The Washington herald., 1908-03-01
PAY HIGHEST RENTS
New Workers Hold Worlds
Record in This Respect.
CORNER ON BROADWAY LEADS
Enormous Sums Charged for Offices
and Apartments, Roth Downtown
for Twelve Million DoIIars-SpeciaI
Privileges Are Very Costly.

The island Of Manhattan isn't very big,
but II makes the most of itself. One little
chunk Of IT, at Broadway and Wall
street. commands a higher rental than
Is paid Tor the same amount OF space
anywhere else In the world. Slightly
over S55 square foot, averaging, II is
said, $4,000 a year, is paid by a cigar
company for one small store on this site.
which goes 20 show that money invested
In cigars does not all go up in smoke
A quarter Of a million is the conserva-
tive sum estimated as representing the
combined rentals Of space on the con
course floor Of the Hudson Terminal
Building. while $4,000 IS paid by sin
gle firm f0r ten floors IL neighboring
skyscraper, and # is said the Erie Rail
road more than matches this sum BY the
tidy rental il pays for FIVE floors in the
Cortlandt street terminal building. No
other corporation has as much floor area
In this structure says NJ. w. Mount IN
the New York Tribune.
People who want Office space IN Man
haitian never seem 10 let a 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 ne
paid $4,000 a year for a modest sized
floor and fitted it up cOzily at an ex-
penditure Of $1,000. His suite IN the Trim
ity Building cost him $4,000
The post-ofice is one Of Manhattan's
good tenants. Close upon $4,000 goes
into Father KnickerbOcker's pockets
from the government which pays So. 500
a year for post-Ofice stations. finding
space in the Grand Central Palace. at
$3.50 year, az West and Morton
streets for $20.5o0. and at the Madison
Square and n few other stations az almost
as high figure The produce exchange
has the post-office for a tenant Like
others, II has 10 pay the $50 a square
foot. which totals up $500 a year for
store space in, this building
LcssceS are so afraid that rents will
continue 10 soar in Manhattan that many
the government included-have taken
out as long leases as they could. while.
on the other hand. numerous agents have
wisely provided against future contin-
gencies OF another kind and refused to
lease except on long terms.
sI2.OOO.OOO LenNe-
The longest lease OF its kind in New
York is that OF a Greeley Square site
AT the southeast corner OF Broadway and
Thirty-third street, for term OF 1G5
years for $2e1o.00o. Four millions VII
be paid for the first forty-two years and
SS.0000O0 for the rest Of the term, an ar
rangement on the part Of the lessee.
Harry Levey, which goes 20 show that
he believes the site viii increase in value
a generation or so after he has erected
20o0p00 or S3.0000 go structure 10 stand
upon that corner on completion OF the
Pennsylvania tunnel
The old New York Club site, al Fifth
avenue and Thirty-ffth street. has been
/ taken by a grocery firm Tor a term OF
twenty-One years for $4,000. coo net. while
another lease for the same period has
been entered into FOR No. ! West Thirty
fourth street.
Significant Of the times is the fact that
private houses which have rented at $1,000
and $l0.ooO are now bringing only $4,000
and 5000 For exceptionally fine houses
people pay n rental Of from S25 900 10 SO 0G0
year, price which would have made
the early Knickerbockers gasp. while the
fact that the late J. Henry Smith paid
$2.5o0.0co for the Whitney house when
he bought il. with q few of its furnish
ings. would have caused the very wigs
70 rise from their heads in amazemcnt.
The most expensive residence property
in Manhattan. said Messrs. Pease a
Gilman. lies between Fifth and Nadi-
son avenues from Fifty-ninth 10 Seventy
second street. In good sections this
property sells for $4,000 TO 5000 while
In Park and Madison avenues values
run from SlOOO00 TO S2o0,co9 for a house
and lot.
$4,000 for Eight Months.
The highest rental paid recently for \
house was $4,000 for a period Of eight