Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 91, no. 2352]: April 12, 1913

Text version:

REAL ESTATE BUILDERS AND NEW YORK, APRIL 12, 1913 ■HI VESEY STREET'S POSSIBILITIES 1 One of the City's Ancient Thoroughfares.—It Will Be Situated Midway Between Subway Stations—Seventh Avenue Extension Will Aid the Street—Other Factors. lilillBlilMllililiBIIM^^^^^ ;a!iiiiaiiiiiiiiiiMiiMiiiM To be soon situated within the sphere of influence of the subwray route now in course of construction from Church street diagonally under St. Paul's Churchyard to Broadway, Vesey street is a thoroughfare among others down¬ town that seems destined to undergo structural changes as a result of its sit¬ uation. While recent years have wit¬ nessed the erection of the Evening Post Building and the Underwood Building in the Vesey street block between Broad¬ way and Church street, there has been little, if any, structural changes in the blocks west of Church street. And it is in these blocks that notable improve¬ ments must take place if Vesey street nianently superior light to buildings in the north side of Vesey street, between Broadway and Church street—afiforded by the presence of St. Paul's Churchyard in the south side—it is very likely that all old buildings left in the block will Ijefore a comparatively great while, make way for modern office space. With the subway mentioned completed, there will he a station at Cortlandt street and an¬ other at Chambers street and Broadway; while at Church and Fulton streets there is already the station of the Hud¬ son River tunnel. Important as a study in real estate, also, are the blocks in Vesey street, west of Church street, which are covered dealers; but these have mostly removed farther uptown during the last two years, or since Haviland, the French china dealer, planned to leave Barclay street for a location in the central Fifth avenue neighborhood. Some of the Old Guard Left. There are a few crockery and bottle dealers remaining in Vesey street. But even if they all go, the block must con¬ tinue to be one of business importance for some class or classes of business, be¬ cause of the easy accessibility of Vesey street to new subway routes. What the thoroughfare needs is a structural re¬ newal. It has suffered to a degree from the increase in the number of modern VESEY STREET, OPPOSITE ST. PAUL'S CHURCHYARD. VESEY STREET, WEST OF CHURCH STREET. is to be a reconstructed thoroughfare. If the old .\stor House, at Broadway and Vesey street, should be torn down, the building that would replace it would un¬ doubtedly cover the site also of some of the buildings now standing in Vesey street adjoining the rear of the .\stor House; for it is known that the .\stor estate bought the two or three proper¬ ties there abutting a few years ago. Superior Light An Attraction. Such an improvement would, without question, help all of Vesey street; and it is probable that the Astor House will not stand many years longer, as the land is too valuable for any pur¬ pose but that of a large modern business building. An owner, such as the Astor estate, can, of course, a fford to carry the present building until it gets ready to do what it may determine upon regarding it. Because of the per- mostly with old buildings. Some of these structures were originally private dwell¬ ings and are 100 years or more old. They give an idea of the street in the early period of New York. That it was once an important residential street is borne out by the fact that Dr. Hosack, the surgeon who attended Alexander Ham¬ ilton after he received the fatal bullet from Burr's pistol, resided in Vesey street, opposite the churchyard; while the other blocks were occupied by well- to-do persons of that era of New York. The ancient roof copings, window sills and lintels of many of the Vesey street buildings west of Church street tell their age and indicate, with the aid of history, the purpose for which many of them were first used. For many years the block of Vesey street, between Church and Greenwich streets, was a center for wholesale crockery and glass and bottle loft buildings farther north; and, yet there does not seem to be any diminu¬ tion of rental power of these old build¬ ings. The extension of Seventh avenue southward, bringing it directly into con¬ nection with Greenwich street, will aid Vesey street to a degree. Property in the street will be subject to assessment for the Seventh avenue improvement, the assessment area extending from S9th street south to Liberty street. West Broadway begins at Vesey street, join¬ ing Greenwich street at that point. The commissioners of estimate and assess¬ ment in the Seventh avenue proceeding have not yet been appointed. Builders Are Interested. Speculative builders have been study¬ ing Vesey street lately, especially the block between Church street and Green¬ wich street and offers have been made for certain parcels there. While the