New-York tribune., 1920-03-21
Commercial Survey Along
greensboro Subway Shows
Realty Near Lexington Avenue and Jackson Avenue
Stations Strongly Held and at High Prices; Also
There Is Comparatively Little Property for Sale

Recent big purchases Of land and
buildings in the greensboro Plaza sec
tion of Long Island City by prominent
business interests have led to the opin-
ing being expressed that the transit
hub of Queens will develop, eventually,
into the Herald Square" of that bor-
ough.
The underlying cause of the interest
displayed in the greensboro Plaza dis
trict, is the approaching early opera
ton of the Broadway and Fifty-ninth
Street spur of the Brooklyn Rapid
Transit system to the Queens Plaza
station. by way OF Sixtieth Street and
East River tunnel.
When this line is in operation,
Queens will then, for the first time,
have dual rapid transit service and di-
rect connection with Brooklyn, by way
OF Manhattan.
ment of the Queens Plaza sectio 1t
is anticipated that the Interborough
Company will influence the develop
ment Of the section around the Jack
son Avenue section on the greensboro
subway line, which is the first station
stop made by the Astoria and Corona
trains after leaving the Grand Central
Station.
The jackson Avenue station is part
of the Old Hunters Point district of
Long Island City, the progress Of which
was retarded by the DETECTION of pas
senger traffic from the Thrtyfourth
way and Greensboro Bridge. The
Jackson Avenue station section suffer- j
less from this detection of traffic than
did, perhaps, any other part Of the old
Hunters Point district.
Old Values Regained
The construction at this point Of the
first station outside of the Borough Of
Manhattan. on the greensboro subway
route, was, of course, the principal fac
] tor in restoring the value of real estate
in this neighborhood. Other important
factors were the construction Of the
Vernon Avenue viaduct and the proX-
unity OF the zone 70 the larger number
Of manufactures located along West
Avenue and the East River water front
from below Fourth Street to above
Eighth Street.
Because Of the close proximity of this
manufacturing center and the demand
/ for East River water frontage in this
Jackson and Vernon avenues, particu-
! larly in the immediate vicinity Of the
| Jackson Avenue station. are in good
demand, and held firmly for future rises
( in value.
Sites in this vicinity have been un-
/ der consideration by department store
interests and builders Of Office build
/ ings. These transactions are still pend
/ ing The vicinitr is general store
and business center, with the Corn Ex-
change Bank probably the most promi-
nent neighborhood interest.
At Manhattan End Of Tube
Study Of these two sectionS leads
70 rather interesting speculation as to
what is to be the future of property
IL Fortysecond Street, east of Lexing-
ION Avenue. now that an active cam
palgn is being waged to take over the
square block between Park and Lex.
irgton Avenues, Forty-frst and Forty.
second Streets, for the construction
oil Victory Hail." With the Commo
dore Hotel occupying the frontage ir
the north side of Forty-second Street
to as far east as Lexington Avenue
Victory Hail." built as projected, ane
the Grand Central station spur of ths
Third Avenue Railroad removed, there
will remain practically no East Forty
second Street property available TO,
improvement, except in the block from
Lexington to Third Avenue.
Owners of property in this blocl
front, being familiar with the situa
Ion and having in mind the prosres.