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November 7, rgoS RECOKD AND GUIDE 869 E5TABUSHED'^MJ^Ham^l868, Dev£)-[eD p Rfj
DEea!iATK9l. Bt/sii^ESs Alio Themes ofG'eHeraI Ii^terest. PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Communications should be addressed to C. W, SWEET Publisfied Every Saturday By THE KECORD AND GtllDE CO. President, CLINTON W. SWEET Treasurer. F, W. DODGB Vice-Pres. & Genl, Mgr,. H. W. DESMOND Secretary, F. T. MILLER Nos. 11 to 15 East 24th Street, New York City (Telephone. Madison Square, 4430 to 4433,) "Entered at Ihe Post Offiee al New York, N. Y., as second-class matter." Copyrighted, IOOS. by The Record & Guide Co. Vol. LXXXII. November 7, 1908. No. 2121 THE year 1"908 has not been a period in which business in many lines has showed an increase in gross over tbe year before, but something of that kind has occurred in re¬ spect to building operations in Manhattan. The plans flled for new Manhattan buildings during the flrst ten months of 1908 call for an expenditure of about $72,000,000; while during 1907 the corresponding total was less than |71,000,- 000. The increase is not large, but it is significant, because nothing of the sort is to be observed in the other boroughs. The Bronx has, indeed, held its own fairly well, the plans for the current year demanding an expenditure of $14,000,- 000 against $18,000,000 in the corresponding period of 1907, and this difference may be largely accounted for by the de¬ creased cost of construction, which has amounted to fully 20 per cent. Brooklyn is the borough which has fared the worst, inasmuch as the activity of its building operations has diminished by one-half. In the case of Manhattan, the good showing is the result of the large number of very expensive improvements which have been projected. In the first ten months of 1908 the total of Manhattan buildings, for whicb pians were filed was only 529, which made the average cost of each projected building reach the enormous total of $135,- 000. During the corresponding month of 1907 the total number of new buildings projected was 884, and the average cost about $80,000. This comparison tells the story with startling distinctness. Plans were filed for two buildings whose aggregate cost was no less than $18,000,000, just about one-fourth of the total estimates; and there were sev¬ eral more whose probable cost ran into the several millions. It should be added, of course, that there is no certainty as yet that the largest of these buildings, belonging to the Equitable Life Assurance Society, will ever be constructed. But even omitting the $10,000,000 represented by the plans of this mammoth structure, there has really been a greater volume of construction in 1908 than in 1907, because the figures for 1908 are based upon a much lower cost of con¬ struction. During the earlier part of the year the erection of the most popular single type of building, viz., the tene¬ ment house, was practically dead, but there has of late been a substantial revival in this class of building. Even if dur¬ ing the coming year a diminution is to be anticipated in the amount of high-class construction, there wiil he a consider¬ able augmentation in the building of tenements and of the cheaper grade of miscellaneous edifices. THE filing of plans for a twelve-story loft building to be erected on the site of the Putnam House, at Twenty-sixth street and Fourth avenue, affords the flrst explicit indication of the future development of the part of Fourth avenue north of Twenty-third street. For years that section of the ave¬ nue has been practically undisturbed by building operations, and the only branch of business which particularly sought the neighborhood was the retail trade in old furniture. But although there have been no new buildings erected, real estate on the avenue from Twenty-third to Thirt-y-fourth street has shown a good deal of activity, and prices have been advancing. It has been recognized that these blocks were destined to be used for important business purposes; and the only question has been, what kind of business will occupy the avenue? In case a terminal for the New Haven Railroad had been built at .Thirty-second street, it is prob¬ able that a strong motive would have existed for retailers to occupy the best sites immediately to the south of Thirty- second street, but now that this plan, if it ever existed, has apparently been abandoned, there can be little doubt that during tbe next ten years Fourth avenue north of Twenty- third street will duplicate the history of Fifth avenue be¬ tween Twenty-third and Fourteenth streets. We understand that other building projects similar to the one already an¬ nounced are under consideration. The fact is that above Twenty-third street the wholesale trade must necessarily spread north in a somewhat different direction from the one it has taken south of Twenty-third street. The growth of Fifth avenue from Twenty-sixth street north as a retail thoroughfare, and the high level of real estate values results ing therefrom has driven a wedge ipto what would other¬ wise have been a continuation of the wholesale district. The wholesale trade will be divided by this wedge and will spread out over a larger area to the east and the west. There are already a great many new loft buildings under construction north of Twenty-third street, between Broadway and Seventh avenue, and now it looks as if a corresponding development would take place to the east of Fifth avenue, at least as far as Fourth avenue. Indeed, we believe that Fourth avenue will become the most important thoroughfare devoted ex¬ clusively or chiefly to the wholesale trade north of Twenty- third street. Its great width adapts it admirably to such a purpose. Twelve and fifteen-story buildings can he erected without interfering with each other's light; and there will be more than the usual amount of room for the free move¬ ment of trucks. It still remains an open question whether Madison avenue, between Twenty-sixth and Thirty-fourth streets will prove to be more profitable for retail or whole¬ sale trade; but now that the erection of loft buildings on Fourth avenue has begun, it seems to the Record and Guide that Madison avenue is more likely to become a retail thor¬ oughfare. The high prices prevailing on Fifth avenue and the huge demand still existing for additional store sites in that vicinity will probably lead during the next few years to the location of many important retail shops on Madison avenue. THE RE-ELECTION of Governor Hughes has an impor¬ tant bearing on the most vital problem connected with the growth of New York City—the problem of rapid transit. It will be remembered that a bill designed to facilitate the in¬ vestment of private capital in new subways was passed by the legislature at its last session only to be met with a veto at the hands of the Governor. In case Mr, Chanler had been elected, it might have been worth while to pass the Robinson bill once more in the hope that it would meet with a kindlier reception in the Executive Mansion, but the issue of the election has definitely closed this possible means of accelerat¬ ing new rapid transit construction. The Governor is not a man to change his mind; and it will be a mere waste of time to send the Robinson bill to him again. His objections to that measure were not based upon its details. They were based upon the principle of seeking to tempt private capital into the work of subway construction by the offer of easier terms and longer franchises. Consequently, the only prac¬ ticable course remaining open to the people interested iu securing the early building of new subways is active work for the purpose of removing obstacles to municipal construc¬ tion. The chief obstacle is, of course, the inability of the city to borrow more than ten per cent, of the assessed valu¬ ation of its real estate; and fortunately, that obstacle can be easily if not quickly removed. The legislature has already passed a hill submitting to popular vote a constitutional amendment enabling the city to borrow as much money as it really needs for subway construction. That bill has to be passed again at the coming legislative session; and then it can be voted upon just a year from now. This delay of a year is unfortunate, but it cannot be helped, and there will be compensation for the delay. The city will retain much completer control over its subway system than it would under any other conditions, and it will be in a far better position to benefit from the increased value of any new sub¬ way route which may be constructed. In the meantime cer¬ tain necessary steps may be taken in anticipation of the day when the city will be free to go ahead. The Belmont tunnel can be purchased and arrangements can be made to give it a better terminal in Manhattan. Negotiations can be taken up with the New Haven Railroad in order to find out precisely what it is willing to do in order to obtain a satisfactory entrance into Manhattan, Finally, a general plan of subway development can he mapped out, so that any
