Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 90, no. 2319]: August 24, 1912

Text version:

f^^ ^§1^ m^ 3\)m>D AUGUST 24, 1912 AN AVENUE OF EXCEPTIONAL OPPORTUNITIES Madison Avenue Holds Out Many Inducements to the Operator and Builder—Department Stores May Possibly Locate North of 42nd Street ADEC-\DE ago Jladison avenue was widely known as a di^Un. the resi¬ dential thoroughfare, .secumi only in prominence to Fifth avenue. Willi few- exceptions, it could not boast of the ela¬ borate architecture possessed by its slightly rnore aristocratic neighbor, but the homes established there were occupied by people of the same social .standing as those located on Fifth avenue. Both sides of the way as far north as SOth street were lined with three and four-story, brown stone dwellings of the conventional New Tork type, and the same air of quiet gentility prevailed as was formerly en¬ joyed in the social center of old Green¬ wich Village and is still to be found on Fifth avenue, just north of 'Washington Square. Long after trade had entered Fifth avenue to a considerable extent, shops were almost unknown on Madison ave¬ nue, and there were no indications that it would become in the near future an active trade center. The last few years has seen a remarkable change in the ap- a benefit rather than a detriment, as the subway and surface car lines of Fourth avenue are but a short block away and the absence of cars makes for ease in handling of goods by trucks and help.s to prevent an undue congestion of vehicular and pedestrian travel. -A, number of new loft buildings have recently been constructed, and several others are under way. Considering the amount of building which was undertaken in this portion of the avenue within a comparatively short space of time, it is surprising to find how well tenanted the space is. Those structures which have been completed a few months are nearly- all rented and in the unfinished ones leases are rapidly being made from the plans. The average value of loft space is about 75 cents a square foot, while stores have rented for about $2 a square foot, which latter price includes base¬ ment space. Most of the buildings take manufacturing tenants, but the firms that have located here are of a high grade and the objectionable features was sold for $135,000, and most of the available building sites are held at about $6,000 a front foot. Between 34th and 42d streets the avenue has not suffered the same change owing to the fact that the property was pro¬ tected by two strong restrictions, known respectively as the Murray Hill covenant and the Burr restriction. The Jlurray Hill covenant covered the territory be¬ tween Park and Madison avenues from a point just north of 34th street and as far north as 38th street. This covenant has thus far proven strong enough to with¬ stand the encroachment of tjusiness, and there are no indications that it will be broken in the very near future. JIany attempts have been made in the Courts to remove it, but with one exception they Slave failed of their purpose. The Cameron Building at the northeast corner of 34th street stands on a plot a small portion of which was covered by this restriction, but the Courts held' in this case that the portion affected by the restriction was so small as to be of no M.\DISON AVENUE—SOUTH PROM SOTH STREET. THE MURRAY HILL SECTION OF MADISON AVENUE--MR. MORGA.N'S RESIDENCE ON THE RIGHT. pearance of the entire street south of 59th street, save only in a few blocks on Murray Hill, and today the f.inner sites of fashionable residences are covered by tall office buildings, loft structures and hotels. This rapid change has been due largely to two causes, the proximity of Fifth avenue and the increasing demand for avenue property by mercantile houses. The first business to be found on Madi¬ son avenue was an overflow from its weste'rly neighbor; the most recent .struc¬ tures have resulted from the occupation of Fourth avenue by large wholesale firms formerly located further downtown. The influence of Fourth avenue has been most distinctly felt in the section from Madison Square to 34th street; in fact, this influence today is considerably outweighing that of Fifth avenue, A few old concerns from the latter avenue have leased and altered old dwellings and will no doubt stay there for many years; but with these exceptions, it seems very probable that in a few years more the en¬ tire district will be rebuilt with loft and ofHce structures. The fact that there is no car line on this part of the avenue is usually attaching to cheap manufactur¬ ing are noticeably absent. The portion of the avenue fronting on Madison Square is particularly desirable on ac¬ count of the excellent light and air and space in the structures fronting the Square is in good demand. A large build¬ ing is now in course of construction at the southeast corner of 25th street which will be occupied in part by the large wholesale firm of Frederick Victor & Achelis. -As this concern is one of the largest of its kind in the city, others in kindred lines will no doubt locate in the same or nearby structures. The project formed last year for a twenty-four story loft building on the site of Madison Square Garden has been temporarily dis¬ continued, but an adequate improvement on this site will probably be undertaken before many years. The increasing demand for Madison avenue property to be used for mercantile purposes has very naturally resulted in a material rise in land values. A few years ago a full lot could have been pur¬ chased in the blocks just south of 34th street for from $75,000 to $80,000. '^'ithin the last year a single lot near 30th street practical use by itself and that the owners were therefore entitled to use it in conjunction with their unrestricted adjoining property for mercantile pur¬ poses. The Burr restriction has not proven as strong and is but little taken into con¬ sideration at present. It covered the property between 40th and 44th streets from Madison to Fifth avenues, which was a part of the old Burr farm border¬ ing on the old Middle road and Lowes lane, now 42d street. Recently the Johns- Manville Co. erected a tall building on the southeast corner of 41st street, on ground covered by the Burr restriction, and this would seem to indicate that the restriction was no longer binding. Besides these restrictions, wealthy prop¬ erty owners on Madison avenue have lent their aid in preserving the residential section intact, and when parcels have been offered for sale unrestricted they have generally been acquired by some one interested in preventing the encroachment of business. Murray Hill property has always been valuable, but its restrictions h^ve held back any great enhancement in the last few years, and whereas land