New-York tribune., 1922-12-10
Big Business
Crowding Into
Uptown Space
Office Accommodation in
Terminal District Will
BE Higher i'm Future Be
cause Of Limited Area
By Henry a. Frey

Following the erection Of the 20 East
Forty.seeond Street Building and the
activity Of August ilecksehsr IN build
Ing Madison Avenue skyscupers, the
sumner Of 1920 marked the peak OF
tho building movement In tho Terminal
zone.
It was at this time that the National
City Company began ne alteration OF
the Manhattan Hotel into tho National
City Building Of to-day. ihe Canadian
Pacific Building, the bo-len Building
and the Marlin-Rockwell Building
were already under construction the
Liggetl Building was IN ils hrst stage
and 2 campaign 10 erect O huge CO.
opera.ively owned Office building, Gov
ering three blocks Of New YORK Cen
trial land, WAS az its height.
Inc proposed comparatively owned
Office building plan WAS abandoned,
but long before the summer OF 1921
practically al Of tho large buildings
under way IN 1920 were nearing corr
plellon. All OF these buildings to-day
are practically fully rented, with the
exception Of o comparatively small
amount Of space.
Big Business Arrives
Meantime the building movement
har extended eastward, with the re-
suit that the one-time site Of che
Grand Union Hotel Is now occupied by
the New Bowery Bank and PerslinF
Square building. In Madison Avenue
the FIRST Of the two twolve-stoTy mer.
camille buildings being erected By
Webb & Knapp from Forty.siXth 20
Forty-seevenih Street through 90 Van
derbiit Avenue is practically completed
and 90 per cent rented. The second
building on the southcrly haif Of the
block Is well under way and already
partially rented.
Webb & Knapp. in the construction
Of these biz, now mercantile buildings
opposite % the Carlton. have
given New York n new wholesale mill
linery center, IN which such repre-
sentative wholesalers rs Aitken. Son
2 CO., Gage Brothers & CO. and the
Judk.ns-McComick Comnanv " oc-
cuny approximately 10000 square feet
AZ space. The building. Of course, will
be restricted against al kinds 90 man
ufacturing.
The northeast corner Of Madison
Avenue and Torty-nfth Street. for
many years che site Of the Tifa-y
Studios. is ~ being prepared for the
erection % the Si0.000,000 Hotel
Roosevelt, which will be twenty stories
in height. The erection of this hotel
marks lhe entrance Of The United Ho-
tells Company OF America into the
Grand Central district.
Tho new Roosevelt Hotel means that
out-oi-toWp buyers and people in
greater number than ever before will
congregate IN the Terminal zone, The
improvement Of which district Is now
extended well over 10 Lexington Ave
nue, where Robert ". Cats is about 10
enlarge the Grand Central Palace
building.
The buildings of ls2O-2i were
erected 20 meet the demand OF that
ntriod Tor oliicc space. Postwar con
oitions were abnormal, and yet the
leases entered into, with Few cNccp
tioas, cannot be said 20 have been al
eXtravagent rentals. At tho present
time the average rental rate Is rot un-
reasonable. The Terminal zone ha
exceptional advantages Of location,
which preclude cheap development. but
space Is being rented on an equitable
basis &C prices that arc fair
IN fact, n survey OF the district TO-
day fully warrants the suggestion that
those who are considering moving 20
tho Terminal zone should do SO now.
/ do not mean 20 infer that the present
rental rates are cheap, but they arc
fair and Il Is possible now 10 negotiate
leases Tor long terms at rentals faig
20 both landlord and tenant and which
before long will seem low.
Tho character Of tho neW uptown
business district mas been ARMY cS-
tabllshed BY the influx of large cor
porgtions, such as the Railway supply
Company Ia the National City Com.
rRny Building and the Royal Baking
Powder Company in tho Pcrshing
Square building, erected hy tho
Msndcl-Ehrieh interests. Tho section
Is entirely free from buildings OF The
typo of warehouses and Is wholly
given over 10 Offices, showfocms ard
salesrooms and large shops.
The success Of the Mandel.Ehrich
interests In leasing entire floors la thc
Pcrshing Square building reflects the
domand on the part Of big corporations
or space in large units ia the Iemi-
nal zone and the success ~ this build
ing has been extremely gratifying.
The rising cost Of building az the
present time, together aith the grow
Ing scarcity Of Terminal zone sites, can
mean only higher rents In tho futage.
7 repeat, that those nov considering
moving into this district should make
lcSsos now and FOR q long terms Of
years.