New-York tribune., 1919-01-29
Nineteen Stories Will Cover
Block Near the Pennsyl-
vania Station and Hotel
Fred. L. Ley Will Build 1t
Dime Savings Bank of
Brooklyn Will Finance 1t;
Builders Take Waldo
House

Frederick r. Ley & Co. have taken
over tho block of property on the west
side of Seventh Avenue. from Thirtieth
to Thirty-hrst street just south Of
the Pennsylvania Station and dago-
nally across from the new Pennsylvania
Hotel The dozen four and five story
tenemcnts on the plock will be re
moved and tho site improved with a
tell commercial structure for the use
of garment makers still remaining in
tho Fifth Avenue shopping district
About S2,80oO0O will be spent in
the construction of the building, and
with the value of the property included
he operation will represent an invest
ment we'll on to the $500 900 mark
The Ley company Will place lot of
its own money in the project, but
the greater part of inc financial sup
port will come from the Dime Savings
Bank, OF Brooklyn.
The Brooklyn institution has agreed
to give the builders a building and per
manent loan estimS ced well into the
will lend could not be learned In
return for the financial support that
the institution Will give the builders
have agreed to buy from .t the old
Waldo dwelling at the southeast cor
ner of Madison Avenue and Seventy
second Street, which 1T has carried for
number of years.
Nineteen Stories High
The structure to be erected on the
Seventh Avenue block will be at least
nineteen stories high and will cover
the entire frontage and all the land
back to the church and school prop
erty Of st. John the Baptist Church in
the rear, which extends through from
Thirtieth to Thirty first street. 1t
will be the finest commercial building
that has been projected in this city.
1t viii be built according to the zoning
regulations, and in this respect it will
be the first structure of its kind to
be built with setbacks.
The building will be carried straight
up twelve or fifteen stories, where the
facade will be set back and the build
ing then carried up to the nineteenth
story in tower. Although this is the
minimum height of the structure, it
may not be the maximum.
Special provisions will be made in
the building of the structure that will
appeal to the garment makers of the
class that has settled close to the stretch
of fine shops in Fifth Avenue from
Thirty-fourth Street north Scarcity
of the proper space has prevented
these concerns from moving sooner.
The building of the giant structure
will permit of the expansion Of the
Fifth Avenue shopping zone, a tenden-
cy which is indicated in the number Of
shops which have left Fifth Avenue for
side street locations. leaving the ave
nue. to the department store character
OF business. The Seventh Avenue
structure will also allow the Save
New York Committee and the Fifth
Avenue Association to carry through
plans for the betterment of trade con
ditions and the appearance Of the sec
ton.
Old Block to Disappear
The block contains twelve four and
five story buildings OF the type erected
Years before that section was known
as the Tenderloln. They front 1876
feet OH Seventh Avenue and 100 feet
on each stree. Ephraim B. Levy IS the
owner of record. Several months ago
j, was said an improvement Of this
character was planned for the property
but no progress was made until the
Ley interests took up the project
Although the papers closing the deal
ior the financial support to come from
the Brooklyn bank have not been
gned, there is little doubt about the
outcome Of the contract that has been
agreed TO by both interests
The Ley company Will start building
INC structure very soon. Prices for
building material have come down dur
ing the course of negotiations. which
IS an assurance &C early construction
work
famous Property
The property at the southeast corner
Of Madison Avenue taken by the build
crs IN return for the building loan.
VIII undergo changes which viii end
Tor al time tho character of the Waldo
dwelling, which has stood unoccupied
since 1t was erected ten wears ago.
The builders are considering three
pians Tor the property. 1t NAV be
turned INTO an apartment house. with
orc apartment TO a floor, it NAV he
altered, or tho building may be re
\ moved and a hotel erected on tho si.e
in any case the building will be re-
constructed and changed as to no q
remembrance only of the old honse
which has been source of curiosifv
for many years.
Tho success OF the project nj tho
northeast corner of Madison Avenue
and Seventy Street is exnected
10 influence the builders in planning