The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-09
HEIGHTS ORDINANCE
RUINOUS SAYS MOVES
Declares It Would Take 80
Per Cent. From Downtown
Realty Values.
LIMIT SHOULD BE $50 FEET

MCtulre, president OF the Real ESTATE
Board, asking the boards opposition to
the proposed ordinance limiting the
height OF buildings, Charles f. Noyes.
one OF the most experienced downtown
realty brokers, declares that any ordl-
dance along the lines OF the one now
being considered would he nothing short
OF ruinous 10 owners OF downtown real
estate.
The proposed ordinance" in its pres
ent form" says Mr.. Noyes, 81 am GER
tain would work serious injury 10 down
town real estate owners south OF Cham
bers street from Church to Pearl street.
particularly owners ~ property not now
improved on Broadway. Nassau, Will
lam and the cross streets In this ne gh-
borho,d.
81 feel that buildings at least $50 feet
high should be permitted on these mar
row downtown streets whcre property
values probably average $50 per square
foot or Si25.00O per lot. have talked
with number OF active. practical real
estate men, and while most approve OF
the general idea that something should
he done toward limiting heights. yet
almost without exception they seem to
drastic shape should not include build
ings south Of City Hail. Generally
speaking, uptown thorouEhrares are go
to 100 feet In width, but unfortunately
downtown streets are narrow
Among tho downtown streets so feet
wide OF less may be mentioned Wall
Nassau. william. Liberty, Maiden lane,
Pine, Rector. Beekman. New. Cedar,
Church, Cortlandt. Dey Fulton. John
e.1A l4.r
unimproved to capacity will average
a value OF $50 per square foot and
think the present ordinance restricting
the building height to 100 feet. or eight
stories. Is certain TO depreciate these
values 30 per cent. or'more. Restrict II
the city must against monstrositics 20
10 30 stories high, but at least down
town owners should he given a chance
TO secure a moderately fair income from
that which they have purchased or held
In good faith.
The following figures show how
ground valued NJ s125,000 per lot $3.50
per square foot) must be improved with
At least twelve story and basement
building $50 feet in height TO main
tain the ground value, whereas II the
proposed ordinance IL adopted and the
height limited 70 eight stories 600
feet) n ground loss is certainly in
dlcated. II anything. have erred in
| favor OF the 100 foot building because
I have estimated that n building $50 feet
| high would cost the same rate per cubic
| foot to construct whereas the COST oi
! construction would he somewhat less.
| have also figured on operating expenses
| exclusive OF taxes and depreciation, az
| exactly the same rate per foot for q
| building $50 feet high MS ! have for a
! building eigh. stories high, whereas u
should be a shade less. The figures are
as follows:
Eight story and basement building
| Inside plot. so by 100. ground value
| $3.50. 900: ground roor Is feet high; sever
a-1s- as--. - 20, hish, total height 10,
| feet from curb, basement 10 feet high.
Ground floor aud basement to cover en-
! tire lot. Upper floors cover 50 per cent
o. LOT, Of Or ' ,oo sduare i.eI 4, ,s,,.
value OF ground, 90 by 100 ...,. $4,000
Rental income;
Ground floor 1900 square feet So
Rd per r81' 1900 square feet. 80 ~
cents per foot ..'..-........... 2.Io
Seven offce floors S75O feet each,
f33 per foot. dboo'
Total Income 1910
Allowing for vacancies. 800
T TotSi value. ,i56, 1000 '''''''''''
Twelve story and basement building.
Ground floor. rs feet high. eleven uppe
floors. 1894 feet high; total height. $50 fee
from curb. basement, 10 feet high.
| Cuhical contents;
| Upper eleven floors cover 10 per cent o
tho lot or $3.50 square feet
About $4,000 cubic feet 20 cents
value GSr Of 59T ground SO by iOC....... 5000
Total oost...................,b s5, 90
Rental Income;
Ground floor, 400 feet 81 per
Basement sen 1000 feet SO cent, per
ri iSG' seven once doors. ,a5oo -''
per ,o SG,a' 81 -9""' usa
Timer four office noors. $4,000
each, total of $4,000 square feet,
$3.50 per foot .,.............,.. 2l'oo
Total ,ncom................... ,SS.s,
Allowing for vacancies. 6.6s
Total SEQ. 90
: Total value. I525,000.
; In the following analysis am CON
. pairing the fixed charges for operstin
the two buildings mentioned above, a
lowing for taxes, operating expense
! depreciation TO building and allowing o
- cost OF building 8 per cent, so as
show exactly how the ground unit r,
mains when we get through,
. II have allowed for taxes twice III
, actual cost OF the building. with groun
: in the cost. For depreciation am allow
: Ing an arbitrary annual amount OF