New-York tribune., 1909-07-04
BIG WHOLESALE MART
CENTR4L'S TRADE PALACE
TO COST Sc 800, 900.
Thirty Acres of Space at Terminal
for SaIesrooms Of Vnried
Industries.

To provide central place for the proposed
Merchants and Manufacturers' Exchange. where
the thousands OF buyers who enter New YORK
daily may buy their goods without going about
the city, building deal involving an aggre-
gate rental for the term Of more than S6oOO-
600 has Just been closed by the Nichols-Ritte
Realty and Financial Company with the New
York Central and the New York, New Haven &
Hartford Railroad companies. The Nichols
Ritter Realty and Financial Company is st.
Louis concern with Offices in the Flatiron
Building The deal was closed by E. F. Y. Rit-
ter. vice president Of the company. who Will
also be president of the Merchants and Manu-
facturers' Exchange,
The plans call for the construction by the rail-
way companies of two twelve story twin COM
mercal buildings. covering the entire blocks
from 46th to 4Sth street Lexington avenue to
Depew Place. each 275 tv POO feet. and involve
property valued AT s. 00O000 and a building in
vestment Of 81. 100000. Outside Of the great
magnitude Of the transaction, it is important
in that 1t determines the character of the m
provements that will occupy the space over the
tracks leading 10 the new S2oO000Oo Grand
Central station which has left large unoc-
cupied tract above the depressed tracks from
45th n 50th street and from Lexington avenue
west TO Park avenue
As testimony 70 the value Of uptown
Nav York business property. it IS significant
trat more than half of the total floor area o.
| 100000 square feet he's already been applied
for This indicates tho increasing demand or
the vholesaie interests for uptown locations.
and may ho viewed as = continuation Of the de-
veIopment Of Fourth avenue as wholesale
street
One Of the buildings Viu Ne occupied largely
hv the New York Furniture Exchange, which IS
uaf n
three hundred furniture manufacturers from all
parts of the COUNTRY For eighteen years they
occupied tho upper part ~ the Grand Central
Palace. AZ 43d street and Lexington avenue.
INCREASING DEMAND FOR SPACE.
charles = Srratt. se~rerary- 81 the New York
Furniture Exchange. states that the new build
ing devoted n the furniture industry. while
containing 600 square feet 81 floor space. or
about fifteen acres. viii not be any more than
enough 20 supply tho demand from furniture
u7anufactu
The second Of the t7o buildings. also contain
ing s5nnoo square feet. will be devoted 70 the
Merchants and Mauufs ctursrs' Exchange an
organization planned upon parallel lines 70 those
cf The New York Furniture Exchange y viii
embrace IN lines OF raerchoudiee. displaying
among others manufacturer samples of wear
fnt appsrel knit goods. textiles. notions, novel
ties toilet articles food studs, ART goods. china
cla IS and pottery ares automobile accessories.
ot~ Applications are already IN for large
amount Of space from English and European
manufacturer. well as from al parts OF this
courtrv. pom one floor of tHis building VII be
rrovided club rooms ofnces consultation rooms
and every facility for the free use Of the visiting
merchants There will also bs = roof garden
restaurant for use in summer
The furniture exchange has demonstrated that
Of several hundred manufacturers is practicable.
Il has attracted 10 that centre an average Of
fifteen thousand retail dealers year. The like
can be done with other kinds OF wholesale bust
,esses It is argued. The manufacturers sales
rooms Hnl be advertised extensively, and during
the buying sea son a line OF electric cabs will be
provided to convey visiting dealers from hotels
end incoming trains
PART OF NEW TERMINAL
In one IF the buildings the lower floor VIII be
given I'D 70 q large assembly hall for trade con-
ventions displays and exhibitions. It will take
care Of fixtures like tLs automobile show and
the master car builders convention. which Was
recently held AT Atlantic CITY when one or the
extensive piers was entirely given over TO dis
plavs Of the machinery and appliances entering
into the construction OF railway cars.
The nev buildings will conform in architecture
10 the new Grand Central station. the super
visinR architects Of the New York Central pre-
psrinR the design and James Stewart & CO.
executing II The aim IS 10 surround the new
station with structures in keeping with the i'm
portance Of the railroad terminal soon 10 be in
creased by the building OF two big hotels over
another portion OF the depressed tracks.
The Merchants and Manufacturers Exchange
,nl be capitalized at 81 900 900. and its directors
will include E. ?. V. Ritter, George G. Smith, OF
the westinghouse companies Alexander NJ
Stewart OF James Stewart & Co; Liston l.
Lewis of keener & Lewis. attorneys. ana Charles
T Spratt of the New York Furniture Exchange
The tvUo buildings will eventually be connected
bv a bridge similar to the one Of the Hudson
Terminal Building. This is the third large
Manhattan project in which st Louis investors
have recently figured.
POLO GAME REFEREE GETS DELAY.