The New York herald., 1922-03-26
Of Uptown Business
Section Will Always Be 57th St.
Realtor Declares That Trade Will Spread Both East and
West on Thoroughfare- Property Values Have
Increased From $500 to $4,000 Per
Front Foot in Seventeen Years

the first thousand dollar per front foot
ground floor rental was obtained in New
York.
The more recent upward move of
commercial New York is known to all
Of us. Stern Bros. was the first large
store to move to Forty-second street
from their old Twenty-third street loca-
tion, passing by Thirty-fourth street.
Forty-second street being the first wide
cross street from river to river above
Thirty-fourth street, II became naturally
the next stronghold of business. Banks
rapidly opened branch offices and some
Of the greatest ONCE buildings in New
York were erected there. So to-day
Forty-seccnd street stands second only
TO the Wall Street section in its com.
mercial Importance.
AS the only wide cross street above
Forty-second F'ifty-seventh street was
logically the next big important street
for business development. About sew
enteen years ago. Michael Dreicer and
August Heckscher recognized this fact
and foreseeing the future OF Fifty
seventh street were the first to specu-
late in property there for commercial
purposes Michael Dreicer bought
and West F'ifty-seventh street, the
j. II. Kennedy residence. and erected
n twelve story building. which Bendel
occupied. This move by such an i'm
portant merchant. was followed by a
number of smaller shops.
August Heckscner purchased at this
time. the properties at the southwest
corner Of Fifty-seventh street and Fifth
avenue. up to and adjoining the Michael
Dreicer holdings. This included the for
mer property of william c. whitney
and Charles W. Morse. On this prop
erty he erected three story taxpayer.
Thus was laid the foundation for the
great Heskscher Building, which was
recently completed ON this site.
The foresight OF Mr.. Heckscher and
Mr.. Dreicer in pioneering on Fifty.
seventh street, was soon proven. Ben
del was shortly forced to greatly en-
large his premises. 1t is somewhat OF
an indication OF Fffty-seventh streets
future to note that property value has
increased from $500 front foot. which
was Its residential value, to $4,000
a front foot. which is Its value for COM
merciai purposes to-day, all within sew
enteen years.
Among other properties given over to
business on Fifty-seventh street Is the
RilSer mansion, 1921 West Fifty-seventh
street. adjoining the Cornelius Wander
bilt residence; 40 West Fifty-seventh
street. n fine old American basement
house, formerly owned by j. s. Carroll,
one time leader OF Tammany Hall, now
occupied by ii. J. Kevorkian, dealer in
antiques and rugs; and the Sherwood
Studios. southeast corner OF Sixth ave-
nue. and Fifty-seventh street, purchased
by William Randolph Hearst. Fred
erick Brown recently made long lease
Of the Soncy Apartments, 40 and 55
West Fifty-seventh street, and the
Marlboro Blcnheim which abuttes It,
undoubtedly with an eye to Its eventual
development as a commercial site.
To-day Adolph Lewisohn Is one OF the
largest holders OF property on Fifty
seventh street. and IL is such men as
lie wisohn, Heckscher and Frederick
Brown-men OF vision and sound judg-
ment--who appreciate the rapid recent
growth OF t'lfty-seventh street and It's
tremendous future. Arthur Brisbane, at
recent luncheon OF the Fifth Avenue
Association, said that he believed Fifty
seventh street to be the greatest street
In New York.
with the Fifty-ninth street bridge
forming an inlet for the wealthy North
Shore residents Of Long Island, Fifty
seventh street will always be the logical