New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-16
Lets Down Bars for Rush of
Business to That Section
of Fifth Avenue.
RARE CHANCE, SAY EXPERTS
Oelrichs House Next To Be
Sold, 1t Is Reported-Spec-
ulators Worried by
Hidden River.

1he new realty BOlu ntlu Vi hdh-
haitian is 57th street, between Madison
and Seventh avenues. Everything
points to a great enhancement of val
ues there before another year has
elapsed
The sale Of the W. c. Whitney house,
at the southwest corner Of 9th street
and Fifth avenue, and the adjoining
Morse house, at No. 72S Fifth avenue.
last week by Harry Payne Whitney
let down the barriers to a big business
invasion in the street. Numerous con-
Germs and scores of wideawake specu-
| lators who have been looking longingly
at the attractive dwelling houses 'front.'
| ing on the thoroughfare and wishing
| they could get control Of them are not
! going TO lose this opportunity. Such
a chance to pick up realty gold mug
! gets may not occur again in a decade,
/ or a hundred years, experts say. as
9th street appears to be the last great
| cross thoroughfare south of Central
! Park that remains for present day
| builders to transform into a business
| centre.
1t was rumored yesterday that the
| house at the northwest corner of 51th
| street and Fifth avenue, owned and
| occupied by Mrs. Hermann Oelrichs,
was likely TO change hands in the near
| future. The new owner, if this trans
action was successfully negotiated.
would be, it was further said, Walter
| j. Solomon.
| 1t was learned last night that the en-
| tire block along the east side Of Fifth
avenue from 57th to 5Sth street was In
the market to lease for business pur-
| poses. This block front comprises 3d.
/ 600 square feet, and includes the Del
richs house, for the control Of which
/ Mr.. Solomon has made overtures.
I According TO the tax books of the
| city, the Oelrichs house is assessed at
/ $4,000. IT is five stories and has a
/ frontage Of 42.S feet on 57th street
I and 100 feet on the avenue.
! Near the II. II. Rogers property, at
! 9th street and Madison avenue, is a
/ large plot for which an offer to pur-
chase was recently made. The broker
| who took il to the owner thought il
was a generous one, but 1t was quickly
| rejected. The bidder raised his price
$25, 900, and there is now every posi-
bility Of the property changing hands
and department store getting title TO
the site.
Say Heckscher Is the Buyer.
According to a report yesterday. Au-
/ gust Heckscher is the actual buyer of
/ the Whitney house and adjoining site.
/ The report, however, was denied last
night c. Elton Parks is the president
| OF the 734 Fifth Avenue Company,
which will take title to the premises,
which fact was printed in The Tribune
| on Saturday. Arthur p. McKinstry is
| secretary and treasurer OF that hold
/ ing company. Messrs. Parks & Nc
! Kinstry have as counsel represented
/ Mr.. Heckscher in many legal matters.
| Realty men eagerly await the begin
/ ming Of excavation work for the bust
ness structure to occupy the Whitney
| and Morse house sites. II will reveal
the strata Of the land many feet below
| the surface Of the street, and the char
acter Of the subsoil will have large
bearing on the profits Of speculation in
| this thoroughfare.
The late Coils p. Huntington said
| that 57th street rested on a rock bed,
and that despite the fact that there
was a missing subterranean rivulet
cavorting about just south of the Fifth
avenue entrance to the park, II was
the most beautiful part of the city.
Mr.. Huntington was recognized by
real estate men Of years ago as an ex-
pert on these matters, as he procured
all the authentic old maps describing
the ponds and creeks of Manhattan
and carefully studied them before buy
ing the site for the house at the south
east corner Of 9th street and Fifth
avenue. He built that house some
wears before his death.
No one doubts that there is rivulet
many feet below the street near the
Plaza entrance 10 the park. II caused
much annoyance years ago. when the
brownstone front age was here. 1t
washed away the fortune Of two young
men who were building large apart
ment house. Soon after they were de-
clared bankrupt a process was perfect
ed allaying for all time fears about an
underground stream. When excava-
tors reach such a stream now II is
bridged over and hemmed in, as 1t
were and the foundation work is just
as satisfactory as II no stream coursed
through the premises.
To Bore for Hidden Stream.
There is no question as to the solid
itv Of the land beneath the houses
fronting on 57th street. But there is
doubt as TO the extent Of the rock
base. Mr.. Huntington said the land
WAC mostly all rock, and excavation
work will soon reveal IL his deductions
from the study Of the old pond maps
were entirely correct Soundings are
likely TO be made. too, to determine
l.. RI fr q