The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-01

, nelius Vanderbilt at $40 is being altered
at a cost OF $4,000 Tor use a tea
room Not until now has this building
sucCumbed to trade. II was retained as
a DIV, ling all these years and when not
another dwelling was 10 be found in tho
/ block.
The tea company H. TO pay 100000
] for the use Of the building during the
| next twenty-onc years. The sale Of tea
! to shoppers seems to he a most profitable
/ business, FIR some big rentals are being
/ paid by proprietors of tea parlors. For
I the store and basement in the new
/ building at the northwest corner of Fifth
avenue and Thirty sixth street the Mary
Elizabeth tea parlor is paying $4,000
a year. according to a lease that was
filed recently. This Is twice the rental
| paid by the tea company for the old
! Vanderbilt house.
The store in the renovated Wander
bit house. whlch will be II feet wide
and 80 feet deep, Is on the market at
$4,000. In other words $3.50 a square
foot is being asked for this store.
The Weatherley property at tho
southwest corner Of Fifth avenue and
Th!rty-eighth street was moderniz"d
during the year at cost Of $4,000.
1t Is now store building entirely.
Previously the upper floors were lofts
This shows the tendency. South of
Thirty-fourth street the only improve
ments now being made are on the site
OF the old Victoria Hotel at Twenty
seventh street and in Thirty-third
street, opposite the Waldorf Astoria.
where Leslie Palmer and Assoc
cates, practically the same men who
have taken over the Lewis corner, are
bat tVD a
cost of 100000. 1t is 200 feet on
Thirty third street and 25 feet on
Thirty-secOnd street. The site is
leased from the Astor estate for a long
term of years at a rental that will az
gregate S10000000.
Mr.. Palmer has told brokers that the
building is 70 per cent. rented. one OF
his tenants Is Joseph c. Johnson 4 Co.
wholesale milliaers. who have signed
lease for four floors for ten years AT
an aggregate rental of s650,000. Rentals
are strong between Thirtieth and Forty
second street, and even above that. the
demand, as has been pointed out above.
Ia beyond the supply, there being rev
stores and lofts convenient to the street
level for rental. South of Twenty-third
street canvassers have not been able 10
, m lcNts Between Fourteenth and
Twenty-third streets tncre are more
than fifty stores and lofts for rent.
The building on the site of the We
toria Hotel at Fifth avenue and twenty
q, seventh street, through to Broadway. ~
, rapidly nearing completion. 1t Is one
! Of the most costly operations planned
. for Fifth avenue this year as the arch :
, tect has figured at least Sl,25O,O0O VIII
be required to produce tho typo OF
structure the Johnson-Kahn Company
is erecting there. The structure Is Ia
, go up twenty stories and will cover the
j south side OF Twenty-seventh street.
from Fifth avenue to Broadway. q
structure that viii need many firms ia
M IT, The builders. who are pioneers,
no doubt SEQ the needs for such a
p structure In that part OF Fifth avenua
I or they would not consent to such q
a great outlay OF capital.
. Some think the building untimely, FOR
a the reason that the Croisic BuildinS'
: AZ the Twenty-sixth street end OF the
block. and the Johnson Kahn building
q directly opposite on the site OF the
: Cato Martin. are not well rented yet