New-York tribune., 1921-10-30
Midtown Space
Rapidly Being
Put to Work
Business Improvement Re-
fected in Renting Activi-
ties; Rents Hold Firm; Big
Value for l4th St. Stores
By Aaron Rabinowitz
President Spear & Co.

Owners and agents of commercial
property have been greatly encouraged
by the increasing activity in the leas-
ing market during the last few weeks.
Uncertain business conditions and
feeling that there was much space to
choose from were responsible for slow
ing down early renting for February
space. This has been very true during
the spring months and we'll through
the summer Early in September calls
for space became more brisk and size
able deals are now being closed nearly
every day.
In the Central Mercantile Building,
in Eighteenth Street, 235,0o0 square
feet have been rented recently, ana
leases are now being drawn which
bring up the total to close to 100000
square feet. Here one firm alone,
Cohen, Goldman & Co., clothiers, took
100000 square feet.
In the Garment Center Capitol on
Seventh Avenue, four large millinery
firms have just leased $4,000 square
feet at a rental aggregating S1,36O,ooO
Serious Situation Overcome
Conditions in the lower thirties are
especially favorable. Many firms moved
from this district to the garment CEN
ter last spring and the filling of their
renting problem, but this space has all
been taken care of, and practically
nothing is being offered here for Feb
ruary /. A comparatively little space.
is available from those who want to
sublct and for this space there is a
strong demand at prices about the same
as those of last year and in some in
stances at an even higher figure.
In the jobbing district of the upper
ho bf,,fio
of Fifth Avenue, offerings are being
taken up quickly. Less desirable space
can be had at prices just below those
of last year, but good light lofts are
commanding a figure above the average
of last years rentals.
All along Broadway from Eighth
Street to Union Square, and in the side
streets from Fourteenth Street through
the Twenties, numerous alterations are
twenty y-five-foot frontages. These i'm
provements reflect the owners conf
dence that the demand for improved
floors will hold steadily and that prices,
while slightly below the highest level,
will still be ample to justify the ex-
pense Of alteration and yield a good
return.
$1,000 Foot for 18th st. Stores
The fact that Fourteenth Street, with
its many subway and elevated stations,
has become the transportation center
of the city has given marked stimu-
lation to the renting of small retail
stores in that district All along the
south side of the street there is a
strong demand for these stores, and
they are commanding an average of
$1,000 front foot. This is a new
price level for Fourteenth Street.
All the stores in the structure going
up at the southeast corner of Broad
sway and Fourteenth Street were rented
from the plans before the old building
on the site had been demolished, and
lease on one store just west of Fifth
Avenue has been taken three years in
advance, possession not being possible
until 1924.
While the call for lofts below Four
teenth Street has not been so heavy
as for those above Twenty third Street,
the demand for them is still good
In word, the present renting situa-
tlon may be characterized as late
market, in which prices are we'll sus-
tained, and in certain districts higher
than-those of last year.
From the present activity we are
confident that all good space now avail
able VIII be taken up by February /.