The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-25
HA&BlNCER OF RETURNING GREATNESS SEEN IN BUYING .
MOVEMENT WHICH HAS DEVELOPED IN OLD SILK DISTRICT
Deserted Downtown Trade Centre
Once internationally Known, Is Re-
gaining Former Realty Value

There Is q corner Of New York which
y coming back not with a rush but
slowly and steadily. Values have moved
up and folks who study the opportuni-
ties which the real estate conditions of
the city offer from day to day are maxi
ing money by buying and reseiilng to
others who rely on their investment
Judgment. Values are far below what
they were twenty years ago. even fifteen
years ago. @ A
Mercer. Greene. Houston and the
other streets between Broadway and
West Broadway. Canal and Eighth
streets, were great business streets
They were known from New York to
Hongkong and other places associated
with the textile industry. Here wer
located the concerns which sold for the
big makers Of the world, the commits
sion houses and jobbers who took the
entire output OF print mills, silk mills,
cotton goods mills and distributed the
material to every corner Of the great
globe. 1t was one Of the Internal onal
known spots Of New York.
Values were built on this reputation,
values which attracted the leading in
vestors Of the SOS. '7os. SOS and right
down through time to say ten years
ago to place money in properties on
these streets for the reason that such
Investments were regarded by expert
real estate men as highly substantial
But these same investors killed the
goose which laid the golden egg.
Avarice. It might be termed. At any
rate they refused to meet the requests
Of tenants that buildings be put In bet
tw shape in order that the fire risks
would be lessened. It was about this
time that extra attention was being
given by fire underwriters to the char
acter Of buildings used by various In
dustres in the city. The nature Of
the business Of tenants In the textile
district and the antiquity Of many Of
The buildings result in high rates. It
would be against the principles Of econ
omy to pay these rates II they could
b avoided. 1t happened that they
could be avoided. and those who made
the section famous moved away to finer
buildings built particularly for their
needs, where It was possible to secure
. treat saving In insurance risks every
year.
In twinkle Of an eye. It might be
said. the value Of the section had been
killed. because the move away from the
district developed rapidly and continued
ehsA ehV OaehO SoDssCDo pOPoiAsi0h Va
the district had settled In Fourth ave-
nue. leaving the Older section nothing
but a reputation In the business and the
real estate fields OF belDg q great loca-
ton.
It was too late then for owners to
remedy the mistakes they had made by
refusing to do tho bidding Of tenants.
Certainty that the textile trade could
not do business in any other section but
where II had been located for many
Years was the grievous mistake land
BIRDS made. Many VINO paid high rentals
there and high rates for fire insurance
held similar opinions. But time has
proved that such opinions were based
more on sentiment than logic.
The movement of the textile trade to
other parts Of the city has not proved
a disadvantage. It has rather proved
a benefit aside from the economical
point mentioned above. az the new dis
trict is closer to the great lines of rail
travel which bind New York with every
corner Of the globe, directly or indi-
rectly. There have been many lean
years for the owners Of realty In the
old district. Down and down prices
moved. No one could be induced to buy
there. not being sure whether values
had reached the low ebb. since the great
supports Of value In the district had