New-York tribune., 1919-05-04
Building Projects
to Mark Further
Transformation of
Fifth Avenue
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Those who love New York, its insti-
tutions and its landmarks-o com
mercal and residential structures
should feast their eyes we'll on these
relics, because the day is near when a
lot of these we'll known sentimental
monuments will be nothing more than
memories. 1t might be we'll for New
Workers to take particularly good
look at Fifth Avenue, because changes
are planned there that will mean the
passing of more than a few buildings
that hold places in the heart of New
York because of their associations with
incidents and men who have made his
tory for this city or which act as
markers in the rapid development of
the city, or in the art Of designing and
building progress.
1t is not so long ago that Fifth Ave
nue., south of Central Park was en-
tlrely residential, holding the homes
of the nations commercial and social
leaders. number of these palatal
homes remain. But how many will con-
tinue to resist the demands of trade
is not known to-day. This is known,
that number of important structural
changes are Contemplated for Fifth
Avenue and that promi inent properties
will be affected should the plans be
carried through
Big Things Projected
For reasons best known to the prin-
cpals. only few of the projected
building operations in the Fifth Ave
nue. zone have been made public. A
cloak of secrecy has been wrapped
about many of them. Instability of
building costs and conditions is under
stood to be the reason for dislike of
publicity, because of the possible eff
feet on the adjustment of building
costs should it become known how great
Is the volume of new construction that
IS in preparation. Pre-war costs are
not looked for. but those who are back
OF these building projects are opposed
to war prices and are waiting for
building interests to lower prices.
Just so soon as fixed level has been
reached or a scale of prices made which
building promoters are satisfied can
not be, bettered for some time to come,
the cloak of secrecy will be pulled
aside and there will be disclosed a
building programme which will call
for the destruction of much Of the old
In the Fifth Avenue district.
Land values are too high. space re-
qulrements too insistent, and rentals
too tempting to permit the continual
ton of buildings whose income repre-
sents only a fractional part of the in
trlnsic worth of the sites encumbered
Sentiment may be found an insur-
mountable bulwark above Fifty-ninth
Street, but south of the park utility is
the deciding factor. and structures g 8
which have overstayed their time will
go, no matter what hallowed recollec-
tions may entwine them.
There is no place for sentiment in
the lower tiers of Fifth Avenue. 1t is
purely business street. Every inch
has high value, with a string Of con-
Germs willing to pay the price
With the Fifth Avenue business man
sentiment such as the preservation OF
ern builder has less than the business
man. 1t is part of his job to be a
utilitarian and he has no scruples
about tearing away the most sacred
monument in the world if that is part
OF his job.
with the urging of the trader for
space In Fifth Avenue and the desire
of the builder and the real estate man
to accommodate him at present day
sacrificing of sectional landmarks.
Recent Commercial Growth
In the last four years Fifth Avenue
has moved up as g business street to
the highest levels. AS a shopping
%. eee - mas Deeli America greatest
for many years, but as the home of
large commercial interests it has come
forward in the last rev years with a
burst of speed which is nothing short
of marvellous. Such astute students of
business progress as the officials of the
Guaranty Trust Company underesti-
mated the big business development of
Fifth Avenue and took premises
eighteen months ago which is far from
adequate for the demands placed on
the institution by the business of the