New-York tribune., 1909-05-22
HIGH RENT FROM CrTY
sheath Department Objects to 38
Per Cent Increase.

Instead OF increase Of only 10 per cent in the
rental demanded by the Braker estate for the
property occupied ny the Department Of Health.
< Controller Metz said yesterday that the $50 900
yearly rental was found on investigation TO he an
advance OF approximately g per cent. As told in
Thursdays Tribune the leases the Braker prop
+Terty. 81 the southwest Of 18th street and
Sixth sTenue. and the Lee parcei al No. e62 Sixth
avenue. expired on May /. The city refuses 10
Grenew the leases
For the Breker properties tne city has been pay
wing S2i.5z7 yearly rental The price demanded for
those parcels is S4500J0 and the estate has
fed the city that from May ! the rental would bc
$4,000 a year. The Department of Health has also
occupied for about i've years three floors OF the
building al No esS Sixth avenue owned by the Lee
estate, al rental OF 81 800 year. The Lee estate
IS willing To renew its lease.
About 1897 said Mr.. Metz. "a proposition was
made TO dispose OF the Braker interest to the city
at a much lower price than asked, hut at that
tine l could not that the city would in any
wise Re benefited by the acquisition OF this prop
=. erty and for two First. it would not he
sood investment and, second. because, in addition
10 the price which the city would pay for the prop
oerty, felt sure Ihat il would mean either the
reconstruction Of the old building or the construc-
'ion OF new building upon the property al great
Z cost.
Assuming that the price asked by the Braker
0@estate- -s45o.ono-is fair market value then the
department Of Taxes and Assessments has again
1alied 70 comply with the Law. Based on the per-
oe'ase or assessed valuations in the neighhorhood
"hlcn this office has heretofore acted upon in ort-
orar1 Proceedings. the fair assessed value of this
property should be S260oOn instead of only s24s 0oa
= in other words. the city losing an assessment
l. nased on about S2N@o annually on this property"
q the assessed valuation of the Braker property
from 1925 TO 1912 inclusive vpas siSa Nan In fans II
was assessed sl7loeO and from then on If stead
fiy increased until il was assessed at S220Oa
.sz-at which figure il remains
=. Ihe records show that the corner lot - feet
inches IN Sixth by 100 feet in 5sth street
= was sold by the New York Athletic Club 10 the
Democratic Club Of the city of New York on Feb
ruary g 1895. for slaoHo and pas then sold hv the
Democratic Club TO Henry I. Braker on Nav / 1899
Tor Sl7oeA The other Rrsker parcel is @5xfao feet
kfron'irg cn Sixth and adjoining the main
building.
- If one will stop consider the matter" con-
Unusd Mr.. Metz. 1t can he determined readily
whether II would he cheaper the city 70 hire
Eproperty for site for the Board of Health
especially this one-or buy the same. assuming that
the price asked by the oWners-S4500al-is the fair
L market value The city would have to issue cor
porste stock 70 that and pay interest
thereon az the current rate In addition 10 that
there would have 10 he auortized into the sinking
funo IN amount Of ~ per annually for 3
period Of fifty years In other words the budget
would be increased Added 10 this. moreover must
be the loss of taxes which the city receives because
the BFaker estate Is the owner"
The Department OF Health is looking for good
site near the subway and is anxious to move.