The sun., 1919-07-20
CONSIDER PLAN FOR !
NEW STUDIO COLONY
42d st. Realty Owners May Put
Up Artists Apartments on
East River Bank.
THINK PROJECT WILL PAY
" g
Also Discuss Erection of Model
Flat Houses for Workers is
on Same Site.
THINK PROJECT WILL PAY


is likely TO spring up within ten minutes
walk OF the Grand Central terminal, or
to be exact, on the blur overlooking
the East River at the foot Of East Forty
second street.
Yet this probability is by no means
remote, Tor the practical business men
comprising the Forty-second Street.
Property Owners and Merchants Asso<t
by the way, have bank
accounts much longer than the name OF
their organization--are seriously dis
cussing a plan to buy up large plots
of land bordering on Prospect place,
close to the East River embankment
for the purpose of building bachelor,
apartments and model fats with studios,
like those to be found in the village
These same men are also contemplatinG
the erection OF model apartment houses
for the accommodation of the many hum,
dreds OF workers employed by the New
York Central and New Haven railroads
and the great hotels in the terminal
zone.
A touch Of substantially will be give,I
10 the scheme by the names of some o.,
the men who are considering 1t. so here,
are q few of them: Louis Stern OF Stern
Brothers, dry goods merchants, whose,
department store is on Forty-second
street between Fifth and Sixth avenues:,
John Nee. Bowman. proprietor Of o
group OF the biggest hotels in the world, ,
which tower above the Grand Centra,/t
Terminal: August Heckscher, owner OF
the handsome skyscraper at 20 East
Forty-second street, and A. f. Thorne.
president OF the Oceanic Realty Conn
pany. comprising a syndicate of wealthy
English bankers OF whom the Rothsf
childs are said to be members Mr.
Thorne put up the beautiful Aston Trust,
Building al Fifth avenue and Forty
second street Travis II. Whitney. the
lawyer and former Public Service Conn
missioner, is also among the Interested
group.
No Philanthropy in scheme. y
This novel real estate scheme isn't
philanthropy In disguise, although the
idea actually originated with Assembly,
man NJ. G. McCue, who has represented
the Twelfth Assembly district at Albany
for thirteen years Mr.. McCue has long
dreamed Of a day when the people of
his district would enjoy better living
conditions. For the most part it is now
filled with old law tenements and out- \
worn private residences. There 1t lies
within a quarter to half mile of thsN
greatest terminal station and hotel Y
centre in the world and It has hardly{l
a single house of any description tha1l
invites the workers of those Industries
to home. The Assemblyman pointe&
out these significant facts to the aS
sociation's secretary, Edward w. ForS
rest. 70
McCue was born and raised in tn, i
district. He remembers when the hou9eI
We're high class residences inhabited 81
New Yorks we'll to do middle class.
r,gDANiallV Of the high ground
around Prospect place. \ glance at the
homes there to-day tells the story bet
ter than words. 1t is now a colony OF I
rooming houses Of sort depicted by,
Jerome X. Jerome in his Passing OF
the Third Floor Back" In a word. 1t
is fine old neighborhood gone to seed
and real estate values have more or
less gone to seed with it, Speaking for
the committee on public Improvement
If the Forty-second Street Association,
Mr.. Whitney characterized the project
In this fashion: ~
THE association represents a new get
together spirit OF all the large and
varied real estate and business interests
of New York's greatest street. It Is
Interested In the development Of Forty
second street from river to river and as
part of that development II is working
on a suggestion that the eastern end of
tHt street IN an luedi section Tor mod
ern homes. II has great natural ad-
vantages. namely. low land values andy
nearness TO the heart OF New York.
Streets Growth UnequaIIed.
Il think every one will gree that the
Growth Of Forty-second street between
Eighth avenue on the west and Park
avenue on the east has not been
eGualled in so short a period by any
other crosstown street That develop
ment has been unfortunately arrested
IN its progress east by the Third ave-
nue. IL" spur, That unsightly structure.
which Is soon TO be removed. has served
as an effectual buffer between the Firth,
Madison and Park avenue development
and the section between Third and First
avenues
THE other day while looking over
the properties on the blur at prospect
place Louis Stern remarked that Euro
pean cities such as London. Parts and
Budapest have utilized Its embankments
OF that kind for some OF its most In
teresting and valuable residential sec
tons. There is no reason why Now
York shouldn't do as these cities have
done The ground IS at least fifty feet
above the ~ khe"ds and while there
are some puh'r utility plants, such ss
TIE Edison Company and the New AM
sleruam Gas Company, below the view
from the lower floors OF the houses fs
not INSTRUCTED to any extent Soft coal
Is not used by the plants hence tho
air is not polluted and apart from the
noises caused by navigation the neigh,
borhood is surprisingly quiet Even the
Forty-second street crosstown cars are,
muff'cd because they pass through n
tunnel on tho ramp toward First avenue
81 am not stating exact terms, but l
believe these lots can be bought for
something like $4,000 apiece, which,
considering the fact that they are within
ten minutes walking distance Of Fifth.
avenue and Times Square, is one Of the
amazing anomalies OF realty values in.
Manhattan. Consider for minute what
lots bring in Manhattan which are ten,
minutes walk north or south from Forty
second street, between Eighth and Lex.
ington avenues Consider what apart
ment rentals in those sections arei =
Big Employment Centre.
Here Is an interesting fact in proof
OF the statement that the midtown Sec
ton OF Forty-second street is one OF the
biggest working centres Of New York
W.. vas Public Service Commits
sioner I had counts taken OF passengers,
going In and coming out OF the Grand
Central subway express station, They
showed that there was n considerably
greater number ~ persons coming up
10 the street at the peak OF the morning
rush hour than there were entering the,
subway. and this In spite OF the fact that