New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-01-14

PIE sold m the last six weeks. Most OF
"" .,,es with old buildings which have
~.sd hands are TO be improved this
"S With big loft and store structures,
Fs' tho improved parcels disposed Of will
q &sly be PEI '''"'''''
sansrs.
=. balance between investors and oper-
,,o-s is about even.
~.s residential character Of old Murray
,ru Is disappearing, but not nearly as fast
some brokers and business houses had
{ ,onsd Still il Is changing i'm spite of the
.,ct that large part of this beautiful and
.,clusite home region is restricted against
tnsness use, and the legal opinion regard
Il ,,g rs force or validity is as diversified as
/ ne complex makeup of the real estate
sslds Of the greater city.
one season it is said that these restric-
Il tons are still binding, another season
N mai the barriers against business build
NJ ,,ss there cannot withstand legal press
4 ure At present the ground covered by
/ the restrictions cannot he utilized for any
o,her purposes except residential, accord
ing TO one of the highest courts. But in
spte of court rulings for and against the
restrictons-and it would he no cause for
wonderment If the very weight of the
rullngs had iTretrievabiy broken the re-
strictions-heavy business wagons rumble
through the district from early morn till
late at night, and that peaceful quietness
which was once such an all-perVadlng
charm Of this part OF the city is no more.
The ever-inCTeasing whirr Of vehicles in
the region will probably cause the capitu-
htion Of home-owners quicker than most
generous offers for their properties or
more legal annoyances.
tall mercantile structure will soon
cast its lengthy shadows on the house
and gardens Of J. Pierpont Morgan on the
easterly block front in Madison avenue be-
tween seth and 37th streets. 1t will oc-
eupy. as reported last week. the premises
No. and II East 37th street, owned by
Mrs. Elizabeth NJ. Anderson.
The premises have a frontage of 53S feet
and a depth of $50 feet. Mrs, Anderson
bought the parcel No II last week through
the Cross & Brown Company. The building
designed for the site will be ten stories and
will he put up by a syndicate which has
virtually leased the property for term
OF twenty-One years. with the privilege OF
a similar term on renewal if desired
This site is just west Of the old middle
road which forms the westerly line of the
Murray Hill restricted property.
There have been rumOTs about every
season for many years that the entire
block bounded by 37th and 3Sth streets,
Fifth and Madison avenues. would event
ually be occupied by a drygoods house.
Now that the sale Of the premises No. II
and the plans for improving it and the
adjoining plot have set at rest forever
these rumors, IT has been learned that
Newbold T. Lawrence, in 1908. got op-
tons to buy the majority Of sites form
ing the block, and seemed to be in a fair
way to gain entire control Of IT and then
dispose Of it to a we'll known drygoods
house Of this city when tenant put an
insurmountable obstacle before him The
tenant asked prohibitive price for a
lease. and all negotiations to purchase the
block were abandoned.
More 9th Street Sales.
Another important sale in 37th street
was reported late in November. 1t af-
fected the premises No. East 37th
street and No East 3Sth street, adjoin
ing the plot owned by Mrs. Anderson. The
name Of the buyer of that property has not
vet been made public. The site is most
suitable for a building similar to that to
he erected on the parcel Nos. and II
East 37th street. and it would surprise no
one interested in the upbuilding Of the
cross-street arteries of the Fifth avenue
retail shopping district II similar prof.
.ct was launched and carried out immedl-
stely
Mrs Anderson is a large owner OF prop
erty I'm the central Fifth avenue zone. The
Bonwit Teller Building. Nos. and East
37th street Is one Of her improved realty
holdings
II is in the cross-street arteries some
blocks distant from the Murray Hill re-
gion that spectators and investors are
busiest simply because there are larger
opportunities for them to put in effect
quickly and easily their purchasing or
building plans.
As general business conditions inn
prove ithsre will be a bigger demand
among wholesale and retail firms for lofts
and stores in the central divisions Of the
town. and the demand will be followed by
a most noticeable increase in alteration
and new building projects, together with
heavier trading there.
From 23d to 42d street. between Lex
ington and Seventh avenues. the income
power OF the loft and store structures
erected last year is already satisfactory.
and there is no likelihood that the build
ings TO be put up in this part Of the city
this year will long wait for tenants.
One Of the transactions in the district
reported last week was the sale OF Nos.
% and 3s West 25th street. two four story
and basement dwelling houses. on a plot
9xss9 feet to Irving I. Kempner. The
premises No. IS were SOLD by the Ben
nett estate and No. 81 by the Sawyer es-
tate. This was the first sale OF the proper
ties in fifty years
Another big transaction in the section last
week was the purchase by the Pentalpha
Realty Company Of No. IS West 42d street.
a four story building on a lot 2jxl00.5 feet,
ana the abutting premises. No AZ West 43d
street. two story stable. and Nos % and
~ west i3d street one story garage The
company also owns an adjoining site the
two parcels forming plot with frontage
OF g. feet in 42d street and i2s feet in I3d
street
William II. Sperry, OF sperry g. Hutchin-
son. also bought last week the twelve story
loft building Nos. 10 and q West 18th street
Recent trading in the zone has also re-
suited in change of ownership to the
two three story dwelling houses Nos. Is
and IS West 18Th street. on a plot 4OxlOD
feet. to the Horner Building No % to &c
West 36th street. twelve story structure.
on a plot 6jx9S.9 feet. 10 a lease to the
nron.ytv Nos 5Z7 and 529 Sixth avenue and