The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-04
Last Chapter in Fall of Old Department Store
Zone Recorded Last Week by Arnold. Constable

u century the blocks bstwean benF-
tecnth and Twcnty-third streets, Broad
way and sixth avenue, have been the
home Of some of the largest and finest
department stores in the world How
many millions of dollars have passed
over the counters Of these stores in .
year, not to speak of all the years that
they were there, would startle tho mine
OF even the man vino is used to handling
big sums of money. years business
In the Old district would go far In
financing the great struggle now on in
Europe dozen years ago no one was
rash cnough to thfk that this district
OF fine buildings and stores would ever
be anything hut what 1t was, the most
valuable real estate zone In tho city,
| the zenith Of every store keepers am
/ billion.
! Il. H. nincy G. Co. were the first TO
desert the old district. They left Four
teenth street for Greeley Square, an un-
warranted change many thought at the
! time. a move which business men whig-
pered would be the ruin of the firm.
But the Macy firm saw the turn in the
tide lorg before 1t arrived and planned
10 be out Of the old section when 1t
came benjamin Altman. however, was
the first To- move TO Fifth avenue. This
move was considered even more rash
than Mays. for the reason that Fifth
avenue was Il residential thoroughfare
and not suited for retail trade. Mr.
Altman saw the future Fifth avenue
as a busting business street and he
did not hesitate TO say SO and backed
up his convictions by purchasing the
block on the east side OF the avenue
from Thirty-fourth to Thirty-ffth
street "a a site for his store
He paid more money for the property
than had over been paid before for a
store building site. Mr. Altman said
that it might be some years in coming,
but Fifth avenue was the next shop
ping centre of New York Altman had
no need of leaving sixth avenue at the
time h. did, for he was doing IA tremen-
dous trade MIR Altman paid many
millions for site on Fifth avenue.
Every ore can see to-day that this
shrewd business man knew what he was
doing, for Fifth avenue to-day is not
only. the greatest shopping street IN
New York, but Is said to lead all others
in the world,
The Altman store is assessed this year
at $lI,450.000 which IL only a few mill
ion shor, of the valuation placed on the
Grand Central Station. the most valu.
| the Tax Department. McCreerys Were
| the next TO leave FOR the new shoppinG
| centre. They located on Thirty -fourtf
| street, near Fifth avenue. After tina
| % wax one firm after another-S err
| Bro. Lord q Taylor. Vantine. and nov
| Arnold Constable. of the big stores that
| used 10 be near the Twenty-third stree
| shopping zone
| What tho move from the old distric
J - the new means in dollars Is hard I,
measure. The tax books which are abou
the only means available for even ap
proXmating the loss to one district AM
ne the gain to another by the shifting o
or the department store district, show tina
Id property values this year in the old dis
IN trict are $4,000, 900 less than last yea,
e. while the new district has increase
re Sl3.0OO,000. The loss of value in the las
on half dozen years in the old zone is epor
1t nous. The increase in the new ION
he is directly due to big department store
locating there. Had Altman. Lord
re Taylor McCreery, Gimbels. Macy
he Saks, Stern Bros and others locate
op elsewhere there would not have been 5
ny much building in that district.
"a Dwellings are either coming down
an make way for business buildings or ar
on being altered for trade purposes. Whi
n the big stores have meant to the ne
IS. zone may he gained by the fact that n
nd city values these establishments at S5t
" 67S, 900. The Altman store heads III
bic list as the most value. 1t is assess,
nd this year at Sli,450 900: Lord & TaylC
81 Is next, with a valuation Of $3.50, 00f
Frs Gimbes. $500 900; Macys, $500 0OC
old McCrecry S3,SOo.OOO. Saks. $4,000 900
ID Arnold Constable. $2930.OOO. Bonwi
pre- Teller n Co, 81 ,05O, 900: frankie
rse Simon < Goa S1,3lS 900. and Vantir
al X Co, $4,000.