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The sun. (New York [N.Y.]) 1833-1916, April 13, 1913, THIRD SECTION REAL ESTATE, GARDENS, FINANCIAL, POULTRY, Image 25

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THIRD SECTION
EIGHT PAGES
REAL ESTATE, GARDENS.
FINANCIAL, POULTRY
NEW YORK, SUNDAY, APRIL 13, 1913. Cowrtnht, 1M3, by the Bun rrtntlna and rubtitMnp A nocintlon.
SKYSCRAPER FOR
PROFESSIONAL MEN
Rebuilding of Lower Manhattan Progressing Slowly!FR
i UKlitD BY lnh Uli
storios ir.'irii mid t.j Broadway Practically the Only Street Where Modernization Shows Prominently Vast Area in thei
To i "
rniisuiil Metlind Adopted to
Hnise Money for Extend
ing Seventh Avenue.
Stain! nt West V.u Avpmio
Financial District Still to Be Made Over Before It Is Up to Date-Effect of the New Subways
and 72d Street.
?ni: nnraiiT vrom stoicks
lOWXKKS OPPOSING IT
IS U- M I !.l i.i I' i ii n ) 'J ) m jjpji . i j.jlu u i
fntiMinl l'lieilities to Up Pro
vided for Dnetors Will Be
Started in May.
A thirty-five story office building for
tf.e exclusive uo of doctors, dentists,
c;u2it3. architects nnd other profca
klarjU men l" t be crrxl In the heart '
ci lift 'West Side apartment houe sec
tion, the south' ast corner of Weat Knd '
hvetitie and Seventy-second etreet. It .
ir to b the ta"o.t building yet planned '
r.rr'h if Metropolitan tower,, unit
ni.: ti r' i lv fur occupancy next spring,
7Ji b- i 'iir t'i In' built by a com
japv jr..f. s 'ml men under the '
raro r ' e w est :-cvoniy.socono: ,
p..rt mpanv. The fltf was pur-
ih&rpil fr !" W ' l1 Stokes who ha 1
fwaod : ''urn It comprises sev-
rrl dw""mr on of which was ncctl
ji'.cJ f' rmer.y by the Columbia Instl-
..... Tl... p.-.n mil f..o ntnni U.t.
U " ' ". ""- -
, R.v.e. i nd street ami s icet on,
Vf.t 1'n.l avenue. They are vacant.
Tt.' niv owners will got possession of
tw.i hoists ii'inut tln first of May,
hr.i w' I s'nrt shortly after the con-
frurtl-'n "f thf ta'lcst building that ha. 1
lfn iit'emp'cd In n residential section.
It w .1 be of C,oth!c lines nnd will lip
b'i:.' fmm plans prepared by Francis I
Zl K m' a!! nnd Charles O Ilrown. The'
f.-a!- of thp bu lding wl't bo of white
p'vH 1 r' ' In inanv wavs the pro-
1 ' . 'd ncr w: 1 resemble the Liberty
7 -.ier at '! p northwest corner of Nas
t .j an I I.'ber'y ntreets, probably th"
(re Vj ' l-.r.c in New York In which
CRJJ ! nas iled. The frticttire
v' 'prm mtf In a peal; m the top-
! fii, wl'I be an opera'mu r"tn f ir
.- f i'h'-!c nn tenants It will
. .r"- t'.n north .lde of the floor nn I ,
' r 1, ilf will b devoted t i a club ,
a V'o st.-eet floor wdl be walt'.ns '
ftr.1 tjr men ami women tia''eni"
,?hfi' TrTti r'.oi-i be boo'h? for dr-icslsw
" (rmund floor. I'our eb-vnton
ce-ve the bulld'nc. nn" of the-o
'e an nrranuement for hftlns
; .'to the operating room on the
r mb-i:ancei will drhe ln:o a
f :n the centre of the bulldlns
i' re there i to be a turntable similar
ued by ral'roads for switch-
!-T ' icomotlvc.i.
this way th space necessary to
if . the turning of the ehlcle, will
' for the bulldlnc The com-,
l misht the
A K'.:imnn.
property through
BR0;U)WAY COMING BACK.
'Me nf IStlt Street Corner Hrir
.tui'iiilnn to Its irowln Interejt.
i-it much display the spctlon of,
' -iiv .uth of rourteenMl ?tret
'en malt.nc n succFsftil effort fo- ,
i . r ti to stem the tide tiwcrd
"w Trereant.le section to the north
, .v,i s'-re iwners are re'.mprovlnc
v. ' vn'rl properties with hlch crade
r l --. vu'!d!ncs which, offered at
: -iir rn'oi than are nsked for struc
t '. f ": up town, are mectlnc with
ir-'a' fi-ir .nother sui'h Improve
rr le riiad" on th? southeast
c- er Hroadwav and Twelfth street.
T-n Pot'i'sh Investintr t'ompany,
I.wi r .n hn o!d tn a newlv formed
r -r .n !tn"n as the Klcht Twenty
o ar l K'cht Twenty l'our P.roadway
r npanv ls property there, comprlslne
a P t 43 4i:"', and hs commissioned
" tl-m of Towner.d. Stelnle & Haskell
i p nn n twelvo story fully fireproof
'"r. oitl'-e and sal'sroom lmlldlnir to
-r.' i'n n'.: moilern Improvements, with
) jrv irood elovat' rs and with every
( T e: e fire pr'n:!on Installation.
T- 1i' :'ik l to be deslKned In the
v -b-ri I'allan Rna!sanco nnd Is to
to (.-i. i i pr:ni lpnllv for falesrooms
f of town manufacturers or lm
T 'ts nnl particularly for trades re
tj . r'.rp r-irth llttht, th property having
h n'u:e ..f 12." feet with northern
e-' ' .! Th btilldlnir will be com
; ' r.t winter nnd ready for oc
i "a--v bv rebruary of next year,
s ri.ir lmprovmients are In con
; 'on In other parts of Broadway
) - v r 'ir'epntl! street, and before loni?
' ' fxpe'tfd Hroadway will be lined (
r h. st eiiulppivl butldlnKs In the
H '-en:v the followlnc Tiulldlnds
: y -. erfeted by the. O. H. Totter
" ' -npanv: The Itawii'ljrh bulldlnc
f : - nl'.i.'V opposite Hond .street, the
?! est.it" bulldlnir at Hroadway nnd
1" i s'r e' tbo OucRenhelm block
i.' 1 Ward building at 709 Hroadway,
r, WMph aro fully tenanted and
' c handsome returns on the In-
r .utrh canvass of the present
' ' n of the rentlnp situation In the
' low Fourteenth ptreet phows
f - , regions in rents In hutldlncs on
f as Hroome, Oreene, Mercer
(i " . 'or !n fact In some Instances
'" i t.. in per cent., while on nroad-
f'nnnl to Fourteenth ntreet
" t ' ient in vacancies appear.
"' S'lIldlnKS rontalnlnt; 1.742
' -i In tho section named, J 4I
' nnd to bn vacant, cnnstl
' ' i i ent. of vacancies, and euch
' ' I motly in buildings which
r i' .ip. dated and without modern
' ' ' .ate lmprovpmonts.
PARK AVE. APARTMENT SOLD,
'nt .;iT."i,oon Paid hy Tfew Vorker
tor N'.M s,rrrt nalldlnv.
' U Kll'man & Co. have sold for
i
a I'.ealty
Company, Fam-
II r . president, tho new nlno
r apartment house known
at to iss Hast KlKhty-
!!. upvlnc a plot 7r.xt0:,2
'i I'.nis mill i.oMnsjton avenues.
' : rv 't!!'. i een held nt 537n,nnn
' s teen bn'iKlit by a Will known
t 1 'f .N' w York for Investment,
o s -e was nciiuired In Pccember,
MiA, Mtf the present scllera and the
. . - --WAwwtw ay. 'iV 4 MW' Sr- ,' X'sSS
rorin inn ' 1 rw kJi
I i urn i;t i .uiimuiin , t V rrrxrid'y.'' ? v I" X,l
I ft ' ' hmv I I in rW Villi I I I M fc w Ml m X.
Since the buyers of tho Kcpiitable Life
Assurance Society's block on lower Hroad
way announced they would erect a thirty
six story ofiico building in tlio place of
tlie old building which was destroyed
by flr last year tho building movement
in lower Manhattan lias come to a decided
halt, 'lliose buildings which were planned
at the timo or for which sites had been
purchased nro being carried to comple
tion, but nothing nw lias been announced.
It is Klid that with tho new I'quitablo
Hullding and the other office structures
now being erected' that part of tho city
will havo n nupply of rentablo hwci
sufficient for several years to como. Willi
tho cessation in building operation there
lias come a decided dulness in the sales
market for downtown proxrty, brought
on no doubt by u mistaken belief that
values in that part of tho city have reached
a point beyond which they nro not likely
lo go far, Those who assess downtown
real estate for purposes of taxation make
llttlo changes in their figures from year
to year, while those looking for large,
demolishing of the old hulldlnn wna
started early last year. All of the thtr-1
ty-slx upartmentH In the building, which
bring In a gross rental of more thnnj
J37.0OO, were tented by August 12 by
tho ,Klllman company, which Is tho
agent for the property. ,
Modern apartment houses on the Kast
Side havo become recently attractive
InvistmentM for mnny N'ew York peo-1
plo who have had some surplus capital.
VUlto n, milliner oi llieill nnve iiri-ii rum
during tho lust year or two,
I -A "Umb H U I if n TC Izl 1 rJS HI
20 5tories or Morev. X $7
10 to 19 atoris bLi V
" " or I i
H Uner Ten. 3tories 9
' - , - -.w - w , lw,
quick profits from realty trading seek
property in the newer uptown districts,
whero crowding population is cnusing
block after block of privule houses to
give way to huge apartments.
lower Manhattan does move slower
inau no some otuer pans oi nie tsiuiKi
That fortunes still nro to be made there
is, however, the only conclusion that caul
no drawn irom n stuuy or the section as
it is to-duy. Urn accompanying map
of tho district below Chambers street,
commonly known as the financial section,
was arranged with a view to showing
what portion of the laud in that area
is fully improved. A glance will satisfy
i thnt tho rebuilding of this portion of thn
city has only begun, and thnt what has
been accomplished is merely as a scratch
ing of the surface. Withal tho reputa-
tion New York lm for being a city of
skyRcraiiers thero nro but on even twenty
of structures south of Chamberi street
which measure up to twenty stories or
more, wlillo twico thnt number would
morn than include ull of tho buildings
MANHATTAN PUOI'KIITY SAI.KS.
KAHT lOflTII STHHRT The Henry
Kilns Hrevvlng Company hn bought
from Teresa Tuozza 321 Knut 109th
street, h five story tenement with
stores, and a two story building In the
rear, on lot 2r1xHiO.il. Tho miiHldr ra
tion was f!7,ri00.
WKST 13TH STKIWT Itobert Levers
haH Bold for llertha Holland, 302 West
Thirteenth Mreet, n three story lofl
building on plot 36.5xll Irregular, to
n Investor,
from ten to twenty stories high.
With all the land excepted that is im-
i proved to its highest iim, as well as yll
land winch is u-ed for public buildings.
parks, markets, c hurdles, school and
' t tie lil.o, theio still remains a vast area
oi property encumbered now chielly
by buildings which long ago teased
to satisfy tho domiuid for modern offices,
I all of which, sooner or later, is likely to
be called into use to give sites for modern
buildings.
Hroadway Is th only downtown stioet
that begins to show a shortage in property
available fur reiniprovement. Another
doyen or so of bull, lings of the size
of tho average office stni'-ture cm find
acconiinodatioit fnuu Hattcry Place to
'.numbers ttieet. and then Hrnadw.iy
i will ho thoroughly modern The west
sidn of Nnssau street and Hroud street
down to Heaver resemble Hio.idway in
this respect, but the easterly side offers
almost unlimited opportunity for office
building expansion. The east side of
Trinity place, tho back door to Itroad-
FIFTH AVF.N'l'R Alice V. Anderson
hnR sold tho five story flat at 21(13
Fifth avenue, on lot 21.11x00, adjoin
ing tho northeast corner of 132d
street,
flAliF.O IN Till". IIIKtT.
CLINTON AVHNTK A. II. I-ondcker
has sold to Mnx .f. Klein nnd Ignatz
Roth 1K32 to 1R2S Clinton avenue,
four two story dwellings, on plot 77.1x
I way, also is practically complete, but
itho west side and almost tho entire area
lover to the North liiver and the section
' west nf Church street have
more whole
blocks, without a single modern structure
.on them than there are re.illv modern
buildings m theetitiieterritoty
The same is lino east of Nassau street
for practically all of the reconstruction
, there has been limited In a few blocks
in the immediate vicinity of the Stock
j llxchanpeandtlie.Suti-TreaKury.
j Itebuilding in lower Manhattan has been
: steady but flow. Fifty buildings that can
'be called modern about fill the list of
opetations lh.it have been 'conducted
'during the last fifteen years, for it is
'about that long ago that the first strue.
Mure appeared which buildeis of to-day
icgard as lasting and permanent. In
that list Ion will be found all of the build
tigs for which even tentative plans have
been made but which have not yet been
erec ted.
Sieeal inters! centres in this lower
section of Manhattan at this time because
00, between 17.r.th nrd 176th street
This properly was given in exchange
for the Hoffman, 11 six slory apart
ment house, on plot fi0x00.11, nt 230
nnd 2)1 West Hist street, the sale of
which was reported yei'.i tday.
llltONN TKHUACH- The Healty nnd
Commercial Company has sold on
Hronx Terrace, east of White Plains
road, to T. lnnocetno a plot, foxioo,
facing Kdlson avenue, nnd to Con
stantino Uernrdl a lot, 25x100, facing
Edison avenue.
of the new subway lines from other bor
oughs which will pierce it at vai ions points
Heal estate men are si inlying this siliia-
lion closely, for many believe that rivr.lt
t Hroadway will bo created by the under-
ground roaiN. Nassau and Willi.im streets
and Trinity place are to have subways
running under them, with stations at
frequent intervals. Iick of such facilil it's
undoubtedly has had much to do Willi
the congestion of high buildings along
Hroadwav and the scarcitv of 1 hem in
other parts. Hy these three roads prut- 1 avenue. In this part of the building aro
tically the whole of the unimproved down-1 the employees' entrance and Hie freight
town area will be thrown open to quick ; elevators. The business end of thn
communication with other arts of the structure, nlmut 300 feet will bn taxefl
city. Almost all thai has been said about I for tl per cent, of what the Tax Depart
the new st.bwav lines has tended to show ment thought It was worth las vear.
their great benefit to the suburbs. That The Trinity t-orpora Ion ir l b. he
.. r .1.. ' heaviest taxed owner for tills Improve-
..mmwmim.oow,..,. n , mm .,,, -
improvement cannot be doubted, mid
since all the new roads will converge in
the lower part of Ihe island it will not
be without its gain. Probably that is
why expert real estate men are studying
the district so carefully.
BIO l I. CITY I'MIT soi.n.
Wallace ,t, Haidgrove, snles nmnnger
of the QiieriiHbcro Corporation, has sold
for a client for 3n.eoo. to W. 1), Hamil
ton of Pittsburg, Pa., a pint containing
4,7fiO squate feet with a fiontiige of 100
feet on Jnekson avenue, located nlmut
two and one-half blocks fiom the Hililge
plaxa nnd adjoining the six story fac
tory of the Goodyear The Company
The property waa bought as an Investment.
Properties Miles Awny Koavily
Taxed Different Ifnfes on
Adjoining Hnildings.
Manhattan property owners are pre
pnrlnR to oppose the plan of making
their borough pay practically the cost
of tho extension of Seventh avenue
south to Varlck street nnd the widen
ing of that atreet, nil of which It Im
provement necessary to the. building of
the new Vet Sldo subway approved re
cently by the Public Service Commis
sion. For thlt teason owners think thn
cost should bo levied more evenly over
the greater city, since It W nn Improve
ment nssoelHed with the subway devel
opment whli h Is tn benefit every bor
ough. I'nder the extended street tho
city Is to operate n subway from which
It Is to lecelve a revenue. Without the
extension the building of a West Bide
subway, one which would nhswer best
i the needs of the public, would be a very
difficult matter.
As the city will benefit from this Im
provement It Is thought the expense
should be borne by the city and not
the propet ty owneis In this borough.
Thii Is to be tho bone on which the
tight Is to be made. I'.epresentntlvcn
of owners have been collecting data to
show that the placing of the expense of
this Improvement on the shoulders of
nearby owners Is unprecedented. Sev
eral years ago the city undertook thn
widening of ri.itbush nvetiue, Pulton
street, Ashland place and Hudson ave
nue In Urooklyn, an undei taking that
cost about iri.OOO.OOO. The expense of
this Improvement was paid by the city,
since It was considered nn Improvement
that would benefit directly or Indi
rectly the entire city. No assessment
were levied for the widening of Fourth
nenue when the old subway was built,
nor was an assessment placed on prop
erty when l'.lghth street, 110th street
land Delancey street were broadened to
'accommodate Increased tr.iflle.
It was the original Intention of the
city's financiers to have the $12,000,000
that this undertaking will cost paid by
the entire city. Last January the
Hoard of Kstlmate had a change of
mind and laid out a plan by which
property owners In various section
wore to havo ndded to their tax bills
the cost of the Improvement They
llcured out that since the Im
provement was to be In Manhattan that
I norougn wouill no nie inon ueneinen
, and therefore should pay the greater
part of the cost. Accordingly per
cent, of the $ 1 2, 000, (100 wits saddled on
to Manhattan ownets, II per cent, on
Itrooklyn and 4 per cent, on The Hronx
The wall Is greatest from Manhattan
owners, who teason that besides paying
t'e per cent, of tho expense of the
entire city they must pay for nn 1m-
proxemetit that Is to benefit Urooklyn
and eventuallv Oilier boroughs nltnot
as much as u s Manhattan, slnre It
facilitates the building of the West Side
1 subway which will connect Urooklyn
land (Jueens with this borough and the
other subway routes,
The ceneril assessment for this Im
provement mi Manhattan owners will
be t! per cent, nf list year's taxes. Till'
will atnoii'it to nlmut a dollar for every
thousand dnll irs value In teal estate.
Ileslilcs the general tax there Is to be
a specific tax. This will be levied on
pioporly west of Hroadway between
I.lb-rty and I'lfty-nlnth streets. Prop
erty within 10" feet of the Improve
ment will be taxed at the rale of 20
' centu a square foot. Property outsld
of this urea will be taxed is cenm
a equate foot. The southern line of
the area to be double taxed will pasi
between the City Investing and the
Singer buildings. The former structure
will have tn my a general tax of neatly
1 $.non and spicule tax of a llttlo over
I J7 ood. Tho Singer llulldlng, which
i . ... ,.. . i.
illiiot escape beMlg iieneiucu in in"
same measure as lis neighbor, will pa
only a general tax of $0 7e0. There
me any number of such oddities. Vnr
Instance the pmporty -'I 1,1 :' iiov'
enth avenue, which Is north of Klevetith
Uteet.'tbe north boundary of the area
to be taxed at the 20 cent rale, Is to
p.iv a specllic tax of JP47 and a gen
eral ta.x of $o. The Plaza Hotel, north
of this property. i! to pay a eeneral
lax of $7.0. .
The o-lmrne. nt Seventh avenue nnd
I'iftv-sevin'li street, which Is equally
teinoie as the I'lna but which happens
n bo within the dniiblp taxed arpa laid
.... .i... ii,. .-.1 I.'utlniutiv Will ll.1V
'""", ...''...v nd'a l.K.t general
tax T.ie v aiiioi i-,siiu i.i i-.'j
general tax of $13.71". Olmbel Urns,
will p.iv a geneial tax, but no specific,
tax. although the property adjoining it
will have to stand (Iniinie taxauon mr
the same Improvement. The rear 100
fret of the Macy store will be double
1 taxed, as it Is within -iOO feet of Seventh
()f ,,,, ,.,,,.,.,,.
1 ' : ,,, ,,. llmllK. assessed
area, and Trinity is the lnrgest owner
In that part of the West Side which It
Is thought will be benefited. On the
134 parcels owned by the c.irpor.-.tloa
Ihero will bo a total tax of $202,440.
hksf.i.i.inc; ciiiix i.KAsr.iwi.ns.
Negotiations are well advanced for the
sale of the leasehold at 43 to (7 West
Thirty-third street by the bomlholdei s'
committee of Henry Coin's Impinved
Propet tv Holding Compnto It Is a six
stoi. v loft building, on a plot 11 j Jvlis.'.i,
near Hro.nlway, and Is one of llie pioper
lies boiisdit In at auction on Pilday by
fiie bnndholdeis A ileal lias alio prae
tlcalb been coiieluded for llie leasing of
the Itivant Amide building, at the iimih.
eiist corner of Sixth avenue ami Forty,
second treet, to Walter J, Salomon for
the remaining term of the leu.

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