Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1912-11-20
y such Iand value?" asked Mr. Due

on such land value?" asked Mr.. Duff
field.
I am no more of an expert on
department stores than you are, Mr..
Duf1eld. I do not know" was the
reply.
Neither do l." was the laughing
rejoinder of Mr.. Dufield.
Continuing, in reply to questions,
Mr.. Berry admitted that the demand
for Office buildings In Newark was
pretty well supplied at the present
time.
Then you don't think there is a
demand for a twenty-five or thirty
story office building at the Four Cor
ners right now2' asked Mr.. Dufield.
1t was the first time that a possible
mixing of what the Prudential in
tends. TO do eventually with its prop
erty at the FouFt Corners had come
out. and Mr.. Berry's answer was
awaited with interest.
The answer was short. 1t was:
Not at present"
Mr.. Dufield then asked: IF the
Prudential wanted to sell that plot at
the corner of Broad and Market
streets for 81, $50. 600, your figures for
1t, could you find a purchaser for it?"
rs that an offer to SELF" laughing
ly asked Mr.. Berry.
"Oh, no, no. no." quickly responded
Mr.. Duffield, but I am not sure but
that We could declare a dividend If we
got thet price"
You must consider that it takes
a couple of years to build such a
structure remarked Mr.. Berry, land
the demand might be ready when the
building was completed"
Going back to Four Corners value
comparisons again, Mr.. Berry said
that he considered the Firemen's In
suranee Company land more valuable
than thai of the new Kinney building.
Firemen's property is assessed at
1900 per foot frontage. as against
$40, 735 for the Kinney building. The
Ftremen's plot is 70 by 81 feet IN size,
but Irregular in shape, while the Kin
ney 8 regular in size, 6S by rs feet.
According to Mr.. Berry's estimate,
the Kinney building land is worth
about . per cent of the value of the
Ffremen's plot. Mr.. Berry said, how
ever, he would add 10 per cent. to Is
per cent to the Kinney land for the
frontage value.
MI. Duff1eld then jumped to the land
owned by the Howard Savings Insti-
which is across the street
from the Prudential land at 781-7s3
Broad street, and which is assessed
at SIPS ST., as against 1920, which is
figure for the Howard land.
Mr.. Berry said he certainly con-
the Howard land worth more
than SO per cent. of the Prudential
value, and then volunteers the in
that "If it was left to me,
| should Increase the assessments on
the east side of Broad street,
Mr.. Berry's examination concluded
with a question from Mr.. Duffield as
to what he would do as an expert
the old Fidelity Trust building.
Mr.. Berry first caused a laugh by
I'D probably charge for the
and then went on to explain
hat the building is not what should
on the site to yield revenue COM
with the land value.
III I owned it l would tear the |
building down and go up in the air
With a big building. one that would
Yield property revenue"
Mr.. Berry was succeeded on the
stand by William C. Fielder. son of
sx-Mayor Fielder. He said he had
jecn in the real estate business for
years and had devoted much Of
his time to handling property in the
of the city.
His qualifications as an expert
we're bitterly attacked by Major Carl
but4Mr. Fiedler came out with
Tying eolors. and his examination
proceeded.
After Mr. Fielder was allowed to
he was asked to place a valu-
Ltion on 1877 Broad street (the Holz-
corner). His figure was from
ii. 900 t SIS, 900 per foot frontage,
,eing 50, 900 lower than Mr.. Berry's
igure.
In his other figures he was con-
Iiderably higher than Mr.. Berry,
the valuation for the plot
It the corner Of Broad and Market
%treets. 92.5 feet on Broad and S7.4