Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 67, no. 1717: February 9, 1901

Text version:

GUIDE. February 9, 1901. Review of the Week. The list of sales, which are detailed in our "Gossip" columns thia week, are many and important, but numerous and important as they are they do not represent by any m_Bans al! the business that has been done. Several large transactions have been or are on the point of being closed, and if we were in a position to an¬ nounce the details of these operations, the aggregate of activity would be most imposing. There can be no doubt that the real estate market is becoming more and more active; that there is a strong investment demand; and that there is every prospect that the coming spring will witness the revival of dealing in New Tork real estate which the people interested have been antici¬ pating for such a long time. Activity in real estate during the past week has been notice¬ able chiefiy in the section south of 59th street and in the vicinity of Sth avenue. It is essentially a market which demands the use of large capital on the part of speculators and builders, and which seeks to satisfy the needs of rich men. The very centre of this activity is in the neighborhood of 55th street and Sth avenue. When the St. Luke's Hospital property, of which we give a diagram in another column, began to be divided up, it was considered doubtful whether 35lh street, occupied as it formerly was, largely by stables, would be very well adapted for improve¬ ment by residences; but the course of building operations has shown these anticipations to be wholly erroneous. The 5otb street frontage will be improved entirely by residences, the fin¬ ishing touch to the process being announced this week in the purchase of the corner by J. C. Lyons. The plot will, of course, be improved by the erection of handsome dwellings; and it Is possible that some similar improvement will eventually rtsult from the purchase during the week of a number of other houses further west on the same street. When private owners are be¬ coming so fond of tearing out brownstone fronts and remodeling the facade and interiors to suit the contemporary notions of a gentleman's residence, it is natural that builders should take to doing the same thing, and the change in the character of 55th street, between 5th and Gth avenues, from being chiefly a stable street into a street containing a great many fine dwellings, sug¬ gests that several such streets might be made over. The location of a number of clubs on West 43d and 44th streets, for¬ merly given over to stables, is another instance of the same kind.- It is possible that one of the first instances of the specula¬ tive rebuilding for residence purposes of a brown stone front may be found in the purchase this week by John T. and James A. Farley of No. 38 East 39th st. Such operations, as we remarked above, not only seek to sup¬ ply the needs of rich men, but require considerable capital on the part of the operators, indeed, the small builders, who were such an effective agency in improving the West and East Sides, have no chance in the district south of 59th street, where most activity prevails at present; and there can be no douht that from the point of view of the material men, the change Is for the better. ■ No doubt estimates have to be more closely made in these large and costly operations; but on the other hand, profits are very much more secure. Moreover, for the next two or three years it is probable that the largest building will continue to be expensive residences and apartment hotels south of SOth street. The small builder will have his next big opportunity in the Bronx. But that will not come until after the underground road is in oper¬ ation, and in the meantime, the re-housing of the people of New York will be largely a matter of big apartment hotels. The building of another one, at Nos. 43-49 West 35th street, has transpired during the past week, and there are tales of others further uptown, and along the line of Broadway, of which we are not as yet in a position to give details. It is natural that such Improvements should continue to be undertaken, for those al¬ ready erected have been very successful, but in view of the fact that an apartment hotel gives accommodations to ten times aa -many people as would the same frontage in private dwellings, should make people realize that it is easy to overdo the business of building them. Certainly more of them have been projected to be carried out during the coming spring for the region between S4th and 59th streets, and along the lines of Sth avenue and Broadway, than during any previous year; and while this sort of living accommodation cannot at present be considered experi¬ mental, still it is well to remember that a very few 12 or 16-story apartment houses accommodate a great many people. So far as business property is concerned, there are one or two Interesting items to be noted. It has transpired that Edward Knox, the hatter, is the purchaser of the Kip corner of 5th avenue and 40th street; and that at the time the property was sold to its present buyer the Gorham Manufacturing Company was also negotiating for its purchase. These are interesting indications of the way the tide is setting up Sth avenue. So far upper 5th avenue has been colonized in a husiness sense chiefly by res¬ taurants, tailors, art dealers, and some retail shops that appeal chiefly to a not vei-y numerous, but a rather exclusive, class of customers. But if it becomes the thing for shops like that of Knox, the hatter, or that of the Gorham Manufacturing Com¬ pany to desert the vicinity of Madison square, and find habita¬ tions -somewhere on upper 5th avenue, it means that the avenue will soon he assuming a very much more busy aspect indeed— that it will become as smart and as much frequented as the liveliest and most brilliant shopping sections of Paris and Lon¬ don. There can be no doubt that one aspect of the city's life— the aspect which is most nearly described by the epithet "smart" —is coming to centralize itself at about 42d street and Sth ave¬ nue. Of course, it will extend north as far as the University Club, or perhaps the Metropolitan Club, and south somewhat further than the Waldorf-Astoria; but 42d street is destined to he the heart of it. The Public Library can scarcely be said to typify this kind of life; but it is not a bad thing that the insti¬ tution, which represents one of the most serious sides of metro¬ politan activity, should be closely associated, if only in location, with the buildings devoted to its gayer and more amusing affairs. Another instance of activity in this region is the sale of No. 557 Sth av. Some activity has also been developed In the dry-goode part of Broadway. Nos. 542-544 Broadway, just north of Spring street, with a frontage of only about 40 feet, and improved with old 5-story buildings, has been sold for $200,000, which must be called a pretty fair price. Nor is this all. The present ownera of Nos. 530-538 Broadway propose to improve the property with a lofty building, or a building devoted to lofts, whichever you please. It is to be noted that desirable lofts are renting better in that vicinity now than they did several years ago. We are in¬ formed that a corner, improved with a modern building in thia same section, has just been sold, but the details have to be with¬ held for the present. As for the Broadway and Maiden lane im¬ provement, whicli was announced a month ago, and in consum¬ mation of which papers have just been filed, details and com¬ parisons will be found in another column. In the auction market the only voluntary offerings during the past week were bid in. But this branch of the real estate busi¬ ness will be more active during the coming week. Offerings in¬ clude 28 feet on Sth avenue, near SOth street; some West Houston street property, business property on the corner of Broome and Greene streets, and other desirable parcels. Details will be found below. Coming Auction Sales. Peter F. Meyer's auction announcements for Thursday coming, which will be found in our business pages, include a large amount of valuable property. Of this especial mention may be made of the large business building, and the plot of land on which it stands, on the southwest corner of Broome and Greene sts., and in a decidedly good renting locality. The parcel is to be sold by order of trustees of the estate of William Henry Gunther, as is also an extensive water front and large plot of land at Bergen Pdint, N. J., adjoining tbe Central R. R. and near the Standard Oil Co.'s works. For the David Jones estate the same auctioneer will offer five 6-story brick apartments, forming the southwest corner of Oth av and 5Cth st and Nos 115 and 117 East 82d st. Maps and further particulars of any or all of these properties can be obtained at the auctioneer's office. No. Ill Broadway. I S. Goldsticker announces the auction sale on Thursday next of the leasehold Nos. 3 and 5 Bank st and No. 95 Greenwich st, by order of executors, to close an estate. Description of the parcel will be found in our business pages and maps and particulars as to terms of ground lease, etc., can be had by applying to Phil¬ bin, Beekman & Menken, attorneys, No. Ill Broadway, or to the auctioneer, at No. 155 Broadway. Friday next, Thomas A. Kerrigan will sell at the Brooklyn Real Estate Exchange, by order of the executors of the estate of the late Mary C. Osborn, six desirable private dwellings situated a^ Nos, 112, 114, IIG, lis, 120 and 122 Willoughby ave,, corner of Waverly ave., Brooklyn, The houses are 3-story and basement, brick and grey stone dwellings, about 45 feet deep, with butler's pantry, extension and all improvements. They are located la one of the best residence sections of the borough.