New-York tribune., 1909-11-07

acted last week IN the real estate market.
Many large investors were prominent as
buyers in the northwesterly districts and
an the midtown zones. Most Of the vacant
properties which changed hands are 10 be
Improved In the near future. either with
iOft buildings. apartment houses or apart
ment hotels. one OF the leading features
Of the week was a marked broadening OF
the demand for sites in the central Fifth
avenue section. occupied by old style
buildings.
Since the opening of the fall season
there have been large purchasing opera
lions in Eve OF the principal invest
ment districts Of the greater city. namely,
in the central Fourth avenue the mid
town loft. the central Fifth avenue retail
shopping. the Riverside Drive and the
Washington Heights. And these alluring
areas OF the greater city are apparently
going 10 be noted for larger activity this
year.
Owing 20 the small number OF sites for
sale IN the central Fifth avenue section
which can be improved with modern
structures in the near future. the charac-
Ter OF the trading there is somewhat diff
ferent than that in the section about ive
years ago. In those days the apbuilding
OF the great Fifth avenue retail shopping
srea an its present form was in the initial
stage. Many entire block fronts were
then improved with substantial buildings
ana large numbers Of corner and other
parcels. with frontage on the avenue.
were purchased by big business firms as
sites for permanent homes. Moreover
speculatOrs lot control OF many old style
dwelling houses in the district and quickly
altered them for the uses for which the
operations in the avenue result almost
entirely in the taking over OF the finished
product of operators and investors by re-
tail houses seeking new or larger quar-
tiers Now and then there are exceptions
10 this trend OF affairs.
BIG FIFTH AVENUE PROJECT.
A transaction which vividly recalled the
many changes which have taken place in
the sky line OF central Fifth avenue IN the
last nine years was the leasing least week
by the big carpet anc furniture house OF
W. & J. sloane Of the northerly half OF
the Windsor Arcade site. The arcade oc-
cupies the entire block front on the east
erly side of Fifth avenue from Forty-siNth
70 Forty-seVenth street fronting 2JOiO feet
on the avenue and 2SO feet on each street.
The site therefore leased by the carpet nrm
is le05x2SO feet. and THAI site will be
erected al the expiration OF the old leases
a new eight story nome for the exclusive
use OF the lessees Of the premises. Ihe
Cruikshank Company vas the broker IN the
deal On March Il, 1899 the famous Hotel
Windsor, which had occupied the site since
1872 was entirely destroyed by fire. That
was the most disastrous hotel hre IN the
history OF the city. more than seventeen
persons being killed and more than hfty
being seriously injured
The hotel was put UP by John T. Daily,
Who Mas a well known speculative builder
4 in this city at the close OF the civil War.
4 when ne perfected his plans for the IA
mous hostlery the central Fifth avenue dis
= trict was a thoroughfare noted for its hne
broWnstone dwelling houses; i'm fact the
avenue was lined with such houses from
the Fifth Avenue Hotel site. al Twenty
tnird street and Fifth avenue, On which now
stands the big Fifth Avenue Building, TO
A point considerably north Of E1fueth
stree. Here and there these dwelling
houses were overshadOWed by large hotels
n Was one of the largest hotels Of its cay.
having rooms for over GO guests. IL took
some years 10 place it on good paying
basis, but <tocess did not crown the efforts
of John " 0aly, its builder. He lost neaF-
ilv on u venture and his mind became
affGCfBQ. N Lllt AAthAdAAs IL e---eNNf -
committed suicide Il was not until about
the SOS that the ho'ei became wioeiy
popular.
OUTLOOK IN AVENUE IN 1901
After the hotel was destroyed by fire there
were few visible signs that this part OF the
city was destined TO become the prineipai
high class retail shopping zone Of the city.
Many well known realty leaders al that
time were inclined 70 the opinion that the
central Broadway district, from S4th 10
Ssth street. was likely 70 command greater
attention from big retail houses seeking suit
able sites for new homes than the central
Fifth avenue area Two years arter the
ere the plans for the Windsor Arcade were
drawn and the work OF erecting the build
ing was begun. II was never intenceo thst
81 should exist as long as the average ousi-
ness structure. II was simply taxpayer
os the very best type. II was so designed
as 10 have a large central entrance ano an
arcade running from east 10 west through
the centre OF the plot.
This architectural feature OF the structure
viii permit, according TO experts, of the
northerly half OF the building being re-
,noVed 10 make way for the Sloane Build
ing without affecting the usefulness OF the
southerly half OF the premises fifth ave-
nue brokers, however, are firmly OF the
opiu,on that the life OF the southerly haH
os the arcade VIII be short, owing TO the
leasing OF the nOrtherly half OF the site. IL
,s expected that in the near future an an
nouncernent viii be made regarding the dis
position OF the southerly hale OF the plot
This was not the only interesting trans
action IN the central Fifth avenue distf1ct
last week. although was the only
pro1ect which means new puidHs on
. site now occupied by what might be
.t,,laa an old structure. For the Walton
Oxygen Company John y. Goloing leased
"a. property 30. 50e Fifth avenue. s76xio
s<et with an IL on Forty-third street TO
q n. Lang. Mr.. Lang VIII extensively
alter the premises and then offer IL TO
,eass az stores and floors. The Ernestus
ct,,,ck Company leased the store Nos.
szs-sss Firth avenue. northeast corner OF
,r,h,rty-ttsire street. for A T. Demarest q
90 20 the Santo Sales Company. manu-
.scturers II vacuum cleaning apparatus.
,rhe term Is for the unexpired PERIOD or
,be lease held on this corner parcel by
the Dernaresf Company. which has moved
20 its new building, at s7th street ana
Broadway.
APARTMENT HOUSE DEMAND.
The demand for large apartment houses
,n the northerly districts Of the city shows