New-York tribune., 1920-06-20
Commercial Supremacy of New York Threatens End of Home
Life in Lower Sections of This Little Old Isle of Manhat

careful study, investigation and saNf s.Nf
ing they have come to the conc,nss'NN saN
that the increased income f,ora ~
alteration would be chiefly from .l .as
street floor for at least FIVE NE sae
After that time the return from N.iA y,
upper floors would broaden :. e
margin between the income as b..; bs
and as a trade building. "''ti
Prohibition. labor conditions H.,
prices and a resentful public were a.sa osy
elementary factors IN bringing ,br.!s
the alteration of these hotels. Il Nv. W.
simply that trade could ana ,r,"1s s
pay moro for the use of these hn;iS'
ings than dwellers would, and as v,'s, evas.
one naturally desires money The
! portunity to get more was TOO Sra.
TO permit them to continue in tbs5s.
old role. 49,"
City to Have Exhibition Halls
The four lower floors of the Graz,
| Central Palace, one Of the ,areest ar
| hibition buildings in the country a.,
to be subdivided into Offices ,ass a,s
spring. The change will not interfss.
with space above the fourth aos'
which is devoted for the most mar, =.
permanent exhibitions conducted ~
the International Exposition of Indn.
tries.
The space to be passed over for =.
fee accommodation is that used "a,
temporary exhibitions, such as the sr
tomoblie show, sportsmen's show. ham,
building and real estate show snS
features of that character
The passing of this exhibi tior spac.
vii be loss to the city, as there IS y,
other structure in New York Of mi.
character which equals it IN size.
The fact that the building is no.
more than six years Cd indicate,
clearly how radical has been the bus.
ness revolution in the Grand Central
district The Palace was erected IA
meet a long-felt want, and the opinion
at the time was that the huLdinr
would serve the city in this capaci.y
for many a year. But business has
spread rapidly through the Forty-sec
oad Street district in the last few year,
and the demand for Offices now is 50
urgent that the Merchants and Manu-.
facturels Exchange, which controls the
property, cannot resist the offers which
have been made TO have this space d..
vidcd into Offices.
Business has been swarming 10 New
York and is willing, yes, eager. TO pay
any price 10 get place here The com.
petition is unequal. Mr.. Businessman
can and viii pay more for space than
MIR. Homeman, and under the condi.
tions existing in the older distrc.:
no home unprotected by coming restric
tions viii be safe from the tide o.
business which is spreading througs
the city. Transit facilities are suct
that it does not matter much whether
business concern is located uptown o.
downtown, east Of Fifth Avenue o.
!, west Of it. There are, OF course, somi
businesses which must establish in
center, but the happenings OF the las
, few years show that new centers al
established when old ones become con
gested.
A new Wall Street is in the maxim,
in the Forty-second Street district
Evidence Of the drift of that sectiol
, and very good idea Of the future in
portance Of this growing fnancia
, center can be had by viewing the pro
portions of the plans which some 0
the leading financial concerns in Amer
lea are making for themselves in ths
locality.
The Guaranty Trust Company is t
use the greater part Of Sheiry's
the obstacles in the deal Tor the Man
haitian Hotel are swept away, then tina
famous structure, which has a capact
for housing several thousand persons
viii pass into the ranks OF the big com
mercial plants of the section, the hon
of the National City Company, nov
located in store space in the forme
Hotel Renaissance, at the southwes
corner of Fifth Avenue and Forty-thir
| Street. Tie company is planning NOR
! for the future than the present in ST
| ranging for a building twelve s,orie
| nigh. covering an oHtire block on Mad.
| son Avenue and operating on yer
| profitable basis
| Mr.. Biddle Saw Writing on Wall
Nicholas D!dale, who conducts tn
affairs Of the big estate Of Vincent A.
.or, saw the writing on the val month
; and months go, because i IS man
months since .he first stores began =
, drift around that change n he Hoie
, FnicSer5ocker Wa 20 be expected
Hardly a dreamer would have advance
the theorv that it WIS the As.ols Ta
, were seeking control o. the property
which they own and which they no
leased 10 Mr.. Regan on basis In
! amounted 10 a small sized fortune eac
rent day. Further away than a
seemed the proposition that II
changes = AIMED for the bG ding mean
the turning Of i into al office blAo
, ing. But the writing on te wall res
clearly TO Nh B.dd!e that tie day Wne
q hotel was the To- ieal improvement u
, Times Square was passing, ana ths
: fortune waited for the n!aa who Woa