New-York tribune., 1908-02-26
VALUE OF CORNER LOTS
HOW TO DETERMINE 1T.
E. L. King Tells Realty School
about This Appraisenent York

Appraising property accurately is difficult task
Some real estate experts think 1t is an inherited
gift: others that a person may become a good
appraiser after mastering the fundamental
principles OF the realty business. II 1t takes a
master in the art of appraisement TO gauge cor
rectly the value OF property. and the number OF
great experts this line few it will be readily
seen complex problem 1t is to present brief
ly and clearly the value OF Corner Property and
how TO judge the realty worth OF one corner from
another. In this great metropolis there are few
corners alike. physically otherwise. though the
eye of the average person may not see any dif-
ference at all, where the expert it is vividly
prominent. Edward L. King. well known real es-
broker, who has made speciality Of corner
property. tried last night before the real estate
school of the Young Mems Christian Association.
No. so West 9th street, TO show TO his hearers
how to apprase in proper manner corner prop
erty and the relation in value adjoining parcels
have TO a corner lot or plot.
He did so in a way which both entertain
ing and instructive to his hearers. He said If he
had had time prepare carefully consid-
cred lecture the subject, which would really be
worthy Of the best efforts Of any man who consld-
cred himself expert in appraising corner prop
erty, he would have been better able to unfold in
the most appropriate form what means We're used
and why they were relied upon in determining the
values OF corner parcels He referred TO this TACT
because Mr.. Slawson. Of Slawson & Hobbs. who
to have spoken last night the school, had to
go out of town important business and Mr. King
had volunteered TO take his place speaker with
little more time for the preparation Of his lecture
Mr.. King would unquestioHably have presented more
subject which he only touched upon last nIS7I OUT
II is doubtful if Of those present would have
been able TO comprehend fully the facts and prob
lens which and will be vital part OF the
art Of knowing corner values.
Mr.. King said that the value OF corner parceis
is % per cent more than that OF the adjoining
plot, provided it the average street sixty
or eighty feet in width. He illustrated MS re-
marks by drawing a series Of diagrams on the
blackboard
Mr.. King further said that the value Of pronli-
nent corners could not be determined by these
measurements, because probable future conditions
we're important factors TO be taken into cohsla-
Grafton In such cases the present earning power
OF the properties measurement Of their real
market value. He cited case Of a merchant IN
the central East Side whom he had tried to III
duce some years ago TO buy the property he o'-
cCpied. The asking price for the site then was
about $500 The merchant told him that he
could not see how any one could ask such a
price for the property. He once had been offered
the property for $4,000 Later the property was
offered the merchant az S100,0oo. and 1t was
then learned that he had discovered the reaity
value sites the section. He bid for the prop
erty and got It for about $4,000. He exclaimed
after he became the owner OF the property that
he had got a bargain. The speaker added mat ne
had made g careful survey Of the corners OF th1S
city and he had found that not over 25 per cent
of corner parcels are occupied by saloons, though
it was generally thought that most of the corners
were so occupied.
The choicest corners are usually the
southwest lots" said M. King Il neheVe
George Washington a specialist IN corner
property. On December !, 17S3, when he called
together the officers OF the Continental army 10
bid them farewell he had them meet az the south
east corner of Broad and Pearl streets. He evil
IDENTIFY chose that corner because he thought II
later could appropriately be preserved as fitting
memorial Of the event. FTaunCes's Tavern, as you
know stands on the site. The original home OF
P T Barnum stood the site OF the St Paul
Building at Ann street and Broadway. It was
sold t. The New York Herald which occupied
II I'D 10 1885. In that year 1t was bought by the
late H O. Havemeyer. While Mr.. HaYemeyer
was having the old building that stood on the
ypot torn down a visited our firm and said
ne wanted TO put a sign on il We told him It
would cost him s. 500. He said all right and
handed us the money. In few days ne put a
@fpn on the building which read: Don't Be
woozv. Chew the Gum That's Round" The sign
attracted widespread attention. and the men who
r,1+ II I'D Cohen Bros & klee, II a year made
For+7,ne and retired That shows you the value of
corners as advertising mediums
.~rhe highest price ever paid for corner is the
-,o+ of about l2s5 square feet at the southeast
Garner of Wall 81. ard Broadway. II cold
in 1895 for s7oo.,s0, for s542 square foot. An
+borv Drexel paid in 1872 for the southeast corner
of Broad and Wall sts, plot about TT square
feet $3.50 Geo or about $34S 76 square foot In
1898 the New York Stock Exchange bought Nos. Is
and Is Bond st, a plot about 4,12 square feet,
for $4,000, or 1853 81 square foot 1 compare
these two values to show how much greater is the
value Of corner parcels than OF interior lots.
Another Illustration of the value Of corner lots
is the sales OF the northeast corner of Liberty
st. and Broadway II sold in 1882 for SEQ
and in 1906 for $4,000