New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-05
Rentals of Small Stores in
Madison Ave. Range From
$4,000 to $4,000 a
Year.
Nv Harry stewart Han. of y. Brigham Hall
Il William ID. Bioodgood IncD.

The most aristocratic Of the small,
dainty shops of Manhattan are fast CEN
tring within the area bounded by i2d street
on the south. jsth street on the north and
Madison and Sixth avenues on the east
and west. with Fifth avenue between
10th and eth streets already Established
as the Rue de Ia Paix and the Regent
street OF the American metropolis. the
cross streets in the zone mentioned are
the headquarters for the smaller con-
Germs. dealing, however. In the highest
priced articles and with most exclusive
clientele
step by step the condition has been de-
veloped. until II has now assumed sta
blity that assures the future for many
wears 10 come. and with an undouoted
appreciation in ground and rental value
that Is co.ncident with such moves.
The gradual migration 20 the north by
trade in Manhattan has at times. been
looked at askance by the observer, with
some misgivings expressed concerning
condition that has continually indicated
shifting Of centres. and the develop
ment OF certain districts only 10 De
droppcd and discarded for newer loca-
tions within few years Undoubtedly
there has been some merit to TINS criu-
clsm. but equally meritorious is the hrm
belief I'm the latest field for retail trade
and for reasons OF the most excellent
character.
~, Of al the fact that
the best judges of the future Tor Man
haitian realty agree. and have agreed Tor
some time, that the trade invasion must
stop at 18th street and Central Parh'
Fifth avenue. north OF the Plaza, Is IN
ouestionably destined TO remain practi-
calIv forever the residential stretch for
the multi-milionaire-if not in private
dwellings. then certainly in magnificent
apartment buildings. similar to the one
erected AT the corner of slst street Ave
nues facing parkways have never been
and never can be successful FOR CONNER
ciaI purposes. The retail dealer requires
active and populous streets. with con-
tinual passing and repassing OF multi
tudes OF people
Madison avenue. within the limits men,
toned. has rapidly changed in character
during the past years. and located, as Il
is within a few hundred feet of its more
prominent neighbor, Fifth avenue, ana
parallel thereto. IL promises to become
sturdy retail trade rival The great I'M
movements under way by the New York
Central would insure the future OF any
street SO 10 be benefited. and the broad
minded views OF this corporation as 10
the Improvement OF its holdings with
the highest class productive properties
must in themselves attract business Of
the best character. Indeed, big things
are rumored and whispered concernins
the extensive frontage between 18th and
4sth streets. while the erection at 43d and
iith streets of the new Biltmore Hotel,
means much for the adjacent streets.
The Rltz-Carton, covering the block
front from 18th to 9Th street, gave inn
mediate impetus TO the short blocks be-
tween Fifth and Madison avenues. Par
tlcularly have these little blocks. to-
cether with 4sth street. shown interesting
changes. Former stately dwellings have
been replaced by store and loft buildings
either alterations OF entirely new
throughout. usually six stories In height
Stores or shops in these blocks. from
twenty to twenty-five feet in width, bring
rentals OF from $500 TO 5000 a year,
while loft space i'm some cases returns as
much as $3.50 a floor Several OF these
small buildings produce a gross annual
income OF $4,000 or more
And by whom are they occupied? Art
shops. antique dealers. lingerie. cor
sotieres. milliners. women's tailors and
all the varied lines that go to delight the
feminine mind.
Expiring leases on Fifth avenue have
aided and abetted In this development To
some extent. and many an avenue tenant
with an expiring lease of long standing
has been shocked to learn that side street
rental values are now at about the level
of avenue stores and lofts of past years.
ON Madison avenue several corners have
been improved with these small shops at
the street level. and in some cases apart
mcnts and Offices occupying the upper
floors. The small non-housokeeping suite
OF two TO three rooms, with bath. is I'm
good demand on Madison avenue Es-
pecially from i2d TO 50th street does this
section appeal as to future enhancement