The New York herald., 1922-01-08
PENNSYLVANIA ZONE
CENTER OF ACTIVITY
Expert Says 1t Offers More Opportu-
mites Than Almost Any Other
Section of Manhattan.
BY FENIMORE C. GOODE
Of Rrett & Goo1e

The center os speculative activity Just
now is the Pennsylvania Terminal dis
trict. This wide expanse OF territory.
extending from Thirtieth to Forty-sec-
ond street and from Broadway to the
Hudson River. affords more opportuni-
ties for the real estate operator and
speculative builder than almost any
other section OF the city. After fifteen
years of quietude the district is at last
awakening.
The year 1921 marked the compile
tion of the first large building operation
und ertaken By private capital in this
dlstrict-the erection of the two gar
ment center structures. involving an
outlay of sis.000.000. The year 1922
will see the continuance OF an active
campaign by speculative builders which
will add an important chapter TO the
citys development and will establish q
new center of the needle trades.
Almost twenty years have elapsed
since the Pennsylvania Railroad Com
pany acquired its extensive holdings
and started work on the terminal at
Seventh avenue and Tairty second
street. At that time only one thing was
needed apparently to bring about the
development of Seventh avenue and the
side streets along lines similar to the
building up OF Fourth avenue. That
one thing was rapid transit When an
nouncement was made that a new sub
way was to be constructed extending
aouthward from Forty-second street
under Seventh avenue the stage was set
for the enactment OF this program.
Unfortunately for those who backed
their theories with the purchase of the
land for Improvement or fGr resale at
advanced prices, the actual construction
of the subway Jagged for years, while
one city administration after another
wrangled with the local traction heads
and waged bitter warfare in partisan
newspapers. An incipient boom, de-
veloped in the side streets near the sta
ton. fourished for brief time and
then languished.
Then the coming laws were enacted
and the Save New York Committee came
into being. Factory buildings were pro-
hibited above Thifty-third street and
east of Seventh avenue Objectionable
occupants In the protected Zone were
induced to move to the unrestricted
neighborhoods. A neutral zone was
established around the high class shop
ping district centering at Broadway and
Thirty-fourth street, and a protective
barrier was drawn up around the Penn
sylvania Station. Seventh avenue was
restricted against factories. as were
also the Forty-second street theater
blocks. Now the real development of
the section, so long deferred. is actually
under way.
Land values have risen rapidly in the
last year throughout this district a
number of new buildings have been
erected. and plottage is being assembled
for operations to be carried on in 1922.
In the side streets between Seventh and
Eighth avenues several parcels have
changed hands and the quotations have
risen from SIS to s25 per square foot.
The tendency is to accumulate sites Of
from 10000 10 $4,000 square feet. which
is not a difficult matter. owing to the
fact that operators pieced together
number OF smaller units years ago In
anticipation of the present building
movement.
Buildings for the needle trades have
been put up in Thrty-fifth, Thlrty-sixth.
rhirty-seventh, Thirty-eighth and Thir-
ty-nnth streets, and have been filled
with tenants at rentals ranging fro 81
to $3.50 per square foot Of floor space.
Stores in the side street buildings and in
the new garment center capital have
been taker by show room tenants In the
furniture line and in the millinery trade.
Plans have been filed for half a dozen
new structures for manufacturing ten
ants to be ready within the next twelve
months and many more are contem-
plated. Originally given over to the
publishing. printing and allied trades.
these few blocks are apparently destined
to be filled with garment factories to
the exclusion OF all other lines.
Seventh avenue. thanks to the zoning
law. is restricted to Office and show
room buildings, manufacturing not being
permitted. a tall structure at the south
east corner of Thirty-sxth street was
put up by the Armion Realty Company,
and is now the home OF the Furniture
Exchange. The Pictorial Reuteto put up
a handsome sixteen story annex for It's
own use at the southwest corner OF
street. The Garment Cen
ter Capital buildings take up the west
erly fronts between Thirty-sixth and
streets. Several large
plots occupying prominent corners are
available, although active negotiations
are being carried on for their improve
ment The State arsenal property, an
old brick edifice occupying plot 20sx
100 at the northeast corner OF Thirty
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