New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-02
ritv to Derive Great Bene-
vt sts from Zoning Plan
Says Expert.
BACKWARD TREND IN
OI OLD TRADE CENTRES
qork of Commission Means
uncb 10 District Below SD
& Believes E. II. Hess.
Nv EDWIN II. HESS.
r-.vo-vbodv whose interests

RV lllM IN II. IA
,..i.sllv everybody whose interests
.4e,ted BY the proposed ronine
~ 81. has approved the scheme outlined
che committee on building heights
" 80 approval having been given
SO sv heeause Of personal interest
' .'-,s IKE 20 regard the plan favorsbiy
~. wider point Of view, believing
~. &, Is going 70 be Of immessuIaole
~, no, only TO the section from
- - 80 so-cal,ed undesirable busl-
=. 70 be barred, but also 70 those
".,,ie.s where such tenants are 70 De
i,,sd The zoning commission mas
penn. Sone admirable work IN DEM
hlesSs S;s+ricts in which manuiactur
ing III ar shall not be permitted
hs So. damage has been done IN tne
80 -. 60 much by the erection OF
ys--- buildings in certain sectlohsi
is'sS'; ,,s constant shifting OF all KINDS
.r.Sss The coming plan says IN
eTrsde viii be permitted 10 eH-
- Z, the sections 10 now holds, DuI
!. must remain in those sectlons an aiu
-, stop its constant shifting; ne
"a, 70 ~save Filth av.' is merely Ge-
~ though g. interesting one o. 'he
az or Wat VIII be the result Of all
49, IN the real estate OF Manhattan
;;.,s,5a Ny own opinion, based on
..---.e--v.fre wears experience. is that II
vi -ssnlt eventually in the reestao-
-. az rentals and values through
N ~. he trade zone. believe that IN
=. oiSsr section. from SD 81. right
:,ur 70 Chambers St. values VIII rise
-,irei'v until they are equal 10 the
So Established before the uptown
80 movement began. / believe that
-. newer section, from 33d 81. 70 3Sth
:. will appreciate more rapidly IMAM
:, ,bs mast. and that the values estao-
E,bsd IN both sections viii be main
famed for al tine. . -
The 7oning plan is the solution OF
.,s ~ The greatest problems New YORK
ZEE had 20 face IN many years. Every
~ IL familiar with the drop in values
s,on Chambers TO SD SITS, except on
ro--.h av.. due 90 the constant moving
- .-ade centres. In the section on
s;.hsr side Of Broadway, from Cham
Ss-s = 70 fftn ST., values have dropped
s,vvrbere from 30 20 70 per cent. Inc
I.+-;r- from lsth 20 33d st, though II
/. no, affected 20 an equal extent, AS
Ss-rscisted sufficiently 70 wipe out IN
-~-srable equities and 20 cause ire
,;-v millions o. dollars OF losses IN IN
cone. 49,
18th Az. retail merchants, does not APP
nv alone 10 the Fifth av. district. Ire
sonin, plan Will save New YORK pc
,suse Il Will bring back into use me
r-ss- areas south Of SD ST., on which
CONSTANT moving of trade centres
tlrestene9 90 fasten a perpetual blgnt'
The zoninc plan makes these older els
tets Logical trade centres 20 when
.bs various trades and industries al
ready are showing tendency 70 nc ca'
Tbe return az these people 70 the Cls-
;rict which was improved for them, be-
.rss- 18th and e31 SIS, means mat ihe
AVAILABLE rertable space viii be used
m soor. That vlll stiIen rents, ana as
rssul. values viii begin once more 20
yiss. As the demand Increases new
trldings Will De erected and there VII
be structures especially designed l9I
he purpose for which they are 10 DC
used and from which the largest POS
.ible income viii be obtained. In ms
cis.Nc. it is now planned 70 resltlC'
certain sections Of Broadway, lilh aN'i
Madison a.. ard all OF Fourth sV'
sgSirst manufacturing. 10,
The section from l4th 20 $50 ST.
wherein manufacturing Is 20 be per
nit,ed under zolilg plans, oelleEe'
viii be the source of supply Tor tne
grest retail trace zone just 20 me
nor.h and tLe main buying marhet lor
tie re.si trade al over the country
l. VI. be. i tie expression De per
ri..ed. The high class manufacturing
section q New York City. mere WI,
;. good competition for well locate :
Buildings. and. the area OF the district
beng decidedly limited, there can DC
20 ooub. ,ha. values will rise steadlly:
Regene-ation in the district south OF
il,h e.. is i1 evidence already. ia the
nexs reports % the las. few weeks IN
rIiion o. several large owners mas
ssen recorle1 % re.mprove their prop
sr;.es with modern treprooi oul4dihBS
!or genera lg.- manufacturing uses
Paactca - this whole lower sectloh
G. the greet commercial zone must De
rebuilt. for present buildings are en-
rre.y Inadequate % meet the stringeh'
rsqu.reuer-s Of the various depart
-sr.s seeking 20 protect life and prop
srty. Because land values are lower IN
;.is section than anywhere else, oppor-
,-ritles for pro .able building are &C.
tsfd.rg.y raater. In addition 20 tne
rlirg p.a1, the new Broadway SUD
ssy undoubtedly IS going 20 result III
bringing industries back 20 this DIS
.1e. OFcals in the Tax Department
ssy that last year values IN this sec.
tor touched me lowest level and tns'
re upward trend is in evidence al
ready. thoroughly agree with them
al while ] Go not expect that the re,
t-u 70 ,ae Old level wall be as rapld
AZ was the decline, ! believe the re
;spglstlon q me old commercial sec
tsn vii resgi. ia steady appreciation
(. valve. Those who invest there a.
y'essnt-dsy values will be well satis'
ed W.. their Investments.