New-York tribune., 1919-05-04

section, and few weeks ago arrange
nents had to be made for the removal
of the we'll known Sherry's out of the
eleven story building at the southwest
corner of Forty-fourth Street, that the
bank might get more space.
There was nothing else to be done
Space of any size was not to be had,
and there was no alternative for the
bankers but to pay Mr.. Sherry for his
lease and assume the rental which he
has agreed to pay the owners of the
property that they might have space,
that almighty thing in the business
world to-day.
The large number of purely financial
institutions in the Fifth Avenue and
Forty second Street section has
prompted the name, New York's Up
town Wall Street." or Little Wall
Street. These banks and trust COM
panies have come to Fifth Avenue be-
cause there is need there for them
Big business has located there. as may
be seen by glancing over the directory
boards in several of the we'll known
buildings in the section. The Astor
Trust Building, at Fifth Avenue and
Forty Street, as tall as it is, is
filled, and among its tenants are some
of the leading tinanciers of the coun-
try.
Inc POSTAL Life insurance Building,
at Fortythird Street and Fifth Ave
nue., directory will show that the centre
of the great tobacco industry is housed
there, and in another building will be
found the names of men powerful in
traction or metal or some other bust
ness.
Builders Know Conditions
All these factors have not been lost
sight of by the builders, and one may
be certain that the real estate broker
has not overlooked this.
Conditions inmical to the future de-
velopment of Fifth Avenue have been
automatically but effectively removed
by the "Save New York Committee"
and the Fifth Avenue Association. The
manufacturer has been asked to locate
elsewhere, that Fifth Avenue might
grow, and he has done so, and Fifth
Avenue has grown Interests are al
lied in fostering it's growth Though the
Fifth Avenue Association, whose Won
derful work from the start has made
Fifth Avenue the great strHt it is.
The Fifth Avenue Association has in
stilled civic pride in every New Yorker
for his Fifth Avenue. 1t has brought
new business, and kept out lot, too,
that would not be good for the char
acter Of the avenue, which is to-day the
most highly protected and restricted
business district in the country.
All these things united in making it
economically necessary to lift the
height of buildings on the avenue from
four and five stories to eight and nine
and then to twelve, and finally to the
limit that the zoning law will permit,
which in the case of the Astor Trust
Building is twenty stories. The upper
floors of the four-story buildings on
Fifth avenue were an absolute loss up
to six or seven years ago. No one
pers would not go above the street
level to trade. This condition is changed
now. Shoppers go above the street
level to meet specialists. On the street
, level, Fifth Avenue Is great shopping
place, but above the street floor one
will find Fifth Avenue a great CONNER
cial place. 1t is a street of dual bust
ness character
The builder and the building pro-
moter have not lost sight of these
factors. The two years that they were
under government restraint they an
aylzed Fifth Avenue and know what its
needs are, and at the first opportunity
they are going to meet these wants.
They are going to make it possible for
a certain retailer to get store floor at
$4,000 and a big concern large Offices
on Fifth Avenue. But in doing so the
old in many instances will have to give
way to the new.
The old Racquet Club, in Forty
fourth Street, one of the best known
homes of amateur sport in the world, is
to be removed; Silos Galleries, at
Fortyffth Street, is to be made over
for H. Jaeckel & Sons. furriers;
Sherry's, at Forty-fourth Street, is to
be made into a business building, the
greater mart of which will he nccnni cd