The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-21

ThOugh the money bagS OF the country ,
lave been closed tight during the last
year. and especially though many WORTH
enterprises have been stalled for wan Of
financial help, builders with propositions
concerning Fifth avenue do not seem to
have had much trouble in interesting
capital. II liz one Of the most interesting
phases of the current real estate market,
the position Fifth avenue holds with in
vestins interests. AT times like these
II would seem foolhardy to look for
money for building propositions when 10
many commercial aud manufacturing
projects are being refused aid.
Through the entire country building
has been practically at a "standstill. Re
ports from east, west, south and
north which ave been printed in THE
u from time to time show that con
struction work Is generally behind other
years. Even In New York. IA city tenn
ing with activity. there is nothing like
the building operations of previous years.
This Is true In regard to every section
Of the city but Fifth and Madison ave-
nues. The former t~horouHhfare. indeed.
10 one of the most active spots in the
building field this year. twelve buildings
having been planned. started or com-
pleted since January. Fifth avenues
growth has been steady and consistent.
1t has no periods of inactivity followed
by great PUSHES. Year after year the
building records for New York's finest
shopping and rapidly developing business
thoroushfare show "A half dozen or more
new operations. This year has been no
exception To the rule of previous years.
In fact II is an exception, FOR there has
been more building and altering re-
corded for this avenue than last year.
without considering the cost Of a half
dogen alterations. none of which has
bcen made for less than $4,000. close 10
Sc. 900. 200 was put into new Fifth ave-
nue. buildings since last January. Some
Of these have been completed others
have been started. while some more are
still In the planning stages. All together
the year has produced twelve new build
ings. hardly a block between the old
Calumet club corner and Centre Park
escaping some sort Of physical change.
The twelve buildings finished. started or
planned made "A total of 1l2 floors of
space. Two of these operations alone
total thirty-two floors. These are the
twenty story structure which the Oceanic
Investing Company will erect at the
southeast corner of Forty-second street
and the sixteen story building under con-
struction at the southeast corner of
Forty-third street. which Clarence Payne
sold last week nj IA profit Of s150,o00.
This group OF buildings represents rs
n a collection of administrators
and offices-as Will be found III any
corner of the world. They are the
latest productions OF the best building
skill. They would open wide the eyes
Of those who only "A few years ago, com-
paratively speaking. cautioned against
the folly Of the intensive development OF
Fifth avenue. At the time this advice
was given 1t was we'll oundc Fifth
avenue then was decidedly a shoppers
haven. and To build more tnIn toir "r
five stories was indeed contrary 10 good
business. only The hrs; two Noors were
reDta bile.
There was so much attraction al the
street level shoppers eyes did not drIii
far up the face of a building to know
that on the third or fourth floors were
dealers In furs o. laCos ~ linens or
gowns. or anything else. Naturally
there was little to induce intensive build
ing at the time. Everything was
crowded into the first two floors. tn
only sure means of income. Upper floors
were neglected and could be secured AT
rentals that for ~chcopnoss seem rid!cu-
lousy low nov. When business w.
coaxed into FIN AVENUE Il change fol-
owed. and that clLrge mas been steadily
revolutionizing the physicAl conditions
of the entire avenue between Madison
Square and Central Park. In the year.
since benjamin Altman ctme IRON
Sixth avenue to Fifth avenue and Thirty
fourth street few of the dwellings whict
lined Fifth avenue solid,y haN, escaped
commerciaiLSm MANY have been removed
entirely 10 make room Tor new struc
lures to meet the new demands that are
being made on Fifth avonIe, while tHus,
remaining have undergone 30 much q"
construction - to have lost all traces
OF their former residential character
Tn development through Fifth avenu,
in the last dozen years has been twcfold
The nrsi two or three floors OF nuili'
ings have been laid out for traders. re-
tailers. caterers to the want and
whims Of fashion Above are offices anu
showrocns. In these upper floors are
firms Of worldwide fame, firms wnicl
a couple Of years ago were on Broadway
and aould not leave broadway for fcal