New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-09
III eRe>a}] Estate
Expert Sees Injury to
Realty in Heights LAM

story building will contain about $4,000
square feet of renting space, and two
elevators must be used, whereas an
eleven story building contains $500
feet and | have allowed for three ele-
vators.
"The fact Is indisputabie that the
four upper floors are by far the best
renting floors in any building on any
street if the building is twelve stories.
] have considered the question Of set
back. Four additional stories can be
added to the building If you set back
1914 feet, but experience convlnces me
that these floors without any view OF
the street would not pay for their con-
struction, taxes and operation There
is altogether too much theory in this
buildings heights ordinance, and while
| believe that something should be
done, yet we should give property own
ers south of City Hall n chance to get
a fair income, and this cannot be Sc
cured, in my judgment, unless a twelve
story building minimum is permitted.
~ want to call your attention to the
statement made by many in favor or
this ordinance, that out Of 515,S49
buildings in Greater New York only
1,156 are ten stories in height and only
III buildings are sixteen stories and
more in height. South Of City Hall,
taking both sides of Broadway and
Nassau Street and the westerly side Of
William Street, we find that approx
mately 50 per cent of the ground has
actually been improved with buildings
ten stories or more in height. II Is
not a case where only Il Of l per cent
hut NH
per cent is so improved. | feel that
we should try to protect the interests
of the owners of the remaining 81 per
cent of this ground.
81 also feel that this Is not an oppor-
tune time to try experiments IN the set
led downtown district, and believe that
if this ordinance is passed serious
disturbance in ground values Will re-
suit, with foreclosures and generally
unsettled condition.
81 also feel that the ordinance is I'M
fair in so far that on corner plots llr-
respective of character or size) IL re-
ouires 1 per cent to be deducted for an
inside court for each story OF height,
as we'll as 10 per cent addition. | have
in mind block front 120 feet wide on
the thoroughfare street, and 90 feet IN
depth on the side streets. Here IS a
plot of 5000 square feet, with go feet
Of street frontage. II is barely large
enough for improvement If 1t were not
on account of the ideal light arrange
ments and the peculiar condition that
while only 5000 square feet in area, yer
il has go feet of street frontage,
against the normal corner plot OF w.
600 feet in area and 200 feet OF street
frontage. 1t is absolutely foolish TO ask
that any court space be left where con-
ditions are such as these, because II
would not be an advantage either TO the
building to be erected, o. to the ad-
Joining property owner. | think THIS
amendment should be urged:
"A corner plot containing not more
than 1900 square feet, or possibly a
correr plot with a depth of not more
than so feet from either one OF two or
three street frontages, can be improved
TO its fullest capacity
In closing Mr.. NJyes says:
81 am sure Mayor Mitchell, President
McAneny and the BoaId OF Aldermen
will do nothing hastily in passing this
ordinance without giving us the oppocr,-
tunity of discussing the matter with
come of the active real estate men IN
the city, and | am going TO take the
subject up with number OF such; l
have already spoken to Mr. De SEEDING
regarding the matter, and am 70 see
him in a few DAYS"