The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-09
SAYS NO VACANCIES
DOWN TOWN MAY 1
Charles +. Noyes Predicts All
Suitable Space in Lower
City Will Be Tenanted.
ACTIVITY DUE IN SECTION
Biggest Buying Movement
Will Take Place in District,
Says Broker.
ACTIVITY DUE IN SECTION

"ln lower New York on May l." de-
clared Charles +. Noyes, there will not
he any vacant space. Important fnan-
cisl tenants, importing houses, marine
and fire insurance firms. banking in
terests, lawyers, coffee merchants, to-
bacco dealers and others will be COM
PEELED to hang their hats on strange
hooks in strange neighborhoods A buy
ing movement of great magnitude by
these interests. due to the stampede. is
certain to take place when they realize
hat the only way desirable premises
in the lower section of the city can be
had is by purchase. because suitable
accommodations for rental will not be
available, as they simply will not exist"
Various movements of this character
have absorbed much property in the
Broadway district near Canal street, in
the old dry goods district west of Broad
way, along Front and Water streets
south of Beekman street, on Burling Slip,
on Maiden lane. in the Old slip and
Front street section, in the financial dis
trct. and now Mr.. Noyes says definitely
that action is due along Broad street.
Tho coming active section. in his opinion.
will be south OF Wall street. west of
Broadway and in the immediate neigh
borhood of the Custom House.
Buying Forces Removals.
MAY first" says Mr. Noyes, will
record three facts affecting lower New
York city real estate There will be
practically no vacant space available
for rental purposes. Many firms will be
compelled to move to inferior locations.
The biggest buying movement of down
vii
during my twenty years of experience
will be in full swing.
Desirable space, whether for Offices.
stores or buildings, is difficult to get.
while ordinarily at this season of the
year 1t is plentiful. Demands for adj
ditional space by present tenants are
great and no curtailment OF space oc-
cupied is noticed. There is very little
desirable space offered for rental and
here is positively no relief in sight.
The space given back by the Govern
ment, or space used for semi-Federal
purposes downtown, will be but drop
IN the bucket and so quickly absorbed
lat We will not realize that 1t has come
back on the market Among the 1000
tenants handled by our office in our
agency department about SO per cent
~ the leases expire on May l. Usually
:hese tenants are willing to negotiate
renewal OF leases only in March or April.
To-day hundreds Of inquiries are COM
ing TO US for more space with requests
for renewals.
Economic in Space.
The demand for premises simply
cannot be promptly filled, and while this
end OF our business is not the proftab Bile
end, yet we are devoting 90 per cent.
OF our efforts during these strenuous
times to every inquiry that comes to
us, whether large or small, and we are
doing our best to relieve conditions and
satisfactorily place all applicants for
space in the downtown district We
urge our tenants to be as conservative
and economical in their requirements as
possible because there Is just so much
space TO be had and this year it will
not go around.
1.-THE question often asked is Should
real estate he purchased by a firm for
occupancy, and is it Il desirable invest
ment for firm or company to own the
building in which its offices are located -
To me the answer lies in another ques-
ton that can quickly be answered and
a. tho same time it answers the query
AS to the stability of real estate as an
investment and indicates that the pre-
mier investment is downtown real estate
THAT answering question is: Do the
exchanges own their buildings? Do the
large banking and financial interests own
the buildings which they occupy? Do
the large banks. insurance companies
and trust companies own their homes?
almost without exception they do own
their buildings.
Stability of Values.
.wtth certain notable exceptions
have always considered that there were
Two classes of New York real estate
offered for purchase. one class ] have
placed in the certain list as regards sta
lli'y OF value. This is real estate lying
81 that section OF the city south OF City
Hall and south of Canal street. which is
small in area and always must remain
- because an inch cannot be added to
"a area. In that section are practically
all big financial houses, practically all
business interests with huge money
power and various exchanges.
THE other section of the city desirable
fo- investment purposes at certain points
rs extending in every direction. The
section north of City Hall and north
o. Canal street broadens in width as 1t
expands to the north and its develop
Tnent is ever growing northward with no
natural barriers Fourteenth street Is
passed in the northward swing. then
Twenty-thlrd street. Thrty-fourth street
Forty second street, Columbus Circle
l2Oth street, and az matter OF fact
the city can grow north BY leaps and
bounds past Mount Vernon. Such a
situation with downtown property is i'm
possible. Here lies the answer to the
big buying movement down town, and
h"re is the answer as to the stability
q downtown values"