The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-27

1.\rrNbpdN vtmCmpi - Inc story ol
,,a time when George II. Read went 10
Tho owners ~ ~" little curncr at
Broadway and wall s.rce; 10 ask them
u they wou,d aell, AMI ,hoy said they
wound IL Mr. Read wuuld F-. buyer
who would cu.cr the ground with dol
lar gold pieces ia payment Mr. Read
t-ured out the price on that basis, go
T. is said, and offered the total in behalf
., HE customers only 20 te told that the
sold pieces would have % he stood on
edge
Wien that story was told Il was
looked upon as a good real estate yarn.
INT IN the liglrt OF present day facts Il
does not seem so prepostcrous. Tho
present owners OF that corner are get
ing s47 a year rental for every square
foot 81 space in the ground floor store
occupied by tho United Cigar Store.
In fact tho rental that little store will
nav in the twenty-one years of it,
lease will come within n few thousand
dollars " equai,ing what the present
owners paid for tho property without
tho present building. and that corner
s. one % the most valuable in all New
York city.
one months rental Of thar little store
only 20 by 3 feet would pay years
rent FOR r!A apartment or for a fine
dwelling in an exclusive ncighborhood
st. nd f.,Ff but a.
ing in some neighborhocds. But at si7 a
square foo. 1t Is not the highest store
rental. nor does ii approach the rign-
est. FOR ~ the corner of Broadway and
Thlrty-fcurth street is little icwelry'
chop only 80 by IL feet in size which
PAYS the enormous rental Of 100000 a
year. In other words, every foot of the
$50 square feet costs the proprietor no
less than s5i year in rent. Lucios has
TO sell many diamonds and pearls and a
erea; deal of gold to be able to pay that
rrrtal hut his establishment is only
ore II a number IN this city, located
a. the very centre Of circles Of activity.
that are making landlords happy.
Store rentals In New York are a
highly interesting feature Of the real
sst.tc field Ey this Is not meant the
shop occupied by your butcher or your
baker. for his rert is about he same
a. tina, nf other butchers and bakers.
HIt there are on the other hand a num-
b Of stores IN various parts of the city
~ which more IS paid In rentals than
most concerns take In during the course
Of q year They are not big spaces, bu.
q tie 20 the contrary they are mainly
lttle slivers OF property. or what j.
termed Ia real estate watch charms.
EIt they represent tho creates; earning
capacity IN the city and are eagerly
sought. To fix actual values on these
properties is a task worthy 81 tho mos:
learned expert, and that he cannot al
ways be satisfied with his figures 1,
evident from that fact tha- many en-
Dsnslve stores are not rented for q
definite stated amount but on basis
OF percentage OF gross incomes.
Practically all Of the highest priced
stores In New York are occupied by
concerns which operate chains OF retail
establishments selling goods that aver
age IN price less than 81. The Thirty
fourth street jewelry shop IL the glar-
ing exception TO this rule. but on The
other hand II the twelve or twenty most
costly stores are considered Il will be
found that most OF them are used for
'hs sale OF cigars and tobacco. candy
srd the multitude Of goods handled in
tie modern drug store. Schultz, the
Inf1ed Cigar Stores, the Riker- Hege-
man Company. Loft. Schrafrt and the
Mirror Candy Company, all with large
numbers of stores that lool' 70 many
sales OF comparatively small amounts
-dther than to few sales OF large
amounts for their profits, always are
approached first by brokers who have
exceptionally attractive stores 20 offer
and among the number one usually
vii be found to pay the rental asked
10 matter how great II H.
That one OF them will pay the renta
asked is no criterion OF the store
'alue, TOR number OF cases could be
cited probably where stores have beer
taken over not only because OF thei,
business prospects but as we'll because
~ the advertising 20 be derived. one
- the concerns named has owned VI
20 having several stores for which the
rental is 80 great that there can he nc