Washington sentinel. [volume] (City of Washington [D.C.]) 1853-1856, 1855-05-03
Ths value OF GROUND in Large cities.

The value Of land in large cities will astonish
those who have never inquired particularly In
to the subject. A London periodical, called
the Builder, has given some figures showing
the value of ground in the centre building por-
tons of London, and the Courier and Enquirer
takes occasion to give some statements, for the
purpose of presenting comparison as TO the
relative value of ground in New York and Lon
don. These statements are curious, and will
furnish an linking of the immense value of city
property.
A lot in Finch Lane, London, 70 feet deep,
recently let on a building lease by the Merchant
Tailors' Company, produces Els $3.50 foot
as ground rent per. annum. Another lot in
Cornhill, "a feet front and 80 feet deep, affords
q ground rent Of el,2O0 ($6,000) per annum.
Calculating at the rate Of thirty years purchase,
the cost per acre amounts to f470 600, or 81,
100000. The block Of buildings called the
Royal Exchange Buildings, occupying an area
of 1000 feet produces rental OF 10000 a
year. A lot adjoining ST. Pauls, containing
about $500 superficial feet, rents at fl $50,
which is equivalent to cost of f460 900 an
acre. A small plot of ground in Thread Needle
street, only of 1900 superficial feet brings a
ground rent Of e 900 year, which makes the
value at the rate of fS40 900, or $4, 200, 900 an
acre. A lot near ST. Pauls of G,OO0 feet yields
a ground rent Of $4,000 year, equivalent in
value to f42O,O00 an acre.
These figures, large as they are, are equalled,
if not exceeded, by the New York valuations,
The lot corner of William street and Elk
change Place, 80 feet deep and "a feet wide,
containing 2,760 superficial feet, is valued at
100000. At the valuation per acre, it amounts
to 5 ,578,26 The lot on the lower corner of
Broadway and Wall streets, 30 feet by 40, con-
tanning 200 square feet, is held at 100000.
This is at the rate Of $3,630,000 an acre. The
corner lot of Nassau and War street, % feet by
go is held at 1925 900, or 81, 42O, 900 per acre.
A lot on Nassau street is held at $l50,000.
The lot corner Of Cedar and Nassau streets, %
feet by 80, is worth $4,000, which is at the
rate of 81 800, 900 per acre. The lot and build.
ing adjoining the Custom-house, lately occu-
pied by the Bank of the State and Bank OF
Commerce, was sold to the United States Gov
eminent for $780, the area Of it is 5000
square feet. The rate per acre is $4,000
or 100000. The lot occupied by the Me-
chanics' Bank is appraised at $230,000. The
lot is an irregular piece Of ground Of an area of
about 5000 square feet and its valuation per
acre more than 100000. Lot No. A, Wall
street, p by so, was sold year ago for $4,000,
which is at the rate of nearly two millions per
acre, Messrs Duncan, Sherman & Co. paid
for their lot on the corner of Nassau and Pine
streets, which is Sc feet by 80, sl47 900, which
is at the rate of more than sixteen hundred
thousand dollars per acre.
If we estimate values at fifteen years pur-
chase, which is more in accordance with cir
cumstances, than at the London rate, the valu-
tons Of New York would exceed those Of Lon.
DON