New-York tribune., 1909-12-26

iug features ~ tine real estate market.
The volume 81 business transacted In that
district last week was larce, the value ~
rhc property which changed hands being
slIcrtly sreater than M the previous week.
Though thIs extensive purchasing move
ulent was foreshadowed soon after the
plaus - the Pennsylvania Rai.ruad 20
huld Creaf terminal station a. ssd
street and seventh avenue were made pub
lc rt has taken several years for many
operators and spectators 20 become ideur-
tied with the vast transformation work
now being done in tins area az tho greater
ciU- u was tho financial disturbances of
l~7 which caused a DELAY in the perfection
of various projects by large numbers ~
traders 80 replacing old structures in the
zoue with modern nlerca-lle buildings.
This district is one of the most prultahle
speculative helcs ever invaded hy the pres
eut school of REALTY spectators.
Pm Tho brisk realty DAYS about the tine
n. the opening of the subway, IN 1895. when
o phenomenal purchasing movement in the
upper West Side districts. particularly on
Washington Heights and iU the Dyckman
section. resulted in q change of ownership
20 more vacant property than was ever
cold in a period of similar length. vast
sums were made from realty deals, and
scores of persons who had been little
known in The market became prominent
fcuros. That was one Of the most spec
tRcular speculative building movements N
tire history of the city, and n is stil "a
constant reminder 90 one OK the most ac-
tfve realty periods on Manhattan Island
Naturally. realty history worth renern-
herinr was made in those days. New high
price rerords Tor properties In the upper
West slic were established and long
stretches az land which Tor many years ha1
-erlsfned s-acaut became dotted with high
class apartment houses. AS result ~
those speculative and investment opera
mons q new great Apartment house zone
vas created within the borders of lne
Borough of Manhattan.
Realty history as wei worth remember
.rr ls now being made m the new Ion cen-
--c ~ Manhattan Island. MaIy persons
WHO had almost grown weary oi trying 10
md BUYERS fo- their properties have
sl~oaLy sold their real estate ~ sums
many times greater than their asking
F-,-es about fvs years aEo. Moreover,
fouc rows of houses which were slowly
rr1rhrur to decay. and which g. was "a
f.f-aIt trslz to lease on a profitable basis.
have ho-ome in short time she most
sought after properties in tho whole city.
rHF OUTLOOK ~ THE ZONE
Before rle PENNSYLVANIA railroad decided
.. spend many millions n furnishing ltsef
rHt. 81 tunnel entrance iuto NeW York, the
-eaItf future or tiis district looked very
-.son, Do seemed that the path OF realty
rroErcss had no rurus leading 10 tais
-r--k.v populated residential district ~ the
grclfer city. auc thar the greater part on
-b, entire sec,ion was doomed to remain
"HH
and iuvest0rs-
There is uO I1DEcr amy oouht as 20 TO
-.suc ~ usefulness that inns section 70 the
greater -ity win occupy In q few years o.
f..u bf largely occupied hv long rows ot
modern tort buildings. ana u vll also
probably contain within SIS borders many
ausrtmeuf hotels an - which will repre-
sent an investment Cf many Lunc-ed
millions.
some experts arEue thag fhe present stap-
.ua az rhe future skyline of Che district IS
.at Principally due to the b4Ld-uE of tle
.runel terminal station al $50 street and
seventh Bveuuo. According tO their meth
..- of reckoning or measuring tne factors
~ertilE tle development Ot the section.
rerert and present conditions in the zone
.re chiefly attributable to the vast DEE
mauds of wholesale and retail business
houses f0r new and more c0mmpc. ols guar
r.r. u frC nCar1 0f rle greater eirt.
f- eald THAT tue greater number ut erl-
u.rrae nr tHr wholesale business zones live
d rHe rHrFIy c0upested East Side district
orte~ h.g nearby tenement house
-orre To rlf vsEe workers of tle East
~.df rns new midtown I0ft centre i~ uat
rae't accessible. The surface liues he-
vrfr fhr rwn rar1us a-r mon capable NJ
.rfr.rr Food TRANSIT tseilius- f0r an rlc
provided fHor desired ro udr. TO such
v.nrArr f.s IRVING Place district. fr,
Sru1rf-arf section. and especially rfr .er-
..H' -fr..rs rrars~s-c rE rnr East ~de
lines and elevated roads, a-r uarH
ror. easily Reached. Besides. tre new ulif-
Gown IHff centre '- s0 situated as fr fur
|fr.f adjoining laud tH- reir.u-ry--
r.r- frfr a usw tenement house region fo-
v0rE.uEr1eu and the'- families
CAUSE oF THE EHISR TRADING
'r '.rV of tno-r facts be- =-erns rcasor.a hIe
'r assume r.at those primarily responsible
frr rr' creation of fris uev business dis
tr0i were principally acruaied in reaching,
-..c- conclusion ri.at rrc 11u. ua- most
suitable. fOr rHe purposes for which u
Uru being shaped because rf rlg building
"' rrC Irrrs- IEarla tunnel terminal 1.....
WoUId Furnish Tire ueH-ssars- TRANSPORT e.r...-,
fhr-otu far tLe h-ll1.rI o- vast centres 2
homes Cor tuc workers aIons the lines u
f.r nems1 tauIa auo Long Island railroads
tlc suburban tcrrlt1rI-s and a.-a hf-
cause ol tl, uearness ot Tire district to che
great pier section cot rnr NUrE River and
.o tuo od iuit Dert-r- of tht greater eity
BotVoeu fne Fe.us. yaLla 1Hue and rHe
C.rrt1Nu Wholesale uuslue=s dlstrcI are
tHs Ca,.soa auG rnc aId ,4reeuwich Village
.stn.ts. -elrs ago uo.el tor tleir uaut
"ue dwelling house. u.eume1 d. r.,.
IU.Nl persons. IIe c.ldertaI -Io- af
fHe-. $3.50 famous regions HI rre rtrr "a
'auu a..u or rre U.Lt aud slowly ua-
ro-s Ea- boon enrroacmHr ar land long
...u.Hed hy re-ilcuJlaI landmarks
TrIe area .f rlt rlrT could b. made .rf0
tenement Hul-e ---lI.u of -ne la-=r rr-e
Ir.t sl.. -H undertaking would require mo
.r...el ae-Io. n. Hoar'v aT r.r great
rsa setaf. leaders To rer tlHr Interested
rra UorkIrE forefI.sr to attain r.af ofIaor
..l .e a H.rc4lsar fa.k. and far f.at
rsa-rr ,f.r rH rn eo GRO rH .ter fn
r. naar .f auE nn, r. matter hou 1eaI.
n.e .e rlat nc foI thc oonfo-t of the vale-
onrser- iu the i-etorE 4aur- al tI., greater
cr.
% hos r, Irarh.-ed lt many real
.-tats saHers t.af .a less ,a-r tfty years