New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-25
+ Old Realty
Truth Grasped
Firmly Again
i, /. That the Use Made of
ot.;ness District Changes
Rapidly After 80 Years
reception to This Rule
,,. to Prepare for Transi-
-. When the Properties
Return Good Incomes
p, ARTHUR NICHOLSON

By ARTHUR NICHOLSON
ia fifteen years in which the
u the old shopping zone has
- and that Of the new retail
~ and loft zone has grown yearly
iN 80 sr an Old realty truth or law
' s'.. effectively impressed on our
% D''" some call 10 new realty
itsN IN. this truth is as old as the
I'D -, city OF freemen, almost
iet az Palisades. whose rugged,
o.S ,;des may be clearly seen from
|rieh cons on Manhattan Island.
i ,,,b briefly told. is this-thst
..,msnency Of no business or nome
h sssrred. that the average du.
<'l.' snv section for certain well
s,ion " 49, IS about thirty years in
c noa zones. about dfty in the home
W., ana that the time 70 prepare
,ts charge Is when the earning
- ~ the centre is large enough TO
40 cost Of future planning TO-
~, ~. . ss,csp,ion 20 this law or truth
iH be Tho financial district. Yet
~, moved that district TO be a
20 one for many real estate in
-. Wall Street has had in recent
~. I0rg dull periods. and IN those
~ ~. ~ lines when the public was not
,,osks the number of brokerage
- v,s much less than in hectic
S,ys. and the vacancies brought
.,,y owners TO ruin and others got
IN near that sad state. -.
V,r,v learn that the life IN one form
,.,,hsr Of any district has been eX-
..I.S Tor some more years under the
-. .s-,,,ng and heights resolution re-
~ ,8opted by the city. The zone
- .wsver. Is not ironclad; il can be
.-,,l,d Ike all human rules, and we
ID .sy.ain that whenever a district has
-ii,,s rs present usefulness and that
20 NEEDED and profitable occupancy
!, found for IL, 10 will as speedily
a. old building lines as have va
.,, sections in recent years. The
~ difference in the transformation
In So that the change VIII not break
=. a. lie a summer squall. as the
4, Ill have 70 approve of the transit
!. hsfors hordes Of spectators can
80, the section and alter IL TO what
-, "a, they think will be more profit
\, Then again. the work Of specu-
,..r and other builders in a section
,I,r o., Of the restricted home class
u -,Se an open field for shopping
nanufaeturing purposes will not
~, INJURIOUS. but beneficial 10 all, or
| l,,,t Inc majority, OF property own
i n q the section. THIS rs one OF the
irsrnees Of the city zone plan or
| subith reaity critics or experts nave
~, discussed.
should Form Building Fund
IA hyildinr could always keep its
rrsss. If IL didn't wear out IN spots
RI thea show O sudden decline from
! 4ru 20 roof but why enumerate
80 impossible "ifs"? Everything
i r = built hy human hands must
,n-.ls away Everything that -
i r'r,sd bv human hands must undergo
h DANCE that attends age. We can
1 ry build for a period and not Tor all
n IA realty. The average new build
I I. isst opened. is worth all the work
1 "a -cnev that has been spent on IT,
hrlcng about thirty or more years
worth bat a little more than the
re- q old building material. For
ss old age OF our buildings we must
rgvide a sinking fund. The fund
fs1li be sufficiently large 20 meet the
-, q tearing down the building and
reiiaz on TIE site n large modern
rlcere suitable for the changed or
yer needs OF the district and the
7 .anissions for getting lonC-term ten
rs FOR the new building. They VINO
,s'd the profits from their buildings
tkly after receiving the money are
r-,d 70 be sorry for having done so
asy remain the owners Of the build
= ior long time The DAY comes TO
,,si owners when the outlay for the
rl;ir maintenance Of the buildings IS
rssisf than the gross return. II they
seI provide Tor such a day they
i ~ have 70 saddle their properties
z another mortgage or let the prop
rs 70 70 rapid decay.
4 me Truth tha. has been made clear
. ~ recent wears is we'll Illus
a'e1 By the experience 81 one owner
ae old Sixth Avenue district. HIS
;Esnee was not an unusual one.
4 iaiheF bougt. boz 1879 six story
4xrg with 90 ffty-foot frontage.
Z bsilding had just been erected. IL
y nortgagcd ~ that time for about
~ cent Of iis market value. The
4 vas bccucafhcd the property IN
" Ehen The drift northward was
~ % assume large proportions $.
I structure was not only old, but
i;eaied, 10 was unsanitary and q
t7D. too. D. had become a costly
S'sfiy, the sum Of the mortgage
'''si and repairs. taxes and wages
= aslp Of the structure consuming
q the rentals and much more
~ besides. "Why don't sou rae
y Building and put on the site a
.sr structure ?7 the owner was
- sy a real estate broker. The
Il ',H replied. 81 haven't the money.
ne al ] can DO TO- fores.all a fore
slf suit Nov. if the mortgage
'sta pad while the building was
~ siAss Investment / would be able
. thead and get money 70 improve
4 TT the building" he is still the
~ .; ihe building: he Is stili pow
4 =" y improve the site.