The New York herald., 1922-11-13
CENTRAL PARK Is
BIG REALTY ASSET
Mortgage Expert Declares 1t
Must Be Kept Free From
All Encroachments.

Those who have proposed encroach-
ments on Central Park are overlooking
an exceedingly important factor. that
is-the parks effect upon real estate
values, according to w. j. Moore, presi-
dent of the American Bond and Mort
gage Company, Inc. A study of the
developments of residence streets along
side the park. and running off from
the park, says Mr.. Moore, shows that
this great garden spot has resulted In
appreciation of values for residential
purposes, perhaps moro than any SINH
lar area in the world.
The residential community which faces
on Central Park must be permitted to
retain its characteristic dignity and
quiet, says Mr.. Moore. Therefore. every
attempt to use even the smallest part
of the park for other uses than those
to which It was dedicated should be
beaten. No matter how worthy a project
may otherwise be, Central Park must
remain a park. The history of the
park shows that it will be 80 main
terests and residents In this area may
be assured of a perpetually desirable
neighborhood.
The studies made by the American
Bond & Mortage Company bearing
upon the increase in values of property
near Central Park have been in con-
nection with the construction of the
new Manhattan Square apartments just
off Central Park West on Eighty-first
street, and the financing of the project
to the extent of 81, 10000. The company
recently offered an issue of per cent.
first mortage bonds on this property.
The history of Manhattan Square will
probably overshadow that of such fa-
nous centers as Graanercy Park, Union
Square and Morningside Park, declares
Mr.. Moore. because of the location there
of the Museum of Natural History.
Around the square have now been de-
veloped residential streets of great de-
sirability. Eighty-first street is directly
opposite the Central Park Lake and Of
fers a view of the park and all of Man
haitian Square. The qualities of the
property near the park are being in
creasingly recognized, and such streets
as Eighty first street will be rapidly de-
veloped in the near future. Mr.. Moore
reports that in the last ten years on
the two streets facing the park there
have been practically no residence ana
apartment vacancies, which is sufficient
indication of the desirability of this sec
tion from the residents point of view.
The Manhattan Square apartments are
among the very few buildings to be
erected on Eighty-first street in the last
five years, and in design the 41-49 West
Eghty-first Street Corporation has
aimed to secure every possible advantage
OF the location. The apartments have
a completely open front facing the park,
and there is a twenty foot westerly sec
ton of the lot. which will not be de-
veloped, to provide light and air on that
side. Another feature of the apartment
will be the provision of maids rooms on
the roof with direct telephone connection
to the masters apartments. This is
provided for those who will have their
own maids, in addition to taking advan-
tage of the maid service rendered by the
apartment house itself.
The building will be fifteen stories in
height and of Spanish architecture. OF
pressed brick with cut stone trim. The
steel work has already progressed above
the third floor and the apartment house
will be ready for occupancy in June.