New-York tribune., 1912-01-28
SPECULATOR' IN LEXINGTON AVENUE
Large Numbers of Investors Also Scattered Throughout the En-
tire Length of This New Subway Zone.
WHAr DISTRICT Is DESTINED TO BE IN NEAR EuTuR

There are a number of Manhattan dis
tricts which are more enhancing to specu-
lators and investors than at any time in
many years.
One is Lexington avenue throughout its
entire length, another Is central Madison
avenue and still another is 57th street
between Lexington and Ninth avenues.
The building OF the Lexington avenue
subway has changed what was for a lone
time somewhat sluggish realty section
OF the city into one with many buyers and
builders and with scores Of persons iden-
titled either with the sale or the improve
ment of land and buildings laying plans
to grasp the vast opportunities for prof
table campaigns of various sizes and di'
verse character
The extent of the investment and specu-
lative operations in the zone is not at all
revealed by recent reports. In fact, the
volume of business there in the last three
weeks as reported by brokers and some
other persons. simply indicates that Lex
ington avenue, particularly in the central
divisions, is now an interesting speculative
region. with a promise of occupying a
more prominent place from a speculator'S
point of view.
But everywhere realty men meet the
probable future building lines of Lcxng
ton avenue are discussed. Everybody ap-
pears to be pleased at hearing the latest
news about the sale prices of plots and
houses there.
No matter if a builder has been busy for
some years in the new loft area. in mid
town. and has work to keep him in his
old haunts for some more years, he is just
as eager TO have firm grip on the drift
OF affairs in Lexington avenue as the man
who is putting in effect important i'm
provements or is in the ranks of the small
or big traders on the avenue He, too, is
anxious TO be in close touch with realty
progress on central Madison avenue, for
he is capable OF carrying out projects IN
central Madison avenue requiring an in
itial expenditure of many thousands.
There is, however, this difference of in
terest in speculative and investment opera
tions between the two sections-central
Madison avenue is for the individuals and
companies with large financial resources:
Lexington avenue for nearly all classes Of
buyers and builders in the greater city.
The small buyer has not the financial
means to enter alone central Madison ave-
nue.: his experience and his cash are all
sufficient TO insure him of pleasant stay
in Lexington avenue
The little investor and specuatOr, it is
true, may not be able to get within a short
distance OF the centre of the principal
realty activity on Lexington avenue, but,
anyhow he will he within a zone of good
profits.
Values on the Avenue.
Values on Lexington avenue are astonish-
ingly low in view of the roseate outlook
there. In the nOrtherly divisions Interior
lots may be had at little more than $1,000
a front foot. Many lots are near a pro-
posed station on the subway route. Corner
plots in the same sections are to be bought
at about 81 600 front foot and every one
o Of those sites which are in the market FOR
immediate delivery and are unencumbered
with long-term low rentals could be profit
ably improved with modern flathouses, with
large ard inviting stores.
Where most spectators would like TO be
owners on the avenue, just south or north
of 42d street. about $3.50 front foot is not
now considered a high price 1t is low
price.
James c. Mcguire & Co. recently bought
from Montgomery Maze the larger part of
the block front on the easterly si1e of Lex
ington avenue, between 4Sth and 4Sth
streets. The property is No. 523 to 537 Lex
ington avenue, Nos. 1856 and 13S East 18th
street and No. 137 East 4Sth street. 1t has
a frontage of I345 feet on the avenue, l20
feet in 49th street and 80 feet in 4Sth street
1t comprises the southeast corner of 18th
street, and forms an IL around the north
east corner of 48th street.
The property was reported TO have
changed hands at $4,000. Mcguire & Co.
bought the property for Improvement with
q twelve or sixteen story business building
when the leases on the premises expire.
This part of Lexington avenue was for
about forty years isolated, as 1t were, from
the central Madison avenue and Fifth ave-
nue. sections and also the upper Sixth ave-
nue. section The separation was due to
the open yards of the New York Central
Railroad. over which high iron bridges FOR
vehicles and pedestrians were built The
grade of the easterly and westerly APP
proaches to the bridges was so steep that
most drivers of heavily laden wagons drove
above or below the station property to
reach the westerly er easterly districts
just north of AID street.
But the yards are to be covered over and
also the open cut from 5Oth street to 56th
street Consequently the old landmarks
which so seriously affected values of real
property and building growth of this part
of the town will soon be all removed.
n win then be easier for the heavy vehic-
ular traffic to cross north of 42d street
than 10 follow the old 42d street highway.
And the rumble Of inbound and outbound
trains at the greater Grand Central Sta
tion will not be heard at the street level.
and therefore there will neither be any
noise obstacles nor any grade barriers nor
any other kind Of drawback to carrying
out quickly the proposed building trans
formations at this point.
Where the open railroad yards are VIII
rise the tall forms Of modern steel frame
buildings. Some will be for office use oth-
esr for displaying the wares OF local manu-
facturers to city and visiting merchants.
stm other structures will be hotels of the
largest size and best type, and there VIII
also be an arena building which VIII oe
larger than Madison Square Garden, and
where many exhibitions, industrial ana
other kinds, win be held.
At 10th street and Lexington avenue is
the New Grand Central Palace and the
Merchants and Manufacturers Exchange
1t was the first Of the big buildings planned
for sites in the section soon after the prof.
ect for a greater Grand Central Station
was perfected TO be put up
The work of tearing down the concrete
structure on the block bounded by AID and
44th streets, Madison and Vanderbilt ave-
nues. was begun a few weeks ago. The
structure which was used as substaton
Of the General Postoffice and also for tenn
9TH