New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-09
Charles F. Noyes Shows
Effects of Proposed Ordi-
nance Downtown.
WOULD MAKE LIMIT
OF TWELVE STORIES
Believes Restriction Should Not
Affect District Below
City Hall.

: lctNCi W LduIeHCe VI. ~. McGulTe, pTeSl-
dent Of the Real Estate Board of New
/ York, concerning the proposed ordi-
/ nance on the height of buildings. He
/ thinks that the ordinance in its pres
! ent form would work a serious injury
to downtown realty.
He names a number of prominent
narrow streets where property would
| depreciate in value if the buildings
were limited to eight stories. A fair
compromise could be arrived at, he
says, by limiting the height in these
streets to twelve stories.
Mr.. Noyes has sent d copy OF his
letter to members of the Board of Esti-
mate and the Board Of Aldermen. His
letter follows:
"The proposed ordinance, No. 1912,
for the limitation of the height Of
buildings has been referred back to the
committee to be redrafted, so as to
cover some of the objections made. In
its present form | am certain the orig
inal ordinance would work serious in
jury TO downtown real estate owners
south of Chambers Street, from Church
to Pearl Street, particularly owners OF
property not now improved in Broad
way, Nassau, william and the cross
81 feel that buildings at least $50
feet high should be permitted in these
narrow downtown streets, where prop
erty values probably average $50 a
square foot, or SI25,000 lot. ! have
talked with q number of active, prac-
tical real estate men, and, while most
approve of the general idea that some
thing should be done toward limiting
height, yet those | have talked with,
almost without exception, seem TO feel
that the ordinance in its present dras-
tic shane should not include buildings
south of City Hall. Generally speak
ing, uptown thoroughfares are 60 to
100 feet in width, but, unfortunately,
downtown streets are narrow.
among the downtown streets 5V
feet wide or less may be mentioned
Wall, Nassau, William, Liberty, Maiden
Lane, Pine, Rector, Beekman, New
Cedar, Church. Cortlandt, Dey, Fulton,
John and Exchange Place. properly
here unimproved TO capacity VIII
average a value of $50 a square foot,
and | think the present ordinance re-
stricting the building height to 100
feet Cor eight storles) Is certain 10
depreciate these values 80 per cent or
more. Restrict, if the city must,
against monstrosities twenty or thirty
stories high; but, at least, downtown
owners should be given a chance TO
secure a moderately fair income from
that which they have purchased or
held in good faith. 1t looks to me as
If equities will be ruthlessly conns-
Gated by the city if this ordinance IS
permitted to 60 through in its present
form. A fair compromise, II we must
restrict height, is TO make the mini
mum height $50 feet instead OF lVo
feet. ~,
"The following figures show how
ground valued at Sl25,0O0 lot (Sov
a square FOOT must be improved WIN
at least a twelve story and basement
building $50 feet in height 10 man
tain the ground value; whereas, II the
nroposed ordinance is adopted and tno
| height limited TO eight stories ~
| feel. a ground loss Is certainly lhul-
Gated If anything, | nave errea III
| favor of the 100-foot building pecaseo
have estimated that building lo0
feet high would cost the same raIe
cubic foot to construct, whereas INC
cost OF construction would be soHhe,
what less. | have also hgureo on
onerating expenses, exclusive OF az
and depreciation, at exactly the sam
rate a foot for a building lou leet hisn
81 have for a building eight stories
hiob. whereas it should be SHADE ie'''
The figures are as tollo"s'
rsbt story and basement bgildins, ,nsnH too
zo,i5o fest ground value. s25OooO grqda aS aota
2S Si., hia seven upper floors 81 feet hisn Ken
70 ieet n ,a5 Zoe, rom curb basement. 10 ieet "sn
49, contepts-Ground floor ana OdseLn'eS
liza
70 co,ei , of lot or l. $50 square feet; ,oon ma
pef, teL' " " ...'.................sZV WV w NY
bnildigs .,o,ind 100000
'l'' " ............; l5O. 900
po I9,ai i Ts5 door, 200 squss65ee
i'eIl, e a, So foot. $I3sOO: Easements lay 5g
square feet. At 20 cent? ,so a ,e ,Go' eash At
! 81 SO foot. s"2iy ''''.... 5000
...... sii 700
T Ts,c :tcy and basement budnsrSSggad h St.
10 feet high eleven upper f3ors, Is isst hsh
| Le,ght $50 feet from curb baseI.ehs. 20.
S,sieal coutents.-Upper eleven noof' .o TV,
% per Ss.' ass 600 cubic feet at 40 cent? mn
| loot ..................... 'Ss9 009
value Of ground.
....... ,525 900
TOT, I?sfi ,TSCc ss aoor 900 feet At
h',.ST ~, foGt sl2 800: basement. 4OOV lset,
e. " yer ct i9, loot s.. oO5; INST seven one ~.
aoors. S. 800 each. total Of asoeO ro 5r
g. do -, s,cb total q $4,000 square feet "a s,s
| AZ 81 30 sci 600 ACKNOWLEDGEMENTS d s33
Allowing for vacancies. ....'''''''''''
-, .....................f $50 900
"In the following analysis ] am com
naring the fixed charges for operating
r. two buildings mentioned above al
Lowing for taxes, operating expenses,
denreSiation to building and allowing
on cost Of building per cent SO as 70
chow exactly how the ground unit re-
mains when we get through.
81 have allowed for taxes twice ths
! actual cost of the building, with grouhu
in the cost. For depreciation an .
lowing an arbitrary annua! amount VI
nor cent of building cost, ana ior op
a .n,sra foot. even including the base
Pc a,, While the eight story building
would eventually depreciate IN grouno
49, and thus taxes would be some
rbst less. vet this slight difference IS
r,ore than made up in the benent
have given the eight story building IN
eos, az construction and operation. Inc
fgures work out as follows:
| Building Ba ,,d *;
ITat.s ...............'..''s'''' F.'kSn 500
Depreciation .......'''''''''' a 400 5000
Operation ......s.'s..'''''''' - -
..,s $4,000 $4,000
Total $3.50 SIl 100 10000
Total rents. a. ABOVE IA 200 50. OOc
Deduct .........'''''.'''''''.. - -
$500 $4,000
| ........sssssss
AoS : per cent Of cost " $4,000 N3I5O
! building .................'''f4V'V
5000 sl2.25O
| Total ......s....ssssssss"'' 49, -, .
/" Won will note from the above that
n, per cent basis the eight story
Sn,Iding depreciates the sZoo'oOo
ground 10 100000, or arbitrarily .aAe'
oa soc. 900 Of legitimate earning value value,
In the case of a twelve story ouiidihs
~ owner still secures just about