New-York tribune., 1916-02-18
Real Estate Men Indignant
at Body's Renting Equita-
bic Building Quarters.
CITY'S PROPERTY
STILL STANDS IDLE
Board of Estimate Should Have
Veto Power on Boards
Finances, Says Operator.

Real estate men. taxpayers, not yet
recovered from the II point increase
in the tax rates, and the Board OF
Estimate grosned yesterday when the
Public Service Commission announced
that IT had obtained new quarters in
the Equitable Building. The lease was
signed in the face of the protest OF
the Real Estate Board OF New York,
Controller Prendergast. and tax
payers.
To the Real Estate Board, which in
sisted up to the last minute that the
commission make use Of one of the
city's idle buildings. the commission
replied: Let the city sell its build
ings." Real estate men pointed out
that the commission itself has about
$25.OOO,O0O worth OF property of which
it has been unable to dispose. Con-
troller Prendergast said he had sent a
letter 10 the Mayor, Tuesday, advising
the use of one of the present empty
buildings. The lease was signed with
out the knowledge OF the Controller.
The Equitable lease. signed Wednes-
day evening calls for an annual pay
ment of slO5. 900, at $1.7O a square foot,
for the new quarters, with privi-
lege of release after two years
on six months notice, and $4,000
feet of space in the City Invest
ing Building. thrown in at $4,000 a
year for two years. as "sweetening."
Among the offers refused we're the free
use of the Hallenbeck or the New York
Life Annex Building. the two .yp floors
Of the Hsllenbeck- -Hungerford Build
ing at about so cents pei square foot,
or the continued use of the present
quarters in the Tribune Building at
s1.35 per square foot. with the privi-
lege Of vacating rooms at any time at
the rate OF 10 per cent each month.
President Mcclure Protests.
Laurence VI. D. Mcclure. president
Of the Real Estate Board, said yester-
day: "It is high time for the Legis-
laturc 10 enact legislation which will in
the future rest the financial control OF
the Public Service Commission in the
Board Of Estimate. am thoroughly
convinced that if the Board of Estimate
had had the power of veto this lease
would have never been signed"
Another well known dealer called the
whole action 'just like tearing up $780,
600 a year"
Mr.. McGuire. E. c. Cannon. Fred
erick Kalley, Charles F. Noyes and
Charles A. Cone, of the Douglas Robin
son-Charles 5. Brown Company, con-
ferred with the commissioners on Tues
day, and left with the Mayor that even
ing memorandum which pointed out
that;
Travis II. Whitney. of the Public Ser
vice Commission, had made statements
that space had been offered at from go
10 so cents a square foot:
The Health Department was paying
about 100000 for an eight story and
basement freproof building containing
about 10000 square feet;
The two top floors of the New Hal
lenbeck- -Hungerford Building, with
10000 square feet, gross. could b. had
for about 80 cents a square foot, eN-
elusive Of light and service;
The Hallenbeck building was a par
ticularly substantial structure, contain
ing ample room for the commission
and could be remodelled for about $780,
600. Four floors could be added foI
100000. Situated near the Municipal
Building. il has ample light on all four
sides and extra high ceilings. This
building. owned by the city. is now
vacant. and its worth IS estimated al
1880, 900.