New-York tribune., 1910-02-20

r,sr .,Vestors and spectators were prom
.-.,t ,.s- week in mary districts on Man
n.--a, Island and in The Bronx A Eooo
o,,,-,e of business zas transacted IN TIE
,,sa.ovn loft centre, on the West Sioe
north OF 5ath street and soath OF l-S'ii
.+reet. on Washington Heights and IN sew
--sl ,,aper East Side districts Inc Usch-
man district also furnished seVeral nm
,-c-tsnt realty deals Trading in 1he irving
y,lsce section and the central FourSh ave
,,,,e zone was one of the leading features OF
the week
The purchasing operations throushout
Manhattan Island and The Bronx Indicated
/. vigorous demand for large business sites
and for high class modern dweliins houses
snd spart-nent structures
There was only one large zone where the
business did not measure up 70 the ex-
rertafions Of experts, and that was the
dou.urow-l financial area The dulness IN
thet zone should cause little worriment,
t,ecsuse the present tendency Of speculative
movements IS toward the central business
region. where there is such prontaeie
eeld for operators and loft builders and
the sVartraeut house areas OF the greater
city
On. Of the most important building
transformations which have taken place in
recent years is to be seen in the central
Fourth svenue district Large numbers OF
old buildings in that part Of the city have
been replaced by substantial loft and store
structures, snd where a few years ago
there were many hotel landmarks occupy
ing large sites in the district there are now
only few such structures. and their ex-
sefence will soon be ended.
The sum of the investments in this wide
f,,1rf of he
fall oS 1907 is g stupendous amount, and
Mainly shows what some Of the leading
BUILDERS and speculatcrs can do to rerivify
. district when they invade il at the same
tine and quickly carry out plans for the
PLACING Of It on q high class income paying
basis.
The construction work which has been
accomplished IL the area has been so ex-
tensiFe that there are many prominent
traders and active brokers who hold
strongly 70 the opinion that building opera
tons IN the tlloroughfare for the next few
years viii be far overshadowed by building
activities IN other parts of the city. Some
IF these persons have voiced the sentiment
that only Z few more changes will be made
n the district until almost all of the new
structures have been rented and sold
20 investors. This is q false view Of the
situation there, # present signs are true in
6icetions Of future conditions
Il must not be forgotten that this great
=rea OF land right in the heart OF old Man
rattan Island, traversed by the subway
sod bordered on one side by the Madison
and Fifth avenue shopping districts and on
the other side. by the central East Side
residential district. was for many years
one Of the most unattractive realty fields
III the greater city. Nearly all the great
leaders in those GAYS seemed to be too busy
elsewhere TO invade the zone and to begin
the work Of placing it on the high plane
as q wholesale and retail business centre
which II was destined TO oe There were a
few men Who foresaw clearly what vast
building projects would be launched in the
district before many years had passed. but
they confined their operations to adding IN
;heir holdings, their plans being to resell
st Z profit At the most oportune time
TO BE GREATER BUSINESS ZONE.
The central Fourth avenue district is
--oinS 10 he d much greater wholesale and
retail business zone. not ten wears hence
iut in tie near future and the new con-
-;ruc1ion work VIII result in the improve
nleut of many sites larger than a block
front with up-to-'3ate mercantile StrIct-
rres. Tn short time wreckerS will he
busy clearing several large plots en- the
westerly side OF the avenue north Of sd
-tiee'- and on the block occupied by Nadi-
son square Garden is likely 10 be erected
next year the largest loft and store build
lliC eEeT Planned for a site on Manhattan
Island.
There is no likelihood of lowering Of
Ealues throughout the entire central
Fourth avenue district, for the simple
reason Il at the demands Of business houses
fT-l
are increasing al such q rapid rate that q
district twice the area IF this one could
Joe improved with substantial mercantile
structures. and Yet the supply of new
buildings would not be equal 10 the busi-
NESS needs.
II doubt still exists a 10 the demands
of business houses for new homes a casual
study cf the extent Of the construction
work being carried our or planned for cen
rral midtown loft sites should dispel it
Great sums OF money are not being risked
tHere 70 beautify the district, but TO fur
nish The necessary lofts for hundreds Of
1ourS,linE business concerns 10 expand
and also 10 carry on their business under
more satisfactory housing conditions
RECENT SALES IN SECTION.
a fine speculative parcel in the central
Fourth avenIe district was purchased last
week by Jacob NeaCle- The zeal affected
Tie property Nos. 353 and $40 Fourth ave
nue, near 36th street. and the premises Nos.
lee and 164 East 2eth street The two par
ccls form an L-shaped plot with a 'front.'
age Of z0 feet on the avenue and contain
ing an area OF about 800 square feet
The property is diagonally opposite Madi-
son Square Garden and near many Of the
larEe mercantile structures recently erect
ID in this section. Other larger Fourth
avenue purchases are likely to be reported
next month.
Just southeast OF this thriving business
zone Of the greater city is the Irving Place
district, where marked changes in the sky
line have been made in recent years. AS a
result Of one transaction affecting q, site
n that zone and reported last week. the
number Of big mercantile structures there
Is TO be increased by d twelve story bust
ness building on the premises Nos ia and
Il6 East 10th street, directly opposite the
new Borgfeldt Building. The site was
bought last week by the Second Manhat-
tan Office Building Company, through
Francis r. Robert, ana the proposed i'm
rrovenent viii pc made by the buyer.
Some Of the purchasing operations in the
midtown loft centre west OF Fifth avenue
and north OF 18th street resulted in
change OF ownership to the four story tene-
gncnt house No. go West 18th street. TO