The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-28
TRANSFORMATION OF MADISON SQUARE TO BE COMPLETED
THROUGH REMOVAL OF EMA AND HOFFMAN HOUSE
Since 1890, When Garden Was Put
Up, Commercial March Has Been
Strong and Steady

Twenty-sixth street. Two OF the four
loft buildings on the block are twenty
and twenty-one stories high and ex-
tend through to Twenty-seventh
street. The other buildings are
twelve stories.
Real estate men say they are AL
well rented. A few firms in these
BUILDINGS are Offering to suitcase
space. one of these wants
t22 500 for about $4,000 square feet
The east side of the square will
probably retain for a long time some
Of the residential quietness Of the OLD
sauare The Court Of Appeals overs
the north corner of Twenty nth
street. Dr.. Parkhurst's church the
corresponding corner at Twenty
fourth street, and on the south corner
AZ Madison avenue and Twenty SIX h
srreot Is the Manhattan Club. the last
Of many that used TO be near Madison
Gquasa. Neut u II, facing the green
,s an apartment that Is h only house
ue,d a. q dwelling on h east SIDE.
Between this house and the Court OF
Appeals n an altered dwelling, but 80
few signs Of trade are displayed that
few rsafze 4 s a business building.
The newest building on the east SIDE
in the fourteen story structure al ls
Makneon avenue. 1t was built on the
rdte Of ne Hegcman dwelling by MI
Hegcman, president OF the Mctropo!!-
tan Life Insurance Company. who oc-
cuufed the house UP to a few years
aro. With a TAI building to the south,
now the property Of Fred Stone OF
.~Jhtu-Cntn." and preparations being
uade " A. Fillmore Hyce to Improve
tho NORTH end of the bloch with Il
twenty story building. the H~cgcrnans
decided hat their property would not
be us..A 40 an air and lrht hat %
incrrane n1ghborS values 20 hey
erected q fourteen shDry bui di & On
a ict feas than twenty-five feet wide.
The Madison venue building
erected By Mr.. Hyde at Twenty-hth
street replaced the Madison and the
harrington. two Of the oldest and must
s-ucceasfuI apartments in the SECTION
Mr.. Hyde has only one floor for rent
Il il the top lott. for which he wants
SIS 200 q year. In the Hcgemsn Build
ing lofts which were held at s2s5o
may now BE- had for $500, brokers
clntm.
After much Of the east and north
ode Of the square had been DEVELOPED
attention wa given to the west side,
which vas lined chiefly with hotels.
Interests controlling the Fifth Avenue
were led to believe an office building
would DAY better than the hotel. This
was not q dinlcuh matter, for the hotel
had net been paying as much ~ II
| should. Taxes were increasing steadily,
, and to continue . hotel on stch
valuable hnd in such q section was
not good business, wa the conclusion
OF ne wnaYs. 90 down came the hotel
and an once building fourteen stones
hteh VA erected. Many office in the
buYlding are rented and all the stores.
| High daas retailers leased stores In the
building because II was cl0se 20
T~ventyAhrd streets shopping dis
trtct. The movement of departments
from Twenty third street has affected
no doubt the income Of ~shopkeepers
who depended on T~wenty-third street
shoppers. Knox la a store there
which was given up when Stern Bros.
moved. The hattcrs paid $4,000 tor
thstr sturc. The store has been sub
laAsed.
1t Is trDt theNe things that have
swung the character Of business from
retail 10 wholesale. and brokers
familiar With the section claim the
! prices Of a few years ago cannot be
secured to-day. They allow a de-
crease Of from 80 tn 40 per sent. in