jr. The lease was mace
through Douglas Robinson. Charles :. Brown
A ca and viii be in effect l05 years. The totaI
rental for the term viii be $4,000 The rehtat
for The first year will he $4,000: for the second
year $4,000 and for each year Of the second term
Of tvuenty-one years, sll5.coo Al the end OF the
second rental term the rent is 10 be based on a
per cent valuation OF the realty.
on The plot win be erected twelve story once
store and theatre building from plans by George
"a. Kester. The structure viii cost about SlOOlVo
and viii be practically distinct buildings the
theatre being the eastery side Of the plot ana
the Office and store building the westerly side
There viii be a large covered court between the
buildings
This project completes the plans for improving
tle entire block the easterly side OF Broadway.
from z2d street 10 43d street For many wears large
numbers Of well known syndicates and many
traders have been eager 10 acquire control Of the
whole part Of the premises. and that desire nat
urally resulted IN the drawing Of many designs
for replacing the small buildings the site with
substantial structures. II announced last year
shat Harry Leyey likely 10 get under long
term lease the Fitzgerald parcel and put up the
site Office store and theatre building. On the
ground floor Of the structure 10 be one Of the
largest restaurants. with frontage in Broadway,
sn the city. That project, however was abandoned
soon Rfterward.
THE ATETROPOLE HOTEL LEASE.
The United Caemists' Company leased early in
tic year from the Coe estate the Netropole Hotel
property al southwest corner Of 42d street and
Broadway for a term Of tWenty-one years. with the
7riyileee OF three renewals. The lease later
transferred 70 Joseph H. Flick, president OF the
Flick Construction Company who Teassigned II 10
a syndicate The syndicate got the lease az the
original figures $4,000 year net but II agreed TO
Eire free occupancy 10 certain cigar company
Of corner there about Is by 50 feet for use
rs a cigar store for tWenty-one years. The prem
ises are being improved with six story structure
- contain Offices and stores and 20 have tower
lHo feet high. II viii be known the Heidelberg
Building, and according 10 reports, viii be one or
tie most imposing structures Of its kind IN the
city.
The United Merchants Realty and improvement
Company recently leased the Astor parcel al the
northeast corner Of 42d street and Broadway as
site for large ofice and store building. With the
carrying out Of these plans all the corners formed
nv the intersection Of Broadway and 42d street will
lye adorned with large modern structures
Owing to the magnitude OF the building projects
in the principal theatre zone OF the greater city
considerable doubt exists in realty circles as TO
whether not most Of the proposed buildings can
be quickly placed on a good paying basis. Some
realty experts inclined the opinion that this
BUSY section Of the city Is being too rapidly i'm
proved. and that there is danger OF overburdening
the with too big Office buildings. Besides,
these same experts amazed at the large in
crease in the number of plans for replacing old
structures in the district with theatre buildings.
are 10 be found.
Within the last few months al least five theatre
projects for the district have been launched Many
theatrical managers who have been asked ~ their
playhouses were profitable have said according 10
reports. that they We're barely meeting fixed carry
tug charges These fears regarding overbuiIding in
the district may be unfounded. T. Is natural TO as
sumo that the men who have invested or pan to
spend many millions there have better gauge %
realty conditions affecting district than tbosa
who Pre- not closely identified with the numerous
enterprises for enlarginE this great amusement
hotel and office centre
tn" best proof that there is apparently @ 1ooa
prospect ~ putting an the proposed buildings on
an attractive rental basis IS 70 he had from, ,b.
willingness of large lending companies to give
financial aid 70 the carrying out Of the various
projects
FOR THE BREsIIN, ABOUT 3. .soOOoo
One ~ tie principal deals IN the central Broad-
way District recently reported the sale by the
hfili0u eAaO-b tNSdlly company 70 the
tel Company Of the Hotel Breslin Al The so,,,F,a.
corner Of Broadway and 18th street The nurcbas-
ang company was the lessee of the premises and e
composed Of Walter f. HHdreth John Burke and
George J. Raseom- The sale price was said 10 he
about s1,Sea0D- On the site now occuoied nv "a.
hostleFy for many years the sturtevant House
The parcel has frontage OF 150s feet IN broad
way and I76 feet in 18th street
Frederick Fox Co. recently sold for Rjcba,6
r Wilson the premises Nos s2s and $50 Broadu-sv :
aaN NJ ~ IN
southeast corner OF 22d street and Froadwav ans
has frontage Of 40 feet IN Broadway. with an
-" 90 1st street. II contains about $500 square
feet. On the plot is 10 be erected by the Building
and EnginseEing Company. of which William H.
BrkDre is president. twelve story store and loft
building. II viii ss5ooOo and viii be de-
signed especially for the wholesale trade. The
building company is the owner of the site
The United States Realty and improvement Com
yany recently Sold through F. G. @. Phomrn. a plot
al ths southeast corner of 57th street and Broad
way. which Is being built q nine story building
for A. T Demorest & Co That site has a frontage
~ u65 feet in the street and S. feet in Broadway
TIE entire structure will bs occupied by the COM
psny under q tWenty-one year lease, at an annual
net rental OF 1880 II was all cash transaction
the buyer being Francis Burton Harrison. At the
s0ntherly end or this block front is the Broadway
Tabernacle. which for many years occupied a plot
az the northeast corner OF 3ith street and Broad
way. On that 34th street corner IS now the Mar
bridge Building.
The old Gisey House. az the northeast corner Of
18th street and Broadway. also changed hands re-
Gently. The property leased by the John h
Fife Company from the Broadway and Twenty
ninth Street Company. The property has a 'front.'
age OF 6lb feet IN Broadway and 1855 feet IN 18th
street. The building was recently Tedecorated and
renovated throughout
Frederick Fox Co sold for the Mason estate
The premises Nos 6s2 and 6si Broadway. southeast
corner OF ath street The parcel extends 10 La
tayette street and Is occupied by two four story
loft ana store buildings. On the site is 70 be
1890 a slElaan l....lalr..