New-York tribune., 1909-11-28
BIG INVESTORS BUSY
SPECUL4TIVE BUYING Also n FEATURE
OF THE REALTY M4RKET
A partmen House Builders Likely Inuade Upper Fifth dre
Trading in Mann Districts.

Many fine investment and speculative
parcels changed hands last week. the lead
ine feature of the trading heing sales in
districts which have been noted for their
activity throughout the year.
a transaction involving about a million
dollars and affecting a site in upper Fifth
avenue. attracted widespread attention not
only on account OF tho value of the prop
erty but because of the character OF she
plans for improving the premises. The
parcel sold was the north corner Of Slst
street and Fifth avenue. n was bought
by August Belmont several years ago as
n site for q house for his own OCCUPANCY
Ilo recently abandoned his plans for a
home there and sought buyer for the
parcel which has frontage of loe feet
iu the avenue AND - feet IN the street.
Tne Century Holding Company paid him
about S.00o0eo Tor the plot last week. IL
intends 10 erect on the site one Of the
most expensive apartment houses m the
world This project revealed the fact that
there Is a vigorous demand for apartment
suites in the upper Fifth avenue district.
and that many big speculative builders
have hesitated 20 meet this demand as
they did not wish 10 affect the exclusive
residential characteristics for which THIS
beautiful section has been noted for years.
There are only TWO apartment house
structures in the avenue from the Plaza
70 s point considerably north "t the nome
Of Andrew Carnegie ~ slst street one
of the houses is al Goth street and fifth
avenue. opposite the palatial home OF the
Nsetronolitan club. II is one 81 the finest
types Of auartment buildings nn Manhattan
Island. and. moreover. it rs one oi the
safnH.r I.r- ~
tlres of It's kind IN the world. The sue
cess achieved by its builders ana owners
is vel known IN realty circles. and II
,,-o,is De no cause for wouderment II
many builders sought 10 duplicate I'm other
choice sections OF upper Fifth avenue the
work Of its projectors. The other apart
-,,srt house IN the avenue is Al S5th street
There is little doubt that once builders
.,f ,,,c5ern apartmeut houses get A hriH
eootbold IN this part Of the city they WI
heroroa the predOminating factors ia 'he
stsrrict north Of S0th street There are
many large vacant plots which nave IONS
beep ready for substantial improvements
br,t south # that street there l. almost
an urhrolzen row of high class oNel4i''s
houses owned and occupied by persons
well known I'm business hnancial or soeial
circles.
OLD VIEW or CONDITIONS
When Mr. Carnegie became the owner
and OCCUPANT Of his present home IN up
ner Fifth avenue 81 was generally thou6h'
rtar me llubuilding Of the aortherly sec
mons Of the avenue on lines similar 10
tbst Of the southeIly half would be qul MY
undertaken. This opinion Was held so
Hruly by many big investors That values
rose rapIdly I'm the northerly Seclois anu
larce investment purchases were features
OF the trading there al thar uhle' h-'
The expected transformation on Dig s11''
Is sun awaited. II the translation ID ''s
district last week is truly harolhser "l
fliture coud ons Mr.. Carnegie VIII H''
have long 10 wait Tor many nelghoors' as
modern apartment houses there VIII lui-
rfsa homes Tor large numbers OF persons.
when onera1ors. builders, investors ana
..-,..,,lst.rs al once become attached 10 "a
-.-tiau OF the city IL is no easy TASK 10
f..n rbe.r steps 10 other alurins specuia-
r|re Aud investment zones. owing 10 tha'
.,el a. purchasing operations ana c'i-
.fri.t,~ work on Manhattan Island anu
n Z sronN have since January Dee'
.Ion- well beaten paths.
The year opened with spectacular oeals
.,. tb. I,ylus Place district. in the central
Fourth avenue region anu '' '
roft centres. The earlier trading was also
marked hy fair demand Tor proper
IN the older apartment house zone oi the
y-est SIDE and in the newer residential
sistr.cts Of the West side. especially on
v-ssbi-eton Heights. Besides. "A change
,s ,oVnersbip 10 a number OF large down
,ov-p properties and 20 several big parcels
u, ths Fifth avenue retail shopping uls-
eric, WAS effected early in The year.
Occasionally the scenes oi activity nave
shifted 10 districts where the volume OF
5usiness had been for some time hshI ana
there for bricf period those sections were
more conspicuous than the areas "He,e
buvers were prominent in the early pan
Of the year. and are sun active Aoou'
Two weeks ago there was a large purchas-
ing movement Ia West ed street which 's