The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-02-20
OLD CITY CHANGES
New YOrk's Shopping District
Changes It's Location.
Deals Involving S4O,OOO,OOO
COnsummated Last Week.
HOW BIG VALUES GROW
Fifty-Third Street Corners In
crease 20O Per Cent.
Equitable Site to Sell for SI5.-
100000, Holland So s.

New York. Feb 2O-At a rough
estimate, probably an underestimate,
negotiations involving about $4,000
600 were either begun or consummat-
ed in the latter part of last week, all
representing investments in real es-
tate Improvements chiefly for retail
shopping purposes. The experts do
not recall any other day when trans
actions of such magnitude were be-
gun or cOnsummated. There have
been. of course public works which
called for an expenditure of many
millions more, but the negotiations of
last week were confined to PROPOSE
tions which had in view the establish
ment of new and very large retail
shopping houses.
So large an amount of money as
this investment involves, at a time, too,
when the United States is investing.
temporarily at least, enormous sums
in German loans, makes clear the ease
of the money market. In fact, some
of the authorities are convinced that
this is an especially favorable time
for the merchants of New York to
make adequate preparations for fu-
ture trade which is to be concentrated
in this city
One of the transactions was already
limited at in this column a few days
ago It was not at that time permits
sible to report the name of the retail
house which was negotiating for an
inVeStme possibly of as much as six
millions in land and new buildings on
F'orty-second street, opposite the new
public library and Bryant park Au-
thoritative announcement has been
made however, that these merchants
the Stern brothers, have purchased a
considerable plot of ground on Forty
second street, for many years Occu-
pied as the home of the exclusive Har-
monv club Adjacent plots were also
secured which will give this house a
frontage on both Forty second and
Forty-third streets. The northerly
frontage is directly opposite the south
side of the HippOdrOme building In
about a year an eight story retail bus
mess building will be erected upon this
plot In its architectural features it
will compare favorably with some of
the yther modern retail structures
which have recently been erected on
Fifth avenue
There are several very interesting
occasioned by this stern
brothers purchase. In the first place,
it will emphasize the complete change
that has taken place in what was
formerly the fashionable shopping
of New York, Twenty
third street. from Madison square to
stern brothers. not realizing. the up
town movement tendency of fashion
able retail shopping, constructed |
large annext to their Twenty-th1rd
is not likely to prove Improbable.
since the building will be easily sold
for manufacturing or loft purposes.
A New shopping Thoroughfare.
The establishment of this retail I
shopping house on Forty-second |
street. between Fifth and Sixth ave
nues, is certain as speedily to change
he business character of Forty second
street as did the establishment of one /
1r two very large retail shopping
houses on Thirty-fourth street, which,
within three or four years, converted |
hat thoroughfare from a place OF
and elegant private homes
10 a brilliant retail shopping district. /
Yet Forty-second street is nearly
half mile north of Thirty-fOurth
street. and is just a little under mile
north of Twenty-third street These
distances will of themselves convey
some idea of the rapidity and magni-
.ude of the changes now under way. IN
he shopping centers of Manhattan.
It is the Impression of the experts
hat. within a short time, another OF
he larger retail shopping houses OF
New York, one of the oldest also, still
xnown by the name of its first part
lers. Lord & Taylor, who long ago
lied will secure land for a new bus
ness building on Forty-second street
one of the reports current in real es-
ate circles is that brokers who are
presumed to be acting for this house
recently offered four million dollars
.or parcel of real estate on Forty
second street. not far from the Grand
Central station.
FIfty-third street Corners.
Within five years real property at