New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-03-29
PRINCELY RENTALS.
MASSIVE BLOCKS AS REdUSERATIvE INVESTMENTS
RRNT-ROLLs or SOME OF THE LARGE BUILDINGS
BELOW THE CITY HALL

MASSIVE BLOCKS AS REMUSERATIvE INVESTMENTS
RENT-RoLLs or SOME OF THE LARGE BUILDINGS
BELOW THE CITY HALL
There Is q growing tendency on the part of
corporations and individuals 10 large, high build
ngs on business thorOughiares within the localities
where congregste the representatives OF trade and
finance This partly owing the largely increased
advance in the price real estate those localities
partly 70 the demands for increased accommodations by
corporations and individuals for the transaction OF bus
ness Improved real estate is gradually falling into the
hands OF wealthy holders The smaller holders being
crowded out They cannot command the capital neces
sary for the Of buildings thai will compensate
for the increased aud yield far return FOR the
equally increased valuation. Improved real is
something tan gbe the from in the way
OF rental is not 80 great Afforded by in
vestments. II Is far safer.
Investments II improved real Of this kind have
proved however, many instances, 70 De exceedingly
profitable the demand for tue accommodations afforded
enabling the the rentals from time 70
time Firms or corporations engaged in special line OF
business draw together. and buildings advantageousy
placed II the center Of these localities command rentals
double those OF buildings only few blocks away, al
though the may have half the advantages OF
the latter the kind OF business transacted This
well illustrated IN Walst. and its vicinity. The ten
dency OF business the departments 70 draw
together groups is illustrated by the fire insurance
companies. Within the limits OF three four blocks
on Broadway there are than 100 companies and
agencies. Two years ago several OF the companies
secured Offices at far less rental than they had been
paying m buildings Broadway opposite the CITY Hall
Park The loss OF business consequent on removal was
so great as compel them return 70 the old locality
Believing that description OF the cost and rentals OF
some Of the large buildings the business part OF the
city would be OF interest a reporter OF THE TRIBUNE
has visited propeOr agents for the purpose Of
procuring the desired information. In many instances
II was unhesltangiy and in other cases refused
altogether. In instance the proprietor gave as
reason his refusal the fact that few years
morning newspaper had published an absurdly exagger
ated statement OF the rental Of his building, and IN con-
sequence OF this fact his very largely in
creased soon afterward he had reason 70 believe
solely on account Of this publication. The reporters
reply that a true statement would not have THIS effect
dd not alter ms determination not to give the desired
information.
The building OF the Equitable Life Assurance Assoos
non has a frontage Broadway and lJ7 feet
Oh Cedar-st II is stories in hight, Including the
Mansard roof The walls Of granite the interior
OF brck IRON, and marble. II Is IL every sense fire
proof building The doors are OF marble, aud the IN
terror fittings mainly Of iron. The roof Is OF slate on an
iron backing, supported by brick arches. The window
cangs the roof Of granite carried up from the
main walls Onehaf Of the basement occupied by the
safe Deposit Company, and the remainder by various
Hanover Fire Insurance Companies the 81. Louis and
Iron Railroad and others the second
and third nOsrs occupied by the Equitable Association
"A Offices The the building and ground about
a 10000 The rentals OF the building. exclusive of the
section occupied by the Equitable Company about
S.OOoO On the basis Of the rooms leased the Company
officers say that the rental Of that portion Of the build
netoccupied By themselves this business should be
estimated at $1,000 They claim that IS good invest
ent for the reason that returns actual net income
m bet ween per cent, equal 70 that OF the
majority OF bonds and mortgages IL Is also asserted
by them that in every instance where rooms have been
vacated they have leased advance Of from 80
20 60 per cent and consequence OF the security afforded
otns are In constant demand. The building being fire
uroof no insurance paid IL. The officers are, how
ever thinking taking policies Of insurance on the
furniture the only wooden articles in the building
The Mutual Life Insurance Company's building at
broadway and LiDery-st has frontage OF 20 feet on
Broadway and 10 feet deep with an extension in the
rear The building is OF white marble, nve stories in
hight Lately a two-stOry Mansard roof has been
added The building freproOf throughout The cost
Of building and ground, including the addition OF the
Mansard roof was $4,000. The Mutual Company oc-
cupy portion OF three floors in the front building and
the whole OF the rear extension The total rentals from
tenants amount $4,000 and the officers estimate the
rental OF their own rooms al $4,000
The Drexel building Nos 25 2St. and q Waist and
Sos g. g. and Broadst Ia OF white marble six stories
in hight with MansArd roof 1t is nreproof through
ont In ADDITION the large bankngroOms OF Dre1el,
Morgan a Co.. ana Morton Bliss Co.. on the main hoor
there are about 100 rooms. The bankng-rooms men
fioued are among cOmmOdiOus the country,
and occupy the main door The rent roll Is about
S2O0OOo 80
No 20 Wall-st, built IN conjunction with the Drexel
building and apparently part Of IT, has frontage OF 80
icot on Wal-st The ground door viii be- occupied by
the Leather Manufacturers Bank aud the upper nOOrs
IA Offices Tho reutrDll exceeds >i5,JJ0.
The Trinity building n Broadway, adjoining ITtnhY