The citizen. (Frederick City, Md.) 1895-1923, 1908-04-24

one little cnunk or II, at broadway
and Wall street, commands higher
rental than is paid for the same
amount of space anywhere else in
the world Slightly over s35 a
square foot, averaging. it is said,
$4,000 a year, is paid by a cigar
company for one small store on this
site, which goes to show that money
invested in cigar stores does not all
go up in smoke.
A quarter of million is the con-
sentative sum estimated as represent
ing the combined rentals of space
on the concourse floor of the Hud-
son Terminal Building. while half a
million is paid by a single firm for
ten floors in a neighboring skyscrap-
err and. it is said, the Erie Railroad
more than matches this sum by the
tidy rental it pays for five floors in
the Cortlandt street Terminal Build
ing. No other corporation has as
much floor area in this structure.
People who want Office space in
Manhattan never seem to let little
matter of rent stand in the way Of
acquiring it. When John w. Gates
desired a suite of private Offices in
upper Fifth avenue he paid $4,000
a year for a modest sized floor and
fitted it up cozily at an expenditure
of $4,000. His suite in the Trinity
Building cost him $4,000.
The postoffice is one of Manhattan
good tenants. Close upon a quarter
of a million dollars goes into Father
Knickerbocker's pockets from the
government, which pays $230,000 q
year for postoffice stations. finding
space in the Grand Central Palace al
$4,000 a year, at West and Morton
streets for S20,500 and at the Madi.
son Square and few other stations
at almost as high figure. The Pro
duce Exchange has the postoffice fol
tenant. Like others, it has to pay
the $3.50 a square foot, which totals
up to $4,000 year for store space
in this building
Lessees are so afraid that rents
will continue to soar in Manhattan
that many-the government includ
ed-have taken out as long leases
as they could, while, on the Other
hand. numerous agents have wisely
provided against future contingencies
of another kind and refused to lease
except on long terms.
A $t2,OOO,OOO Lease.
The longest lease of it's kind il
New York is that of a Creole!
Square site at the southeast corner
OF Broadway and Thirty-third stree
for term of 1O5 years for $12,
! 100000. Four millions will be pait
for the first forty-two years and S.,
100000 for the rest of the term, al
! arrangement on the part of the les
see, Harry Levey, which goes to show
that he believes the site will increas,
in value a generation or so after h
has erected a two or three million
dollar structure to stand upon tina
corner on completion of the Penn
sylvania tunnel.
The old New York Club site, a
! Fifth avenue and Thirty-fifth street
has been taken by grocery firm fol
term of twenty-one years for 81,
! 100000 net, while another lease fol-
the same period has been entered in
to for No. l West Thirty-fourtf
street.
Notwithstanding the presen
money stringency, there has been ne
/ appreciate reduction in rentals fol-
Office space this year." said Rober
A. Granniss, Jr, vice-president Of
the firm of Pease G Gilman, speak
ing about downtown Office buildings
THE general average of offices rem
for 50 square foot, and $4,000 fol
floor is considered a pretty gooc
rental in the average Office building
A common price is about $1,000 6
year for an Office about twenty-eight
by eighteen feet in size, which is usu.
ally partitioned off into three rooms
'Of course, there are exceptions tc
all rules, and certain buildings in
Broadway, in the neighborhood oil
Wall Street get from SO to S4a square
foot for a floor 10000 to 10000
square feet in size.
"A brisk demand exists for offices
and, owing to the opening of the new
buildings, many firms have been at.
tracted to New York who have never
had Offices here. OF course, store
rents are always higher than office
rents, and ground floors are looked
upon as practically store floors and
rent accordingly"
Rent Of $1,000 Room.
1t is said in the Empire Building
in which the Carnegie Steel Company
is, that its Offices rent for over SO a
foot, or more than $1,000 a room,
and some companies occupy several
floors in this building, each represent
ing an annual fortune in rentals. The
same prices obtain in the Trinity and
its companion building, where no
company occupies more than two
floors at an estimated rental of more
than 100000 floor. 1t is said that
these prices are matched by those
obtainable in the City Investing Com
pany, Hanover Bank, Equitable,
Singer and Terminal buildings. The
two latter are, respectively, the tall
est and largest Office buildings in the
world, while the City Investing Com
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