New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-21
SEES LITTLE GAIN
in HIGH BUILDINGS
Purdy Says Investment in
Manhattan Real Estate
Hazardous.
DARES NOT TELL
ALL HE KNOWS
Proposed Limitation Of Height
of Structures Discussed
at the Hearing.

an parts Of Manhattan real estate
values have been shot 20 pieces by the
reckless extravaganza OF building IN
the last few years. as any real estate
man will tell you
This statement was made by Lawson
Purdy. president OF the Tax Commits
sion, ~ the hearing m the CITY hal
yesterday afternoon on the proposed
ordinance 20 limit the height OF future
buildings Mayor Mitchell presided.
Other members of the Board of kstl-
mate and the building committee OF
the Board OF Aldermen. were with him.
Commissioner Purdy said that an or
dinance as proposed was really a ne
cessity 20 protect real estate specu1a-
tors against themselves.
Below Chambers ST." he added.
"there are few buildings more than ten
stories high paying more than per
cent OF the cost Of the land and the
building. The people who have put
up big buildings have got big revenue
for short time Just as soon as their
neighbors put up big buildings and
smut out their light then their big
profits were gone
81 don't dare tell you all know about
real estate conditions. II would not be
fdlf 10 OA NfAes anu hOAAN NV w NAN
real estate business any good. Instead
OF the stability OF thirty years ago, We
have come 20 condition where IN
vestment in Manhattan real estate is
extra hazardous. In order that the
owners Of real estate may be protected
We must place a limit on the height
OF future buildings"
Edward w. Bassett, chairman Of the
Height Of Buildings Commission, de
MED that the proposed limitations
would reduce building activity. As n
matter OF fact. to limit the height
would be 10 spread out the activity and
cause more rather than less buildings
TO go up.
Among those who appeared in oppo-
sition were Stewart Browne. president
of the United Real Estate Owners As
sociation: George A. Wheelock, vice
president Of the Real Estate Protective
Association, and representatives Of the
Consolidated and the Brooklyn Union
Gas companies. The latter wanted gas
tanks specifically excepted from the
height regulation.
Former Justice Charles F. Mclean,
appearing for the Board Of Trade and
Transportation, said the board wa not
opposed but thought the ordinance was
vague in many of its provisions, some
of which seemed to him contscatory,
and thus unconstitutional.
His artistic nature favored the ordi-
nance. Mr.. Browne said. and demanded
even stricter limitation, such as they
have i'm Munich and Paris. However
as the owner of Broadway and other
business property he believed the pro
posed limitation was too drastic. New
York would never have got the bust
ness 10 has had 10 not been for the con
gestion. he declared.
Regulation Of the kind proposed Is
the basis Of sound city planning said
the City Club, in letter to the Board
of Estimate. without 10 city plan
ming must remain hopelessly inefee-
tive. Intelligent real estate owners,
finding "A common interest with the
public i'm this respect. are coming more
and more TO appreciate the value OF
such regulation
Because of the interest taken in the
matter. further hearing was set down
for Thursday. January %, at 2:3O p. m.