New-York tribune. [volume], June 03, 1919, Page 7, Image 7

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

Image provided by: Library of Congress, Washington, DC

                
The City that was
1890
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Growing Pressure on a Small Area
AQUARTER of a century has transformed lower Manhat
tan. In this short period has sprung into existence New
York's characteristic sky-line of tall office buildings. Ex
panding business demanded the change.
The war has immensely accelerated this process of busi?
ness growth. America has become the creditor nation of the
world. She has become the leading manufacturing nation.
She has become the greatest provider of world necessities.
The leadership of American enterprise in these fields?
in banking, foreign trade, shipping, insurance?is concentrated
in an area limited by the few narrow blocks of downtown New
York below Fulton Street. Forces are here centered that are
making of this small area the heart of the world of commerce
and finance.
Under growing pressure every foot of space has been absorbed. A
space shortage has been created which presents a serious problem to
firms and corporations whose business of necessity lies in this section.
It is a problem in many instances calling for prompt action to main
tain a foothold in this locality.
A Fight for Space
In the 25-year period from 1890 to
1914 practicaUy all the large buildings
in New York were built. In the lower
part of the city they now occupy almost
all the available desirable area and all
are filled to capacity. They measure the
business growth of that period. Many
tenants have already been forced to go
to uptown sections, with inconvenience
to themselves and disadvantage to their
business, and more must follow.
Toda7 tenants are virrually fighting each
otner for space and bidding up rents. Ten?
ants m many instances have actually been
lorceri out of buildings.
Space restrictions are pressing, partly be?
cause of the lack of sites, partly because of
vheimpossibiliry of builciing higher than the
nmits set by the zoning laws.
Only two plots, as a matter of fact,
are left in the financial section for the
erection of a building of any consid
erable size.
Virtually every business concern
downtown has grown. Hundreds of
incidents could be cited of impressive
growth. The National City Company
is a case in point. Starting four years
ago with 27 employes, it now has over
1,300, and has recently purchased a
building on Wall Street for its partial
accommodation.
Like this company, many houscs that
started in a comparatively small way have
expanded bcyond available space facilities.
They have been forced into the prcdica
ment of having to scatter their staffs through
several buildings?some of them at a dis?
tance and outside the district?at a loss in
efficiency and at a higher cost.
Attractive Opportunities
To Corporations:
Solve the Leasing Problem.
Buy Your Own Corporate Home.
The shaded portions show approximately
wheic new buildings have been crected since
1890, or purchases made for improvements.
Many of the unshaded plots are occupied
by the owners. A fevv are still available.
Wm. A. White & Sons will be glad to
supply to inquircrs a working copy of this
map, with further information.
Future Growth to Outstrip the Past
THE growth of the past suggests the possibilities of the
future. Competent observers estimate that while the
growth cf the city as a business, commercial and finan?
cial center in these last twenty-five years was tremendous, it
will be much more rapid in the next twenty-five years. This,
of cqurse, means a corresponding demand for space and in?
crease in real estate values in the district where big business
concentrates.
Now Is the Time to Buy
Now, at the beginning of this period, is the logical time
for investment. It is, too, the right time to purchase for occu
pancy. Large business concerns neglecting the present oppor*
tunity to buy are running a risk.
, If the prediction of coming development based on past
experience is justiiied, any large concern downtown that does
not secure a permanent location may, in the not distant fu?
ture, be unable to find any quarters whatever in this*section.
Corporations Buying Their Own Homes
The pressure for space, resulting in
the tendency of corporations to secure
their own homes, is well shown by the
experience of recent months.
During the last two years there have
been no less than two hundred sales in
or near the financial district to concerns
which will use their property for their
own individual business.
What has been happening in the last
two years is bound to happen increas
ingly in the next few years. The action
of these. grcat corporations, noted for
the foresight of their management,
points the way to those who want to
rnake sure at this time of a permanent
home and secure a good investment as
well.
Among conspicuous instances have
been:
Purchase by the United States
Steel Corporation of the Empire
Building, at 71 Broadway, for its
permanent ofnce home.
Purchase by the Sinclair Oil
Company of 55 Liberty Street.
Purchase by the Royal Bank of
Canada of G3 William Street. to
make sure of necessary space for its
future requirernents.
A Business Suggestion
We have made an intensive study of the downtown section and are fa
miliar with every part of it in detail. We have confidential inside information
regarding many properties, and are thoroughly equipped to advise in the solu
tion of your particular problem. An opportunity to discuss it with you will be
welcomed, and will entail no oblieation.
3 Cedar Street
Tel. John 5700
The City that is
1919