The sun., 1916-01-09
WAR AND PROSPERITY
BIG LEASING FACTORS
Return of Big Business Reduces Loft
and Office Space and Vacant
Apartments 90

The Incoming year found leasing in a
healthier state and with u more roseate
isIsct than confronted 1915 last Janu-
try. Though brokers claimed the In
u,n.ng year would bring about big busi-
less and a great shifting of concerns
hey id not believe the things they said
because there was nothing on which
hey could base their optimism. They
Nercl optimistic because the fashion Of
he day was TO boost, since 1t was as
veil 10 do that as to take n pessmlst!c
;icw of the future. Though brokers were
,utwardly optimistic they made no Sc
.ret of the fact that leasing was not
:ery healthy and advised clients ac-
.ordngly.
The trouble was primarily one OF wide
.ange the general state Of the business
" the country. or for that matter OF
.he entire world With war in Europe
and several years of business depres-
ZION behind cheerful view OF the fu-
,ure was not justified. There was moth
ing to indicate that the business inter-
rsts of New York would need more
space The outlook last January natur-
ally was for another year of business
depression with continued efforts on the
part of merchants tn reduce expenses In
accordance with the business done.
Plants were not doing as much as they
were capable of doing. and the pros
eect was that subdivision OF space
Would again be resorted 10 by loft ten
ints and storekeepers to lessen cost OF
operations.
Brokers had already hundreds Of eli
ents who wanted to part with part OF
their space. There was leasing of new
premises OF course. but comparatively
speaking the new business did not
amount to enough to affect even a little
the general aspect of the leasing sItua-
ton at the close Of 1914 When brokers
said that they thought business would
be good last year they were only guess
ing, az there was nothing to warrant
ouch views
Brokaws, associated with Astor place
for many years. took "A lease of the
Rossmore Hotel plot on Broadway near
Forty-second street, with an eleven story
structure to be built for them. II was
u lease worthy of any market, involving.
az p did, not only much capital but the
removal of "A long established firm from
one section to another, which would be
affected in one way or another by the new
tenants. The Brokaw lease seemed "a
start matters, for a steady Improvement
was noticed as the days came ana went
February showed good business, so did
March and April but the most leasing
and probably the most sensational rent
ing deals OF the year were negotiated
du"ing the last half.
Scarcely section of the business field
OF the city escaped the shifting of con-
Germs. tn" shifting spirit was most per-
cepthlc in tn" clothing, importing, glass
rare aId printing trades.
The old mercantile and manufacturing
,CUes below Fourteenth street as ia,
outh as cay Han. the problem Of real
estate men and property owners, Is
'olving Itself in n manner worthy OF
rotlcc The former homes of concerns
whose coming uptown has been the bool
If new sections, these downtown zones
oegan las year To regain the position
they once he!d When deserted. rentals
we're reduced 10 attract new tenants and
10 hold those remaining Even witt
rentals down The exodus continued Will,
the influx was small until last year
when a surprising amount OF space was
rented.
Rates there are fully 30 per cent. o,
what they We're a. few wears ago. JUS
now this proud old business zone /!
rivalling in rates the outlying loft sec
tlona Ioboken lofts are no cheaper
than some of those in the old zone
Brooklyn loft owners have found thcil
greatest competitor In the old contra
district OF Manhattan. The result !,
that Arms which could not pay old Nan
haitian rentals have this year come I,
oie central zone. since rentals are cdua
end shipping facilities very much bettcI
than anywhere outside OF Manhattan.
Lone south ot Fourteenth stree
wAsch half dozen years ago brought