New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-31
BIG PROFITS IN
DOWNTOWN ZONE
One OF the Most Active
Centres South of Bridge
and East of William St.
LARGEST PURCHASES
MADE BY IF. CULLMAN
Few Vacancies in the
Equitable, the Woodwork
and Other SkyscraperS
p, CHARLES F. MOVES

.s has happened downtown.
t,s,e always contended that nothing
.~.- shake my overwhelming con-
49,, .- downtown real estate. Man
49, Island narrow south Of Canal
$50. hero ve have our financial in
.....,-e ON exchanges, our banks
.3 ..ro an, and WIN be for ever our
&c.. office buildings and our very
~. ..,l estate. SO far as staoih'y OF
.sl.- ls concerned. ,r-u.t
~. a. case OF tho rise and fall OF
.- Grand street in one decade,
~ ir the nest, then 25d 81, ana
rf.L So Vow 49d ST. is az IT'S
.,.b and possibly ten years from
so+h CO. u.i be. Such condition
... rot happened with well located
I..-.,u.r rloucrtg south OF Canal ST.
t..,,las been "a case Of one steady en-
..-.,--c-f OF Emphasized now
80 tbcr bv some temporary setback
Jno 20 severe financial conditions or
eCycrse legislation, or by an eXtraNa-
~srt ircomnetCnt city administration
and tat increase ia value has not
20. ceased. and Will not so long as the
increases in population ana il
F., ming forward toward the CONNER
r.si leadership of the world.
Wurr has been written and sald
about thc increase IN taxation. 90
rr.eb think. and much that is riolc-
uiou. The increased cost Of running
.lis great city is not proportonatcly
create than the increased cost OF ITS
citizens boo the operation OF their Dusi-
-ess or the cost FOR their living. ana
. doubt NJ 10 is SIS great proportion
q atslv. The dollar to-day does not J. ur-
chase either in labor or ln common
ties what % did 1--WE or ten years ago
and aur city fathers cannot make tnaI
doIe~ go further I'm clty service IMAM
lie citizens can IN private puicnases'
,.u admit that many Of our city
erncnditur6s may be high, and ~ Ger
cain directions ridiculous, but even
,li,,.re+ioc the smaller purchasing
no,r.r OF tho dollar IN every direction
81. rvor increasing budget is inevitaDle
u,fr increasing population and the
added necessities that go with raplclE
..rrv.inr CITY in transportation anu
cher directions. Yes, too much mas
heon said about increased taxation lHat
IFS detrimental 20 real estate, ana my
own opinIon is that with well Ioca ssu
rc,l estate taxes go up no more rapluI|
than income, and where income j"
.reases So should taxes.
Improvement in An Branches
During the last year every branch o.
.se rral estate business has improved.
Wor+cage money has become plentiful
and GOOD loans can easily be secured
~ trs ner cent. Downtown renting has
beer very active IN all sections and ior
all class Of properties. The huge bqul-
tatle Building and the Woolworth are
pracucallv flcd. and when / heard MI'
Wenir. the able assistant Of Edward a.
HOGAN. Che manager Of the Woolworth
Building and, incidentally, one or inc
best Office managers 10 New AorK teIl
& rrosDectlve tenant few days ago
that be might be able 20 arrange
lease FOR a limited amount OF space IN
the building at So d square FOOT, GER
ta'nly had 90 smile, as j thought OF
those who only a few years ago were
predicting dire disaster for these TWO
wonderful and more wonderfully sue
cessful buildings. or course, there is
space for rent iu the Woolworth Build
inl 40 less than So a square foot, but
is Jest space brings this and even
more 90 certain points. Not only mas
George T Mortimer rented up the
Equitable but he has rented his space
Al greater prices than was thought pos
sible and 90 satisfied tenants. Many
corporations az this time are regrett!ng
the fact t1at they did not move 10 TINS
building when 10 was possible 10 ger &C
counodat|0ns. What Messrs. Moru-
mer and Hogan have done with their
building Ashforth has done with %
Broad St.. Scott with the new Trinity
and United States Realty buildings;
Dear long ago practically allied the
Adams Building. and Douglas ROBIN
son. Charles s. Brown Company has
made the new Western Union Building
st Broadway and Dey ST.. great sue
cess. Other important leases INCLUDE
that by the Oceanic Investing Company
Of the southwest corner of Broadway
and Dey st. TO the J.. +. Waterman
Company Tor twenty-one years with
renewals. and already several hundred
thousands OF dollars have been spent
simply 20 advertise all over the world
that this win be the future pen
corner" Of tho United States. Vincent
Aston has contributed TO the upbuiiding
OF confidence by erecting a new build
NJ. containing 100000 square feet OF
STATE az Broadway and White So. for
TIE Remington Typewriter Company,
a. well as the new Astor House build
irg, which has been very successful.
80 we could 20 on mentioning leases OF
Importance. new buildings erected Tor
tenants and unusual activity IN many
Districts
The best Improvement in conditions
~ noted, however. in the sale Of real
estate. A sale and resale Of the for
mer Kuhn-Iocb Building 20 Andrews
Co, the big Chicago bond house, ls
now followed by the sale by Horace ).
ny & Co. Of tho giant - Broadway
pudding. property valued at about
~vV0.O00. 20 Kennedy. Mitchell Co.
Good Times on William Street
n the new insurance district on
william ST.. from Maiden Lane 70 fui
tea st. practically every available men
o. space has been absorbed, and IN
most Of The buildings tenants are act
aaly unable 20 get added require
ments. This has caused the purchase
an 5000 square foot plot at low
iei William ST.. where a new building
VII be erected by the Thompson-oter-
Ieit Company, builders, and ! predict
,Ho or three new buildings for the DIS
WEI within the next few years.
Vne Of the most stable and active
districts has been the lower East sloe'
souih Of the Brooklyn Bridge and east
y William g. Here there has been
steady buying Of property foE oceu-
Psney, investment and speculation.
What Cullman Has Done
= ne biggest buyer has been Joseph
pullman, who has purchased dozen
eu4oings during the last twelve
nnonths. Five Of these buildings, on
curling Slip, he rebuilt and leased Tor
eseniy-one years 20 the Nationsi