The New York herald., 1922-02-19
DRY GOODS DISTRICT
RETAINS PRESTIGE
Vacancies Will Not Exceed
Per Cent: They Consist
Mainly of Single Floors.
ny ALFRED n. KIRKUs,
Secretary Of the Netc York. Manhattan,
Central and Colonial Real Estate
Associations aud the Merchants
Real Estate Company.


Central and Colonial Real Estate
Associations aud the Merchants
Real Estate Company.
The dry goods district, centering, not
actually but by reason of the trade
Importance of the occupants, in and
about Worth street, has continued to
maintain its supremacy by reason OF it
having fewer vacancies and less changes
than any other real estate district in
New York city.
In spite of the tremendous shrinkage
Of values of the merchandise dealt in
and the readjustment of prices and con-
ditions. the rental year beginning Feb
ruary l, 1922, will open with vacancies
probably not exceeding l per cent.
throughout the entire district and con-
sisting mostly OF single floors.
While it is fully realized that the high
peak OF prices in most localities was
reached last year the rentals In this
district are kept at fair and conserva-
tive basis and while prices are consider
ably higher than were maintained some
years prior to the war the tenants have
willingly cooperated with the owners
and paid their fair proportion of the
Increase of expenses in taxes, repairs
and maintenance.
The properties have never been in
better condition. Alterations that have
been made have been to add to the per-
manent Improvement and Remuneration
OF the buildings, bringing them UP to
modern requirements, both structurally
and for case and comfort in carrying on
business.
Formerly the financial district was
the one where lie beauty of Office fix
lures and general appearance Of ele-
gance and comfort was most considered,
but 1t is now generally recognized by
even the most conservative of mer-
chants that a large part of their life
is spent in their business premises and
that 1t Is Just AS essential to have the
premises up to date and Of good ap-
pearance. commensurate with their
business standing, as 1t is for them to
clothe themselves we'll and wear clean
linen. Certainly the more sttractvely
goods arc shown or displayed tie bet
ter they will sell. The Improvements
adopted In counters. show cases and
Lighting OF the premises arc most
marked and productive of results.
BY the shrinkage OF space occupied
during the war 'boom" in other sec
tons OF the city and by the erection Of
new buildings, many opportunities have
been presented to the tenants in this
downtown distric. to move, but In spite
OF this several firms have come down
1or space ana Otners nave opened down.
town offices and show rooms.
In writing on real estate conditions
it might appea. to some readers II
could refer to some sensational incidents
Of fortunes being made over night
When these are read the fortunes lost
over night are not considered NV
opinion Of the value of any investment
is based on results averaging over a
long period, and ! can safely ask
where can money be better invested
than in neighborhood that has been
stable for fifty years?" 1 have been d.
rectly representing real investment own
ership in about forty buildings in this
district for almost business lifetime I
meet 40 per cent. of our tenants. my
customers. every day at lunch I not
only continue to have a most excellent
digestion. but sc. up each morning look
ing forward to the pleasure of doing
business with vast quantity of old
time friends! What better can I say
about real estate conditions in the "Old''
dry goods district: what better business
relations can a man have and, there
fore. what could be more attractive to
the legitimate investor than real estate
In this district If he will give the per-
sonal, intimate and intelligent attention
TO 1t that he would give to the business
OF dry goods. manufacturing, banking
or any other industry?
Not only Is the locality continuing to
thrive. but that adjacent to 1t, occupied
by the grocery. paper and produce busi-
ness shows healthy activity and i'm
nrOyement