The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-24
BANKS FORCE FINE
SHOPS NORTHWARD
Gliding Co. Removal Is An
other Evidence of Fifth Ave-
nue's Transformation.

or the many changes which the last
few years have wrought In New York
city's commercial topography one of the
most interesting is the transformation
of Fifth avenue from Forty-second to
Fifty-seventh street into a high class
financial district. But the process of
transformation has by no means been
completed. The day will come. en-
thusiasts predict, when practically every
big banking institution In the city will
have its branch establishment some
where along this uptown Wall Street
The fact that this particular segment of
the Avenue OF the Allies lies within the
confines of the rapidly growing Grand
Central Terminal business zone is an
added assurance of its development.
Not SO long ago Fifth avenue from
Forty-second to Forty-ninth street was
the home Of exclusive retail shops. II
was woman's shopping centre. but the
bank invasion has forced the smart shops
that deal in gowns, jewelry. art and
furnishings to take refuge further north
around Fifty-seventh street. It was no
surprise, therefore. when concern like
the Gliding Company decided to follow
this northward trend.
For a number OF years the Gliding
Company carried on its business Of deal
ing in women's imported apparel at 5G4
Fifth avenue. between Forty-sixth and
Forty-seventh streets. Only>a few days
ago 1t announced its intention of moving
ten blocks up the, avenue. 1t has leased
the uncompleted twelve story Farquarson
and Wheeloclx building at 724 Fifth ave-
nue.. between the Duveen Art Galleries
and the Cathedral Of Trade" as the
towering Heckscher building at the
southwest corner of Fifth avenue and
Fifty-seventh street has been called. The
Gliding Company's new home, designed
by Severance e Van Allen, will have ar
imposing facade in the Francois Premier
style.
The announcement OF the $4,000. 00C
lease Embossed flood Of conjectures as
to the ultimate location OF the city's
modish shopping centre. Some authori-
ties hold that the high class retail shops
will continue to esta blish themselves
along Fifth and Madison avenues above
Fifty-ninth street They point to the
West Side, where the automobile indus
try has crept up Broadway to Seventy
second street, and predict that fine
shops and hotels will invade the York
Vile section on the East Side.
One of the best known real estate ex-
perts In this section I'm an interview with
a reporter for THE NEW YORK HERALr
Sdlo lie DeicFeu tndt (Cltrdi 4 dhh VIII
practically stop the northward trend
of business and that the expansion will
be lateral hereafter instead OF longi'
tudinaL What is taking place between
Fiftieth and Fifty-ninth streets now,
this observer declares. Will mushroom
into Sixth and Seventh avenues and into
Madison and Lexington avenues.
This expert said the time would un-
doubtedly come when every big down
town financial institution would have
an uptown branch somewhere In the
Grand Central Terminal zone, but this
new uptown business district. he said
will never extend en- masse far beyond
Fifty-ninth street. because the railroad
terminals and the big hotels Will remain
below Fifty-ninth street While there
may be a scattering Of retail trade
northward along Madison and Lexington
avenues, this expert offers the assurance
that Fifth avenue. above Central Park
South. will undoubtedly remain as It Is
a quiet residential thoroughfare.