New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-31

The real estate fraternity looks to
the new year to bring better times to
the landlord, operator, investor and
broker.
Nothing seems more certain than
that rentals OF all kinds are bound TO
rise in 1917. The upward movement be-
gan months ago, and will probably be
more noticeable by April, when thou
sands of persons will be hunting for
new fats.
It costs more to maintain in proper
condition residential properties, not
withstanding the application Of scien-
tfc management in the realms OF
realty. That Is one reason why rentals
will be higher.
Thousands of wage earners and 9TH
ers who have been numbered among
the recipients in "Bonusland" will in
vest, it is thought, large part OF their
bonuses in the purchase of home or
per cent mortgage bond.
Spectacular deals have enlivened
every week Of trading this year. Per-
haps you have thought that the oppo-
site condition has prevailed that the
market has been so marked with dull
spots that as we look and study the
business of the year we must be filled
with foreboding thoughts. But we have
no such feelings. The war, the Presl-
Dental election and other things have
taken up so much of the space in the
daily papers that the reports showing
the new realty greatness of New York
have not been frightened with as many
big and catchy captions as in other
years.
Briefly will enumerate some OF the
big realty doings on Manhattan Island
this year.
First and foremost, New York is in
the clutches OF a hotel building cpl
demic. This is not the only kind OF
realty or building epidemic which has
got the old town right down TO rock
bottom.
We have with US this year the Hotel
Commodore in the making. OF course.
YOU know il is going 10 be the largest
hotel in the world. About s9,000,000
will represent the investment IN land
and building. This record hotel will
occupy the entire block bounded by
42d and 43d SITS, Lexington az. and
Depew Place. John McE. Bowmon will
be the proprietor. The hosiery will be
twenty-six stories and from plans by
Warren Wetmore.
A twenty story hotel was planned in
the year Cor the entire easterly block
front in Seventh av., from 32d 70 S3d
st., which will have at least 200
rooms. The biggest hotel in the world
.oSav of which we have Any definite
record has 2,004 rooms for guests. So
you will readily see that this hotel,
which will be called the Pennsylvania,
is a gigantic enterprise. true reflector
Of the realty spirit Of the metropolis.
T.. NJ. Statler will be head Of the COM
pany that will manage II.
Let me give you an idea OF the floor
space Of this proposed hotel: The
block on which is Madison Square Car
den measures 425 feet by 1876 feet.
II the Pennsylvania Hotel could be sep
arated into floors and each floor placed
on the ground the hotel would occupy
about twenty blocks, each block little
smaller than the Madison Square Gar
den block. as the hotel site is 1877 by
3s4 feet. McKim, Meade & White esti-
mate the cost Of the hotel 70 be
81, 600 600
What We particularly like about the
epidemic is that IL has not confined its
beneficial effects 10 a single section. Il
has swooped down on the central East
Side, il has got its tentscles well
wrapped around the spokes OF the
"Trafic Hub" it has mag. itself felt
in the central West Side, 4, has spread
along Broadway north and south Of