The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-17

ings acquired lands which are to-day
listed among its most valuable holdings.
Central Park, comprising $40 acres. IN
the heart of Manhattan Island. was ac-
quired in that fashion in 1856 for Sc
100000. The city recently assessed the
park at 1856. 600. 900. a 5000 per cent
increase In little over a half century.
That Father knickerbUCker has
proved shrewd investor later events
have conclusiveiy proved. Tie acaul-
sition OF Tompkins Park may be cited
as an example. In 1924 the land com
prising the park was purchased for a
little over $4,000. 1t Is now assessed
in the neighborhood Of SO. 200, 600. Noun
Morris Park, valued at s7,500.000 was
acquired by the city for $4,000. Black
wells Island, little principally in
itself. at present appraised for $1,000
600, was secured from James Blackwell
in 1898 for s32,5oo.
In the last session OF the Alban>
Legislature Senator Simpson introduced
a bill which awakened great deal If
interest among real estate men. lie
. favored an amendment to the Charter
empowering the Sinking Fund Commits
sion with authority to sell all lands
owned by the city not used for any
specified purpose within two years after
the land was acquired. The bill appar-
emily was aimed at the unused holdings
OF the Board Of Education In the belief
that the city was being deprived OF
revenue that would come into the city
were the lands in private hands. An
investigation OF the unlmprOved sites
OF the Board OF Education revealed tho
| following facts: the Board OF Education
| as shown in a recent financial report,
| controls n total number OF thirty-two
| Inimproved sites. OF this number only
| four are in Manhattan. while twenty
| Ave are in outlying sections Of Brooklyn
and The Bronx. There seems to be NO
valid reason why the Board of Educo
ton should not acquire holdings where
the tendency of population points t.
| the rapid development OF q district q
few years ahead in order 10 avoid pay
ing excessive prices for sites. Senator
Simpsons bill II put into effect will
place the city at the mercy OF specula
tors instead OF permitting that freedom
OF negotiation SO essential.
The method which the city follows
in securing land is interesting. Where
| a department determines that site ls
necessary for its purpose the matter
Is laid before the Board OF Estimate.
This body directs its engineers 10 make
a survey and its appraisers to deter
mine upon the value Of the site. Tho
Board of Estimate has the entire juris-
diction over the matter OF negotiation.
Where an important Improvement ~
determined upon a legislative enact
ment empowers the Board OF Estimate
with powers OF condemnation. II the
improvement is Of a character to benefit
| fins, hhprh,pI IN. owners ara conn
PEELED To pay their pro rata share
based upon the expected increase in
value of their property.
on the other hand in dsposing OF the
property an entirely different body.
known as the Sinking Fund Com
mission. is vested with that important
authority. The commission may also
lease property. but for no term longer
| than ten years. 1t can only renew FOR
u similar period. Its power to lease
extends over all city property except
wharves, parks, piers and land under
water. The city owns comparatively
few unirnproved properties situated In
districts capable OF private improve
ment, and every effort Is being made
to dispose of such holdings where tho
possibility of using them for city pur-
poses Is slight II IS mHuilostly an uG-
economic policy TO withhold these lands
from private ownership and forego the
income derived FROM taxation.
The citizen who learns that approx
mately one and three-quartcr billions
worth of real estate I'm the city II
exempt from taxation raises Il hue and
cry claiming that the privilege ot
exemption ~ being abused, But diff
ferent l,Cht is shed ou the matter when
we consider that of this vast sum.
roughly, one and a third billions ara
owned by the city.
Assessed valuations OF the cltys
property of recent years point to a large
increase IN the value of the municipal
holdings In 1910 the land was valued
at 1854 800. 900. In 1913 the figures on
the tax books show that the lands or
tho city have reached the enormous
sum of $1,000, 100000 through the
steady working of the unearned mere
lnent and the constant additions
through private purchase and con-
demnation. At this rate the magma
, ton staggers IN contemplating what