New-York tribune., 1909-05-02

way which changed the realty characteristics OF
many divisions Of the city. making many weak
real estate fields most vigorous and opening up new
realty zones to big speculative builders and invest
AS far back as 1900 there many reliable
signs that the Fourth district would
become one of the brightest and strongest specu-
lative and investment areas on Manhattan Island
that time many Of the big spectators and oper-
ators planning extensive campaigns In the
central Fifth district, and later the inltia
steps were taken which eventually led to the
placing of that district the high plane 1t now
occupies.
It took many millions to change that great
artery of the city from a small business gone
largely occupied by dwelling houses and chnglng
tenaciousy to its old residential characteristics
into the broad retail shopping centre that it is
1t took many millions to invade successfully the
newer residential centres in the upper West SIDE
and to make them worthy annex to the older resi-
dental zones north of 18th street and west OF
Central Park Large sums of money were also
needed for the work of making larger amusement
centres on Manhattan Island and vast sums OK
money were necessary for meeting the demands OF
greater fathouse districts and bigger manufactur-
ing in the beautiful Borough of The Bronx.
MANY REALTY LEADERS IN ZONE
| The greater part OF this prodigious construction
work which has been done in recent years mainly
resulted from plans for lettering transit facilities
on Manhattan Island and in The Bronx and the
opening of the subway, IN 1904 1t Is no cause tor
F, wonderment that with such vast undertakings de-
rnandng their attention the central Fourth avenue
district was overlooked until some months ago by
the majority of the big spectators and investors
Now many Of the realty leaders have time to come
back the upper residential and business zones
and other districts, become identified with the
work OF making the central Fourth avenue distrlct
| business centre of great Yigor and with many
| pleasing realty features.
The value Of property along the avenue is risine
RAPIDLY Sites there are worth considerably more
in +an ovi,v
those who look upon themselves the pioneer in
,estors this field have reaped the rewards which
fall to the of those persons who are the first to
reach district where quick increases or NaIues
occur soon afterward.
Many big spectators and investors who hold the
opinion that the central Fourth avenue district is
one Of the finest districts for them cannot yet per-
ceive the realty charms of the central Madison ave
nue. district, which extends from 23d street to S4th
street That section is bound to figure prominently
in realty trading in the future. 1t Will be a
great retail shopping centre just as surely as the
central Fourth avenue district VIII be one on the
largest shopping and loft centres. And next year
values In the central Madison avenue district VIII
be from 10 to 20 per cent higher it is thought. than
they are to-day. From end OF this district TO
the other there viii undoubtedly be IN few years
an almost unbroken line of high-cass store build
ings and here and there big apartment hotels ana
large loft structures This development work in
the avenue in the initial stages, the construction
operations being confined TO the northerly ana
southerly parts of the thoroughfare than anywhere
else.
| MADISON AVENUE ATTRACTIVE
Of all the streets and avenues OF the greater city
there are probably which offer to the investor
such opportunities realty investing this Madi-
son avenue zone. 1t would attract widespread at
tention at the present time II its realty features
were better known. Somehow they are hidden 10
| most persons connected with the real estate
| market.
| If realty signs are true harbingers Of future
operations person who buys in this district now
will not have long to wait 10 resell his holdings at
| q profit and the buyer who can sit patiently IN
the district until the larger part OF it has neen
transformed from quiet residential region INTO a
| wldeawake and strong retail shopping centre VIII
earn larger profits than the buyer who seeks a
! quick market for his property.
! At the southwest corner OF Madison avenue and
9th street there IS be erected a $0aO0 Office
building viii be twelve stories high, and Will Do
built by the Neptune Realty Company, OF when
Adrian Iselin jr president. 1t Will be Of brick
| finished with trimmings of limestone and terra
Gotta in the modern Renaissance STYLE from de-
signs by Maynicke & FRANKIE, architects II VIII
have q frontage Of 9S9 feet the avenue and 50
feet in 9th street. with extension OF % feet
frontage in 26th street. The FACADE VIII be adoFned
| with large bays. The building was recently leased
! from the plans to the Improved property H'idhs
| Company of New York
OTHER ACTIVE REGIONS.
Sales and building operations on Washington
Heights are also still leading features Of the real
estate market. The demand for properties on the
Heights is reflected by many quick resaIes OF sites
which we're owned by the Fort Washington ana
B1ena Vista syndicates and which were sold at
ac+ion hv Joseph P Day at the Real Estate Ex-
change Salesrooms about ten days ago Last week
Iov,enfed & Prayer sold plot, 105xlOo feet, at the
northwest corner of Pinehurst avenue and 18th
street. It was one of the syndicate parcels.