New-York tribune., 1909-04-04

Manhattan in recent years, also evince desire 10
Law no plans a the presenI time for broadening
of the activity in real estate fields south Of Cham
fers street they viii aid in every possible way
70 Increasing the vigor of the various construction
projects and purchasing movements which have
been feature Of the realty trading Of the present
season
Some real estate experts refer to the trading IN
the downtown business zones being Of Unusuall-'
small volume Others say that the market there
for various kinds parcels Is only sluggish but
weak These experts are comparing the present
state Of the market for such properties with its
br;lliancv and with the notable achievements made
by most of the big spectators and operators IN the
period from 1907. That period was one OF the
most remarkable in the history Of the greater city
AT that time all conditions affecting real estate op-
eratio1s were favorable to trading and build
ing operations of record size. In that period not
only vas the architectural features Of many pro
sressive districts changed as 10 make them
hardly recognized by persons who were familiar
with the old landmarks but values in most OF the
downtown. midtown and uPrer West Side zones
reached new heights and in the central Fifth ave
nue. retail shopping centre the asking price for
properties many times greater than the sums
for which the parcels could have been bought be-
fore 1914
PERIOD OF RECORD ACTIVITY.
The period from 1903 to 1857 viii long be remem-
berei by nearly every person identified with the real
great real estate leaders did in that epoch It was
tn those DAYS that vast areas in the downtown
financial zone were Teimproved With new types o.
Office and store structures. and when many OF the
best located parcels, with frpntages on or rear
Broadway became the sites OF such buildings as
.5,a Singer the Trinity the United States Realty,
the City Investing the twin tunnel Terminal Build
trzs the new home Of the United States Express
and with many large and small buildings erected
IN part or exclusively for the use OF some OF the
largest mercantile and financial houses Of the
greater city. With such extensive Office building
projects II was cause for wonderment that the
most conservative leaders became possessed OF a
fear that this construction feature in the upbuild-
Ga, of the greater CITY along more beautiful lines
and In q manner meeting the needs Of the tenants
better had been overdone
II was indeed the first time in z long period that
such large numbers of new stores and modern
Offices were placed upon the market CT tae saIl-e
.s-,e And even some of the renting agents "iose
"a mas sought 10 find tenants for this newer down.
.ovvn office centre were apPrehenslEe as 10 lnelF
bfify 10 find Iessees for the greater business %Oe
II must not be forgotten that the TASK Ihat oS'
- .tese agents faced was most forrnidaoie one.
~, cI,r B,,ilding is the second highest building
a. +he World and as regards floor space II Is num-
t.red among the largest once STRUCTURES is
i. rsq site in that section OF Aaflhat'aH 1saiiu
were land is more expensive than anywhere else'
- C-,.- Investing Building. at Cortandt street
go broadway. is the largest building as regards
aoor space exer put up II was no' "
+ba -Y-7ose Of afordng home 1oT tne soie use u
a.. -,,srs r,rt was planned to furnish the neces-
- CHARTERS for the Capitalization OF lhe business
= ,--,- bis corporations with branches scattered
4hro,,ef7out The city II that building the ho0'S
,, Cor $50 coo each year, ana the leases LoI Oh
- soor are for terms ranging from five to ten
years.
IT,. +7r,n Terminal Buildings OF the Hudson and
,t.-bs++sr Railroad Company, which occupy the
westerly block fronts in Church street between
.or,la7dt ard Fulton hold the place in the
r,1iJdinz statistics of being the largest tuhhei
+e--,,,,sl structures in the world Fronting on
West street and occupying one OF the largest pots
.ha-e held under q single ownership. is the big
West street building which was put up by com
uarv Of which General Howard Carrol Is 'iie
president Il is the largest building with the eo
<s2tton Of the Battery Place, located on a sloe
fronting on this wide business thoroughfare. At
the present time the Battery Place Building, front
ing on Battery Place. between West and Nasning-
ton streets is included among the biggest struct-
r1res OF that type Manhattan Island. Plans were
recently fled the erection Of annex 10 that
building and when that annex is ready for
cupancy the combined structures viii form, it is
said the largest Office building, as regards floor
space in the world. Its floor area viii exceed by
few feet that Of the City Investing Building, now
the record building in this respect
Scores Of other large office and store structures
have been erected in the downtown business zones
sn the period mentioned. Many persons express
surprise at the marked decrease in the trading in
the business zones since that time, but this re-
action is necessary one, and viii help 10 readjust
realty affairs affecting the business of the
greater city. and in the future. when the de-
zland for mora cormodious bigger Office
south Of Chambers street is larger IT
likely that the money channels will be more favor
able for resumption Of Office building q large
scale in the southerly zones of Manhattan Island.
Already OF the big skyscrapers which have
been projected within the last five years are well
occupied, and in several instances the demands for
space IN the buildings have warranted a change in
rentals the increase in rentals in instance be-
ing about per cent.
The present building activity south of Chamber.
street is principally due the perfection Of plans
by banking corporations and other large financial
and mercantile companies. which occupy almost