New-York tribune., 1909-01-03

/
the City Investing Building, at Cortandt street
and Broadway and in few months the WorA
Of putting up that Office structure was wei uh-
der way. That building. which vas opened some
months ago is. regards floor space, tAe la seSN
office building the world
About the time the work of improving the
westerly block fronts IN Church street from Cort-
| landt TO Fulton street. with the Cortandt ana 'ue
| FruIto, buildings better known as the Twin Tun-
mel Terminal Buildings, begun. And early last
wear that undertaking was practically com
pleted- Near by the new home Of the United states
Express Company put and on a laT se plol
| fronting on West street erected the West
Street Building. one Of the largest office structures
built west OF Broadway. Many other large once
structures were erected in that period which re-
suited q greater change in the sky line o Man
haitian Island in similar period IN the
history Of the real estate market
Since 1904 the subway year. greater downtown
business district has been created A loft centre
covering wider area of land in the midtown zone
has been built. and the Fifth avenue retail shop
ping zone has been extended considerable distance
in the cross streets and has extended some blocks
uorthward. Moreover. millions have been spent for
apartment and fat houses in the West Side north
OF 59th street and the group OF theatres put up
on Manhattan Island in the period named also cost
a Many other important building opera
tlons part Of these records, ana as DIG II
not greater progress would undoubtedly have been
carried to successful end If realty progress had
not been checked by the money disturbances in
! the fall Of 1907.
estate leaders were busy helping to strengthen the
! few weak places i'll the market. a feature OF the
market then an increase in hathouse ouHdInE
! in many zones Of The Bronx When spring came
| brokers reported that they were able to get more
/. satisfactory loans improved properties in the
| older districts Of the city and vacant land IN
the newer zones most benefited by the sub"aE.
CHANGES IN MORTGAGE MARKET
| Slowly the money channels affecting real estate
/ operations improved and they changed for
! the better volume Of trading became larger
and particularly extensive in districts almost
| exclusively occupied by business houses and by
large apartment houses About this time there was
a renewal OF interest among large investing syadi-
Gates in the central Fifth avenue districts. and
broadening OF the market for properties in what
Is known as the upper Riverside Drive district or
In other word for sites in that part Of the Drive
| which forms the rortherly half OF the original
thoroughfare, For years this section of the Drive
/ Stunned by scores Of the principal buiId'hs
companies the city. The reason for the dilneSs
there perpleXed large number OF persons who had
little knowledge Of realty affairs, They couId hot
! understand why tho upper part OF the thorough /
fare should contain such a large area OF uHI'l'-
proved land while the southerIy half had been the
scene of the most extensive apartment mouse
building movements in the history OF the CITY. I
! Such persons could have quickly learned II they
had gone about It IN the proper manner that the
northerly half Of tho district continued to be un-
attractive TO builders long period chiefly be
cause Of It's remoteness from popular transit lines
ACTIVITY IN XIV Et<S1LE DIV l.
The subway not only opened up great OF
land IN the northery districts to hundreds Of big
builders but gave the noTtherly half ot tho
/ Riverside Drive the realty asset which It
most needed-a good rapid transit Zine. In short
while the upper part of this thorOughfare VIII be
almost entirely occupied by apartment houses or
large OF the best type. Its realty strength
will then equal II not surpass, that Of the souheTiy
part of the district. Trading in this section Of the
city q feature Of the market from early spring
he ClO O La
speculators and builders who are careful students
of realty conditions became aware OF rapid tn
crease in the demand apartments in the upper
I westerly zones. especially on the Heights and IL;
the Dylknan sections At that time there were also
/ signs Of Il quicker market for properties IN tho
/ Hunts Point district and in many other easter'y
! regions OF The Bronx
last four months many large properties on
/ the Heights have changed ownership, and in most
I of these transactions operators and spectators
/ have been prominent There was a fairly good
market throughout almost the entire year for prop
critics in the central Fifth district. and
vacant improved plots in other high class resi-
Dental sections.
THE OUTLOOK BRIGHT.
Realty signs indicate that the year VIII ne
marked by a continuation Of activity on the
Heights and the DyclIman districts. and by an
Increase in the plans for the upbuiIduE of many
OF the easterly zones Of The Bronx These opera
tons will unquestionaby result in newer values in
all Of those zones and will place the stability Of
the market on a broader foundation. The day OF
the big builder in the tunnel districts is near
hand, and year may witness an EXTENSIVE con-
struction movement throughout the Pennsylvania
region and along the district trayersed by the
tunnel tubes Of the Hudson 6 Manhattan Railroad
Company. Many large wholesale and retail bust
ness houses are demanding bigger and more mod
ern homes for themselves and these needs Will
probably be attended to by realty interests before
> the year is ended
The new bridges may lead many spectators 70
become Identified a larger scale than last
in suburban developments. But there is little
likelihood Of a purchasing movement in the sub
| urban areas OF magnitude that Of 1896.
II is the opinion of many real estate experts that
the suburban regions in the metropolitan zones Will
! not he OF unusually large building
operations until the tunnel plans Of the Pennsyi-
vania and the eIectrifcaton Of the Long Island
| Railroad, as announced some years ago, Is com
Ileted These projects expected to be finished
! neNt year.
The building tables for Manhattan and The
Bronx from 1873 t. date follows:
No Of Estimated Estimated
! Year buildings buildings cost
1879 Nfa -o.. s225O7322 1s94 2592.... SOL 42"57I
IsAo-2 ~ ... 3@5 1885, s3S.---. - 1llu2N