New-York tribune., 1916-07-02
SS3O,OOO To Be Spent for
Some Big Apartments
Planned Last Month.
MERCANTILE ASSN
SURVEYS SITUATION
New Transit Facilities for Dis
trict Are the Principal
Drawing Power.

Important new building projects for
the central mercantile district we're
features Of last months real estate
market, and the investment involved
in a few Of the leading enterprises
alone total over Ss3OOOo Three SIX
story apartment houses for the north
side Of 10th ST.. 200 feet west Of Sixth
av.. represent 100000; a nine story
studio apartment at 50 West 10Th st.
is 20 cost S25O.OO0; a siN story apart
ment house al 257 West 18th 81. and
two az pa West 18th ST. call for an
investment Of Sl5O.0OO; a six story
APARTMENT i'm West llth ST.. near Sew
enth av.. REQUIRES 100000, and a SINH
lar structure at 81 West oath ST.
and orc a, 2l5 West 24th st. together
will cost $4,000.
These figures are given out by the
Central Mercantile Association, III
Fifth av.. after a study Of the recent
real estate activity in the Chelsea
NITeenNlNN StNNlNAs NAAANtA -
in the central mercantile area.
Remarkable as the building activ-
ity indicated by these figures may sp-
pear" says Joseph z. Kcan. secretary
Of the association, they are, no doubt
only the first waves of the rising tide
in realty development in this district.
Borough President Marcus NJ. Marks,
at a recent public meeting, drew at
tention 10 the fact that the building
activity in the central mercantile dis
trict increased so per cent IN 1915
over 1914. In 1914 Ss,O0O,OOO was
invested in the erection Of new build
ings; in 1915 S12,000,000. In the
same period, he declared, all other
sections OF the city, except Park av,
had gone backward as regards con-
struction development
Secretary Kean pointed out that the
opening OF the new subways IN the
near future is turning the eyes Of in
vcstors 20 the district between Canal
and Thirtv-fourth Streets. As soon as
the new transit facilities are IN opera
tion the central mercantile district will
be the only one IN the city offering
seven rapid transit lines with SIX eH-
presss stations. a crosstoWn subway
connecting these main lines with
BROOKLYN and East New York and
tunnel 10 New Jersey.
4 Realty Prophesy.
Subway history. in his opinion. will
repeat itself. and he mentions facts re-
Gently secured by the association in its
industrial survey, when the building
growth on Fourth Avenue. following
the opening OF the subway, was made
subject for study.
I'm 1905, when there was no subway
running on Fourth Avenue" said Sec
retary kean "the average building
heights on that thoroughfare we're
three stories and the average assessed
unimproved land values per block were
1854 1873. In 1915. a decade later. the
average building rose TO nine stories
and the land values 10 Sl.SO3,333
block This was an increase Of siN
stories and Of Sl,14900O a block IN ten
years
To-day on Seventh Avenue. where a
new subway is reaching completion
RAPIDLY. low three and four story build
ings prevail and land values are com
psratively low
In 1926. and sooner. Secretary kean
predicts. the men with foresight to-day
will be respiug the gains from vastly
increased realty values IN the central
mercantile district.
Other recent enterprises M the as
trict were mentioned. Plans are under
way for remodelling into mercantile
building the eight story store formerly
occupied by Simpson & Crawford, at
9th av and Goth 81. The trustees or
Sailors Snug Harbor contemplate alter
ing the old studios al "a Washington
News At a cost of $4,000. Philip
Hano. one Of the associations dlrec-
tors, has purchased through the Duross
Company site TO increase MS factory
al Greenwich and West 18th SITS.
The Fleischmann Company. yeast
manufacturers. have purchased SO
Bank ST., four story building, for de.
psrtment of their business. now located
al 600 West Saith ST.. from which they
are REQUIRED 10 remove because OF the
New York Centrals West Side improve
ments. The Lggett- Hegeman
Company has leased TO l3 Gansevoort
81. Both transactions passed through
the Duross Company. The drug con
Germ has also leased the corner store
in the Fifth Avenue Building at 24th st
Among leading concerns which nave
located IN the district during the month
are II. O. Wagner Automobile Com,
uanN. % GdNScNOOll ST. W VI N'iiIN''
Company, Inc, 245 West 18th St; New
York Ginseng House. 1l9 West 10Th ST.;
Terhune Catering Company. 3l8 West
14th St. Steinhardt Bros, l4th st. and
9th av.; the California Essence Dis
tilling Works. 799 Greenwich St; D. {.
Andrews Company, l3S Jane st; g.
Reis & Bro. 900 Broadway; John NJ.
Smyth Merchandise Company. Of Chi
cago. 1Al 5th av.; J. X. Stiefel & Co,
126 9th av.; Titus, Blstter & Co., 18th
ST. and Broadway
Bachelor apartments and studios are
10 be erected at 10 West Sth St, and
FIVE story apartment is planned al 1877
West 3Oth ST. by the Riverview Con-
struction Company. Recent sales have
included S27 West 26th st, 500 West
4th St, 462 West 23d st, 428 West oath
St, 43 Morton St, SO West 10th st., 20
West 10Th 81. and 3l9 West 9th ST.