New-York tribune., 1912-03-03
TO CHANGE SKYLINE
Big Office Buildings Planned
for Downtown Zone.
COST TO BE MILLIONS
Increase in Speculative and In.
vestment Operations in Many
Districts of The Bronx.

Nearly every section Of Manhattan fur
nished q fair number Of sales TO the budget
Of business transacted last week in the
real estate market
Sales OF more than ordinary importance,
however, were not as numerous as in the
early part Of February, but the general
character OF the trading was of the kind
that holds the attention Of persons accus-
toned to doing large tasks In realty walks.
In other words, the trading was of high
quality
The purchasing and building operations
covered wide area and foreshadowed the
replacing of many old dwelling and busi-
ness structures with big fireproof buildings
at an early date
In The Bronx there was a marked I'M
provement in the volume Of business. the
larger activity OF investors being mainly re-
sponsible for this condition. Moreover,
new high record square foot price Tor the
borough was said TO have been made by the
sale by Williamson Bryan for Eugene D.
Busher Of the three story frame building
on "A lot 25xS0 feet, on the north SIDE OF
149th street 145 feet west Of Melrose ave-
nue.. to the Corn Exchange Bank. Mr.
Busher bought the lot for $4,000 in 1904
the year in which the subway was opened !;
the bank paid him $4,000 for the premises
As there are 1000 square feet In the plot
the price a square foot was $3.50.
On the plot will be put up building for
the exclusive use Of branch or the Dank.
Mr. Busher Is only one Of some hundred
spectators who have been richly repaid
for buying lots and other kinds OF prop
erty I'm The Bronx.
Thousands of persons just entering realty
walks will get large profits from Bronx In
yestments II they buy now and sell three
or four years hence.
The first sale In sixty years of a Ma
thllda plot. near 2iOth street. which was
owned by the Henry Plumer estate, was re-
ported last week
Other changes Of ownership in Bronx
properties last week included a five story
dathouse, No. 1898 Southern Boulevard;
two family house. No. 1540 Hoe avenue
four story dwelling house. No. 444 East
17lst street, and a five story new law
apartment house, No. 1852 Fox street
Along Broadway.
Some familiar sections Of Broadway ng-
ured prominently in the realty news last
week There was s10,000,OOO project
launched in the downtown office district by
a syndicate headed by Robert r. Downing,
negotiations for the purchase of the care
Martin, occupying the block front on the
south side Of 26th street. between Fifth
avenue and Broadway by a syndicate In
Guiding George F. Johnson, Jr.. and Leopold
Kahn through David H. Hymsn and the
= l.
pany, and the sale Of the Alta Crest apart
ment house, at the northeast corner OF
15sth street and Broadway.
The site OF the old home OF the Adams
Express Company. at No. 81 to 81 Broad
way, which was bought by the syndicate
formed by Mr.. Dowling, has long been suit
able for improvement with skyscraper'
The proposed structure will be thirty sto-
ries and will be the fourth tallest ONCE
building in Manhattan.
This is the costlest building operation de-
signed for a plot in the principal financial
centre of old New York In long time. and
Il is a positive sign that the supply OF
SPACIOUS up-to-date offlces in the district
warrants an addition OF such size and cost
to tho zone.
III
brokers who are supposed TO be In close
touch with the renting situation In the
wholesale business and office regions in the
lower part OF Manhattan were exclaiming
that the city was "topheavy' as regards
downtown office buildings and that condi-
tions were not likely 10 be improved In the
near future.
The strongest of these utterances was
heard IN realty circles about three months
ago and made those property owners OF
downtown sites who had the blues
gloomier.
Since then the Hudson q Manhattan
Railroad Company has decided to erect an
annex to its twin terminal buildings, a
number Of sites in Nassau street have been
secured by corporations for enlarging the
downtown office area and there are sew
eral other plans being considered. and
which will be made public soon. for build
ing office structures this year in the lower
part of Manhattan.