Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 90, no. 2321]: September 7, 1912

Text version:

'f/mih> €^m SEPTEMBER 7, 1912 A PROMISING AVENUE FOR FINE APARTMENTS The Lenox and Carnegie Hill Districts of Madison Avenue Will Feel the Benefit of New Subways—Stores for Local Trade Will Be a Feature. IN a recent issue of the Record and Guide a contrast was drawn between the past and present characteristics of Madison avenue south of 59th street. It was pointed out that, whereas the avenue from 23d to 59th street had originally been occupied entirely by private dwell¬ ings, whose occupants were mostly of the fashionable set, only a few blocks on Murray Hill still remain undisturbed by business. It was shown that below 34th street the thoroughfare is strongly feel¬ ing the effect of the recent Fourth avenue improvements and becoming a center for wholesalers and high-class manufactur¬ ers, while between 41st and 59th streets the Fifth avenue influence is more dis¬ tinctly felt, and the avenue is rapidly being taken over by business houses formerly located on the latter thorough¬ fare. tent. The avenue was not looked upon with the same degree of favor as the ad¬ joining avenues or the nearby side streets, and this in spite of the fact that the greater part of the social colony has in the last decade been driven to locate in the district bounded by 59th and 95th streets, from Central Park to Lexington avenue. The surface cars on the avenue were undoubtedly mainly responsible for this fact, as the noise made by them was object iorfable to the residents and the tracks seriously interfered with carriage travel. Property owners who had ac- ,quired holdings at high flgures were slow to realize this change in feeling and com¬ plained bitterly of the prices offered when they attempted to sell. Some builders even, who had always been credited with good judgment in their selection of sites of Madison avenue will in the near future experience a resumption of activity, and that the prosperity which has struck the avenue below 59th street will reach above in the next few years. The changes are not likely to be as rapid nor are the prospects for great en¬ hancement in land values as promising as in the zone immediately under the influ¬ ence of the Grand Central Station, but a normal growth is now looked for and speculative builders are beginning to in¬ terest themselves in good .sites for new structures. There are two principal factors at work for the good of this district and their in¬ fluence is already being felt. The one is the change in feeling of fashionable folk as regards apartment living and the other the construction of the Lexington avenue subway. MADISON AVENUE—NORTH OP 59TH STREET. (Showing business section and traflic.) M.ADISON AVENUE, LOOKING SOUTH FROM GTTH STREET, rransitory conditions are apparent here. On the left Is the only store within three blocks, and some modern apartments among old brown¬ stone dwellings. The influence of the new Grand Central depot and the subway was also dis¬ cussed. That portion of Madison avenue lying above 59th street, and as far north as 95th street, presents another problem •with slightly different conditions. While the entire district mentioned is similar in character, it is divided into two por¬ tions known locally as Lenox Hill and Carnegie Hill, Lenox Hill embraces the territory around 72d street and is a part of the old Robert Lenox holdings pur¬ chased about 1822. The entire block be¬ tween Madison and Fifth avenues, 70th and 71st streets, was afterwards occupied by the Lenox Library and became one of the best-known blocks in the city. Car¬ negie Hill lies north of 72d street and reaches to about 96th street. Many years ago both of these districts were pretty solidly built up with private dwellings, and several on Madison ave¬ nue were among the most noted in the entire city. Property values rose to a high point and desirable sites were in good demand. This condition, however, did not persist to the same extent as it did further down, and about ten years ago the demand for Madison avenue dwellings fell off to a considerable ex- for improvement, also failed to see the change and erected a number of modern American basement residences, which proved to be their undoing, as no market was to be found. Further south, when property became undesirable for living purposes, business was always ready to step in, but, with few exceptions, shops were not in evi¬ dence above 59th street. Here and there a few business places were opened, but most of the inhabitants of the surround¬ ing territory preferred to do their buying on Fifth avenue or in the larger markets further downtown. One or two apart¬ ments and a few apartment hotels were erected several years ago, but Madison avenue did not appeal strongly to the speculative builder and no extensive building movement of this nature was inaugurated. Prices remained stationary or receded to a certain extent, and alto¬ gether the outlook was not a particularly promising one. A number of restrictions were also to be found in various places, and these helped to hold back any pos¬ sible developments. New York City property, however, if it be at all advantageously located, seldom marks time for very long, and present indications are that the northern part A few years ago apartments were rather frowned upon by members of the social colony, but of late there has been a marked revulsion of feeling in this re¬ spect. Nearly all the wealthy Bast Side residents own suburban homes, and the tendency each year is for them to remain longer away from the city. This makes the maintenance of a town house an ex¬ pensive luxury, and as the modern apart¬ ment offers all the convenience of a pri¬ vate house, with much less labor and ex¬ pense, many of the most conservative members of society are giving up their city houses and spending the winter in apartments or apartment hotels. Park avenue has been given over large¬ ly to high-class apartment houses, and these are nearly all well fliled with ten¬ ants of high social standing. Since Park avenue has been so largely built up and the demand for apartments continues, it is reasonable to expect that Madison ave¬ nue will go the same way, and the Lex¬ ington avenue subway is sure to plav a large part in bringing this about. 'The existing subway was the immediate cause of the building up of the West Side and Washington Heights, but on the East Side no additional lines of transit have been installed in at least two decades. i