Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-11-12
NEW YORK REALTY
SHOWS RAPID RISE
increase of Land Values
Makes City Problems More
Difficult Each Year.


throughout the city of New York the
problem OF providing for schools. play
grounds and many other public purposes
is becoming more difficult each year. ac-
| cording to the mayors congestion COM
mission, which is preparing to call on
the board OF estimate to adopt policy
of Systematically acquiring property for
such purposes.
Members of the commission who have
been making a thorough study of land
values have been much impressed with
| the upward movement and the great de-
mands Tor property, especially on Man
haitian Island, for long term investment.
1t is becoming generally recognized that
land is being leased for long periods,
even as sites for skyscrapers. The liza
bilities OF the city must necessarily be
come greater in purchasing land, accord
Ing to the commission, as the long term
lease system becomes more general ana
will make the acquisition of land cor
respOndingly more difficult.
Tables are being prepared showing the
present value per square foot of land IN
Manhattan, and this will be used as a
basis for the argument before the ooaao
OF estimate. The study shows that While
the area Of Manhattan is only one-siA-
teenth that OF the entire city. its assessed
land value is TT per cent Of the total
assessed valuation and that the borough
sustained 65.4 per cent of the assessed
increase in the city this year.
One block in Manhattan is shown to be
assessed at more than the total of many
prosperous villages and some small cities.
That is the section bounded by Broadway,
Church. Liberty and 'Cortlandt streets. In
1906 the assessed value of the block was
10 per cent of the total in the city, and
the increase in two years of $1,123, 100
was % per cent of the total Increase IN
assessments in the city. The assessed
value of the land in 1908 was $7,611 600
Some Assessment Figures.
For purposes of general comparison, the
investigators took several sections In each
borough. OF eight sections in Manhattan
seven showed an increase of 81 per cent
in two years; six sections in the Bronx,
twenty-five in Brooklyn and five In
Queens showed an increase in assessed
value OF exactly 100 per cent In Rich
mond three of five sections showed in
creases of 90 per cent. The sections COW
cred several blocks.
out Of a total of $500 blocks in Man.
haitian one-f1fth shows the lowest lot as
sessment to be $3.50 a square foot; one
quarter does not contain a lot assessed at
less than $3.50 square foot; one-tn1r-
teenth does not contain lot assessed al
less than 81 square foot, and one-sixty-
second does not contain lot assessed at
less than 81 square foot.
Another section pointed out as showing
remarkable increase In value is that
south of Watts and Grand streets, in
GLIDING a neck on the North river: II
contains only go per cent of the total
area of the city and yet has one-eighth OF
| the total assessed value and represents
| one-thirteenth of the total increase in as
sessed values in two years.
The block bounded by Pine, wall, Mas
sau and William streets was assessed IN
| 1905 at $11, 400, 400 for land and $2O9O,6Ol
for improvements. In 1908 the land as
sessment was $13, 762 4Oo, an increase OF
| s. 333, 900, with Improvement assessments
| of 81. 4S7, COO All these figures are given
| 70 show the need fer the city buying more
land instead of waiting for further ad-
vances.
Increases in Value.
Nearly one thousand instances OF re-
markable increases In city owned prop
erty have been compiled to show the
profits realized by the city I'm its land
investment and the urgent necess ty for
more extensive investment by the
municipality in land. A few of the most
striking increases were given in the real
| es ate columns OF the Herald recently,
and further inves .igation sustafns those
figures n nearly every instance.
There is no doubt that New York
needs much more land said Benjamin
c. Marsh. secretary of the mayors con-
gestion commission, who has been in
charge of the investigation. The city
must have more land for parks. play
grounds and other purposes and must
adopt an aggressive policy.
THE ci.y should have permanent con-
domination court and adopt policy of
pay ng owners not more than TO 10 per
ant more than the assessed valuation of
and taken, as is done in New Zealand.
with the alternative that IL the owners
do not sell their land for that amount for
public purposes the city should assess
the land at the cost demanded in the
negotiations.
when there was talk. few years ago.
Of taxing land values. the proposition was
regarded as connscatory, bu. now 1t S
recognized that the community which
creates values Is entitled to share of
the results