The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-29

Of ofHos spaos ere NOT meant 70 b soospted
q precise. They are, however, carefei
sstinats. sgp!eaimstans he faces s,f-
e oSsGsy e sl s,nd .nd he
number Of stories Of buildings have been
obtained partly from real estate maps,
partly from the published abetracts OF
plans for new buildings flsd with the De-
among sroS III Tie conclusion Is drswnn
that % per cent. OF the gross door, space
Of modern offics buildings b rentAble, as
against 70 Per cent. In the old. On these
data the figures employed have been COM
The increase Of ONCE spaos In the elsven
blocks 10 question repreeeuts but Q part
Of the construction work downtown In the
last four years, While twelve buildings
have been erected there, twsnty-nine have
sss s1 Of S,sn . Outside Ss ,Ss . ;sS
blocks at least three important centres
By group Of nsw buildings IN Maiden lane.
In Wall strcst east Ct Pee{i an inssrs; san
4 building ersctsd 4 dat Iss% on tHs do
Of the old Tontins CoRee House was de-
signed to furnish modern Quartsrs fer the
coffee, sugar and chipping intssests housed
IN toSasi's a ,Ss ne Avs Sns ami. nv
Justified. and IN addition . demand Tor
ofhces Of moderats prics wss found 70 exist
among insurance nen, brokerS and law
yers crowded out Of the financial district
~ rsins a , tSa 1.2 Sts: :, 6.ldinSs ths
to the Tontins Building, 10 lower Wall
street. and sitss have been purchased for
several more. The third new centre OF
activity u ct Battsry Park, adjacent TO the
Custom Honss. whsrs the ChssshrouSh.
han Ar0OftAd ain0a 1880
Within the eleven blocks bounded by
Pine. william and Beaver streets. Battery
place and Trinity place, activity has Ike
wise shown tendency to conoentrate at
Nassau and william has been rebuilt and
added TO the banking district. Quiet Will
liam street has lost its mercantile character
and become part Of the brokerage COM
, m;nnity. Nth 66ur1yins strss@s Of Psdss.
many sites have been bought up this spring
for Improvement, and building operations
are certain TO multiply ~ the time sp-
proaohes for the CITY National Bank to take
possession Of that pfoPsrty.,
while the. construction. movement down
town has been at its height, rents In ONCE
buildings have been raised. A conserva-
tive estimate would place the increase st
not les than 10 per cent. Tenants In old
.s - g & tern s sSr1 9 newt
quarters, Oasoss in upper floors rent
to-day at 81 50 to $50 . square foot q year
In the les important strests. In the pre-
ferred neighborhoods they vary. from
N.75 to 3 Q square foot. Ground door
space commando from u to . . square
foot. 1Ae highest rents are obtAined
N Wall and Pine strests at Broadway and
Nassau or Broad. .-
Land values have. OF course, risen rapidly.
In the case OF neighborhood like the Imam
cial section. where every block has IT. own
scale Of prices and its own experience a.
regards enhanosment, Il IL impossible
70 resort to statistics without being over
whelmed BY their mass. A typical In
stance may. however, b cited. The north
east corner OF Broadway and Maiden lane
sold In 1877 for sIsi . square foot and In 1897
for Siee. The southeast corner brought
t7il q square foot In 1901. Last year half
a dozen transfsf1 Of downtown property
were recorded In which the purchase price
amounted to 800 or moro q square foot.
In one instance It was t27S. Few deeds.
however, state the purchase price. one
motive for the omission bang to avoid
giving the Tax Department line on the
value OF the property. There b reason
10 bslisve that purchases At the rate OF
800 q square foot are not at all uncommon
II the present. time. Robert z. Bowling,
Of the United 6tatAs Realty
md Construction Company, the leader OF
he. existing building movement downtown.
aid recently In . public speech that he
,xpects 500 10 b - oornmo0 price within
an yeArp A H1O0 now "a