Daily News from New York, New York • 44

9" QUOTE OF THE DAY 'Right now, Its less a question of reaching U.S. audiences as much as being prepared for reaching audiences ALAN CARUBA, madia analyst, on Rupert Murdoch's 24-hour Fox News Channel news' Njr Sr E3 ri EM GQS3DDDD 00 By ANGELA G. KING i- -i 'V'J Pt j.tily Nws Hu'miwss Wfitur Starting today, Rupert Murdoch throws his weight into the puckt-d cable news arena with the 21-hour Fox News Channel Six months in the making, the new network will air i in rwiuu Hurl Miiitlvvie lV 3 ft 'i Hi 11 i fa irf" IM III. iHli ata.f. HOWARD SIMMONS DAILY NEWS OFF AND RUNNING: Fox News Channel staffers prepare for launch today of 24-hour cable venture owned by Rupert Murdoch such topics as health, religion and crime during the day.

Evening programing will feature hour-long news shows with such veteran anchors as former ARC host Catherine Crier and "Inside Edition" alumnus Hill O'Reilly. Fox News chairman Roger Ailes said the format will be comparable to the hard news lineup of CNN. the lather of cable news, with less emphasis on the opinion show format that CNN relies on at night. Media analysts speculate that FNC's programing will mirror the conservative bent of Murdoch, the Australian turned-ti -citizen who is head of Fox parent News Corp. The Fox channel is being closely watched in media circles to see how it will fare in a market already crowded with CNN, CNRC and newcomer MSNBC.

"Our competitors have said openly that we would never gel any type of coverage," Ailes said the 1.6 million Cablevision viewers in Long Island, New Jersey, Connecticut, Boston and Cleveland. The Time Warner slight has ignited media mayhem between Fox and Time Warner, and even sent city officials to Time Warner on Fox' behalf. 'The city fears losing more than 2,000 jobs and about $25 million in annual revenue if Fox leaves New York. versy long before its 6 a.m. debut.

Although FNC will have an entry into the New York City area on Cablevision and Liberty Cable, the network is largely locked out of the city itself by Time Warner's recent decision to carry MSNBC, NBC's four-month-old venture with Microsoft. In the New York City area, the channel will have some of "We will be able to demonstrate we have a worldwide news-gathering capacity with good credibility." FNC opens to 17 million cable subscribers nationwide, including 10 million with Tele-Communications Inc. Rut that pales in comparison to CNN's nearly 70 million, and even MSNBC's 22 million. But the fledgling FNC has found itself dogged by contro irafe liiiUM BSB i fly made by celebrities. Wall Street executives and Manhattan a i I i who need ft For Liberty Cable and its 500,000 subscribers, mostly in Manhattan, "this is a big advantage," said the company's president, Peter Price.

"Fox News will be universally available on our system and not on Time Warner's," he said. But for FNC, not being a part of the Time Warner system means missing out on 1.1 million cable watchers in the city. "New York City is a critical market, and Time Warner is a big part of that market," said Gary Farber, an analyst with NatWest Securities. For Murdoch, much rides on the success of FNC. The network is a chance for him to expand his sprawling media domain, which includes the New York Post, with a national venture that he can then take worldwide.

Murdoch, known to spare little expense in building his empire, is spending $200 million just to get FNC off the ground, and he's prepared to lose money on the venture for at least five years. Ailes said Murdoch plans to build FNC into a global network within two years. And media analyst Alan Car-uba said Murdoch's real goal is the worldwide market. "Right now, it's less a question of reaching U.S. audiences as much as being prepared for reaching audiences worldwide," he said.

"Fox has a distinctive advantage in that it can draw on the news gathering power" of Murdoch's global connections. Ailes echoed that assessment. "Global news is very important to Murdoch. Novv's the time to do it." By PETER GRANT nly ri, li'i1 ss Avici A New York invest mi nt urn up has purchased a Tribeca loft building Willi plans In convert II into one of I he most ec I ii i a pa i -ini'iil buildums south of SI The group paid $0.5 million for the 12 story I'm lots of space but can't bear the idea of moving to the suburbs. "We're going to get a very wealthy, eclectic crowd," he said.

The development is Diet. Lantern Factory at 429 Greenwich St. have sold all 28 of its units, at prices starting at, $750,000 for a two-bedroom apartment. The $10 million conversion, for which a sales office was opened last December, is not even complete yet. "This area is exploding," said Barrie Mandel, the owner's agent.

Tribeca, which used to be an area of warehouses and factories, was colonized in the 1970s by artists spilling over from Sollo, seeking large spaces at low rents. In the 1980s, the area became increasingly fashionable among celebrities like Bette Midler and Meryl Streep who were willing to spend enormous sums on top-of-the-line conversions. As in other parts of the city, development slowed down in Tribeca in the years following the 1987 stock market crash. But it is now coming back as new amenities open in the area. "When I moved to Tribeca 10 years ago there was one nursery school.

Now there are four," Mandel said. "There was one elementary school. Soon we're going to have three." The deal was brokered by Eastern Consolidated Properties. another sign that a conversion boom is beginning in this rapidly changing neighborhood of cobblestone streets, warehouses and loft apartments for the rich and famous. Five other projects are at various stages of complet ion by developers who are mostly targeting the city's wealthiest home shoppers.

Demand is so intense for apartments in a converted warehouse on North Moore which was nearly destroyed by a five-alarm fire in that the developer just raised its prices 8'i to 10'yr. Its penthouse, which has been toured by such prospective owners as movie stars Meg Ryan and Brad Pitt, is on the market for a cool $2 million. Meanwhile, the developers of the old building at 23 Hudson St ft is planning to create about lit) apartments wil average price lags of more than $1 million. Sources say that such big names as designer Calvin Klein, actor Wesley Snipes ami "HO Minutes'' star F.d Bradley are considering buying units. Mark Blau.

the conversion expert who is leading the group, said the project will end up costing more than $2i million. The investment nroup includes retail tycoon Steve Roth, who controls the old Alexander's department store properties, lioth, who is not taking an active role in the project, is reportedly planning to acquire al least one of the units. Blau declined to name interested buyers but he said inquiries are being.