This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
The junction at Thirty-third and Thirty-fourth Streets, Sixth Avenue and Broadway, used to be called the twenty-hour corner. It was evident to any one that there was a great natural center. The Herald saw it first, and was ridiculed by many. Here met the Thirty-fourth Street crosstown cars, Sixth Avenue and Broadway cars and "L" road. Now, every one sees it since the McAdoo tunnel terminates there, and the Pennsylvania terminals are in that section.
Every one who had traveled abroad could realize that we eventually had to have a Rue de la Paix or a Regent Street, and where could it go but to "Fifth Avenue," north of Twenty-sixth Street, the only street where carriages could be used unmolested by car tracks, and where promenaders were always to be found?
If Delmonico's had not moved and the Brunswick site had been improved early with a fine hotel, it would have started at Twenty-sixth Street. Now it will run up to Central Park. When Altman, Gorham and Tiffany erected the finest business palaces in the world, everybody saw it.
When the New York Central and Pennsylvania improvements were projected and the McAdoo tunnel terminal fixed, it was a logical conclusion to stamp the district between Thirty-second and Forty-sixth Streets, Madison Avenue and Broadway, as the permanent heart of New York, and the caterers to our amusement-mad public have secured all available sites for theatres, restaurants, etc., and have created the now famous 'White Way.'
When the activity of housing the people seeking homes of their own was at its height, from 1886 to 1896, it was easy to see that they had to fill in the space skirting Central Park, and many a purchaser doubled his money. The builders in 1888, when they erected more than three hundred new private houses, made unusually large profits by always buying a block, or two or three, north of existing improvements.