The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-14
R E NTAL INCOMES.
LARGE BUILDINGS IN NEW YORK
WITH LARGE INCOMES.

The Mills Building the Best Paying
ONCE Structure in New York-The
Equitable's $40 Rooms Bring in a
Gross Income of About S3OO, 900 a
Year-Nme. BoreeTs safe Invest
ment-The Best Corner In the City.
The Expenses of Running an ONCE
Building.
NEW YORK. Feb. 13.-"The income from
40 Office buildings in New York city, COM
prising, of course. ell of the largest and
considerable number, if not ell of the down.
town buildings CONSTRUCTED solely for Office
purposes. is said to be from IS. 100000 to
Sl0. 1908, 900 annually
With this statement one Of the leading
real estate men OF New York introduced his
remarks to me on the ject Of incomes II
large buildings.
when a capitalist starts out TO put up an
immense office structure ne is going to figure
to secure at least 5 per cent. on his IN
vestment,h he continued. with this
III view he buys his land as near
TO the office-seeking community as
possible, and then puts up a building
which will net him at least az square foot
OF occupied room per year, AID if possible
as high as 50 and 81. There are few places
in New York city where the rental income
of any building Is as high as this latter fig
ure. At the corner of Wall and Broad
strests, along Wall street and within a
radius OF block or two of that section, it is
generally believed that the income Is as high
as 81 foot. In fac, the bulk Of the in
come from office buildings on Broadway
does not equal the income of the compare
lively few big buildings on Wall and Broad
Streets
Real estate men credit the Mills building
with making more money for its owner
than any single structure in the city, not
excepting the Equitable building with It's
$40 rooms. The net income fro n the Mills
building is placed at $3.50, 900 yea, while
the total structure, with the laud upon
which it stands, cost something like az. $780,
OOO This means net income on the capi~
tai invested of 6 per cent 1t is in this
| building that ex-President Grover Cleve>
land occupies a suite of rooms for which he
pVys something like $4,000 year. The
! offices occupied by William ". Wins bring
still more than that, while ex-Secretary
Whitney and Dan Lamont pay $4,000 on
the fourth floor Of that building for O very
small suite of rooms.
The largest office building in the country
is, of course, the Equitable on Broadway.
1t covers an area of nearly an acre, and the
central tower rises to height of 172 feet
from the ground. The building occupies
Nassau street corners. 1t has a frontage on
Broadway of 167 feet, "a on Cedar, PA on
Pine. aud 4615 on Nassau.
The actual cost of construction has never
been given out, but it was close to 81, CO.,
900. TIE income to the Equitable Life In
| surance Company, above and beyond all
expenses, is said to be in tbe neighborhood
Of $500, 900. Conservative real estate men
figure that this is perhaps per ceat. on the
present valuation of the building and
ground.
Next to the Mills building in point of in
come and investment comes that owned by
Nine. Boreel just opposite the Equitatle,
on Broadway. The land was bought when
! values we're low, and the building was put
up during the panic of 1873 and 1874, when
| material was at The lowest point in the his
tory Of the building trade of the last thirty
| years The income Of $50. 900 year keeps
! its owner in spending money during her stay
abroad
The effort to put up building in which
the rental price is under 81 foot of actual
space occupied has almost invariably met
| with failure. Such well-known real estate
men as E. A. Cruikshank and Horace s.
Ely say that 1t is simply impossible to run
an office building with success financially,
unless the rental is we'll above 81 30 per year
| for every foot occupied.
| Efforts are, of course. made to get a . this
desideratum by building as high into the
air as the law allows. With this end in
view the 26-story building which is to go
| up on lower Broadway, facing Battery
place. and fronting also on Greenwich
street, has been designed by Architect Dim
| kelherg. 1t is to be the largest business
building In the world and will also take first
rank among the tall structures of both con-
tinents. From the top of the 20-story main
structure great tower will lift its copper
dome TO an altitude of $50 feet above the
street level. There will be over 900 offices
on the twenty-six floors, all of which will
be open to light and air. The tower is to
be a useful adjunct, for it will contain
offices on six floors. The total cost of the
building will be 81, 900, 900.
IL Is believed that the income of the
building will lie 100000, while the ex-
pen ;es of running il are estimated at S2O,-
900 annually. outside OF taxes and In
surance.
At present the highest office building in
existence is the Pulitzer structure, which
rises 80 feet above the level of the street.
The total number OF rooms in the building
is 23S. of which 10 are occupied by the
WOrtd and the remainder are let for busi-
ness purposes 1t ia said that the gross in
come, exclusive of the World department.
is $l75, 900 year.
Among the latest buildings to 60 up is
tEat OF the Jersey Central on Liberty street.
which is said to have an income OF close to
$4,000 year. Then there is the new office
building on the corner of Broad aud Beaver
streets. own by Mrs John A. Morris, which
Is said to have net income of over $50. 900
The Edison building on Broad street is
another one Of the now office buildings to 90
| up in the search of safe investments.
Real estate men place tho incomes of the
Mocha les Bank building, corner,of Will
| lam and Wall streets, of the Central Trust,
on hanover street, of the United States
Trust Company, on Wall street, and of the
cotton exchange, at all the way from
$4,000 to 100000 annually.
Temple court is one of the most successful
Office buildings in the United States. It is
said to come next to the Equitable and
Mills buildings in the gross income, al
though actual figures have never been given
out.
1t will interest the public to know what it
costs to run a building like the Equitable,
the Mills, the Potter, the Times, the Tribune,
the World or Temple court. 1t will be re-
membered, perhaps, that ex-Aldermen
Cleary, when on the stand during the Doodle
trial, announced that his income as japitor
| OF the Equitable building was over
$1,000 a year. In other words
Mr.. Cleary, who is still the janitor, is
given fixed sum for running, the help in
the building and makes, or rather made. as
| muca as be could out of the arrangement.
The salary OF the engineer in the Equitable
building is said 10 be something like 81, 00Oa
year. Under him are two assistants and