New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-26
Bargain for City
In West Side Deal,
Appraisers Say
Experts Double Value of
Land To Be Sold by
Railroads
By BRIGGS

The city officials made a much bet
ter bargain than they realized-eXactly
s2,247,674 better than their own figures
shown the proposed agreement be-
tween the city and the New York Gen.
trail Railroad in relation to the West
Side improvement. according to re-
port submitted yesterday to the Mayor
by the Real Estate Board of New York.
In the face of much discussion and
criticism of the proposed agreement,
Mayor Mitchell authorized the board,
composed Of leading real estate men, to
make an appraisal Of the various par
cells Of land which were 10 be exchanged
or sold between the railroad company
and the city.
A committee of nine expert members
OF the board spent many weeks in
studying the problem. Thirty sessions
were held and many expert witnesses
examined. Each member of the COM
mittee personally examined the lands
in question. The appraisal arrived at
shows that the city was driving a good
bargain with the railroad having un-
deres.imated the value OF lands and
easements to De sold By the railroad to
the city by nearly S4.000.O0O. In fact,
the city's figures for the railroad prop
erty were only 50 per cent of what the
Real Estate Board estimated it to be
worth.
Statement by Prendergast
Controller Prendergast, chairman of
the Committee on Port and Terminal,
issued a statement last night declar-
ing that the report should put to an
end the numerous misleading state
ments that the city is giving away
lands and easements for nothing.
THE figures OF the Real Estate Board
almost double the value OF the lands
and easements TO be sold BY the rail-
road to the city" said the Controller.
THE figures show that the value OF
the property to be sold by the city to
the railroad exceeds that of the prop
erty TO be sold by the railroad 10 the
city by S3.S62.225. The excess shown
BY our own figures was S6,l09,S99.
That means that the city did not
figure high on property sold to us by
the railroad and CORRESPONDENCE low
on property sold by us to the railroad.
The reverse is shown to be the fact
that we figured low on property sold
to the city by the railroad.
Let me emphasize the fact that the
railroad has agreed to do business on
the basis of the city's figures. The eff
feet OF the Real Estate Boards figures
is simply to make more evident the
profit to the city of the proposed trans
action. The values in the exchange OF
real estate have offered one of the main
targets OF the opponents of the plan.
The findings of the Real Estate Board
are n complete answer 10 such criti-
cism."
The Controller pointed out that the
railroad company is contributing sl4.-
70S,000 in cash outlay for the work TO
be done for purely municipal purposes.
On the basis OF the city's figures this
would indicate a net contribution of
ss,59e,l0l BY the railroad for city pur-
poses. On the basis Of the Real Es
tate Boards figures this contribution
by the railroad would be sl0,s45,775,
which is S2,247,67i in excess of the
amount shown by the city's own figures.
Big Difference in City's Favor
The city's valuations on lands and
easements TO be sold 10 the railroad
company arc sil ,O9i,3sl; en- lands and
easements 10 be sold By the railroad
to the city, s4,ssi.4s2, leaving a differ
ence in favor of the city of $780, 500.
The Real Estate Boards valuations on
the lands and easements TO be sold by
the city arc sl2,sl1. 209; on lands and
easements to be sold by the railroad to
the city. ss,sis,5S4. leaving a difference
in favor of the city OF S3,s62.225.
The committee from the Real Estate
Board was composed OF Laurence Nc
CURE, president Of the board; William
L. De Bost. Of Cruikshank & Co., Of
l4l Broadway; Walter Stabler. con-
troller OF the Metropolitan Life insur-
anec Company; Alfred z. Marling. OF
Horace s. Ely & Co.; Frank d. Ames,
OF Frank ID. Ames & Co., Robert r.
Rainey; Joseph II. Ward. of the Title
Guarantee and Trust Company; Wal
dron p. Belknap. OF the Bankers Trust
Companv and Francis X Stevens Of