New-York tribune., 1918-02-04
N. Y. Central Own,
One-Seventieth Of
City's Real Estate
1t Pays Taxes on Propsrt,
Valued at Abou,
$l18,OOO,OOO
Holdings Are Grown.
Road Has Developed the 4,s
Street District With MANY
Valuable Buildings
Holdings Are Crown,

The New York Central Iailro,a
through large year-by-year incr..,,
in It's realty holdings, nov osns :,
aggregate Of seventieth of all ~.
taxable real estate in the city. tn
percentage is steadily increasing
TIE New York Central pays taxes il
shown by the 1918 tax books, on ,..,
estate proper amounting in round nun
bers to S118.000,000, and on snecs,
franchise assessed valuations of sas
100000, making an aggregate of siN'
100000
If the proposed upper West Side i'm.
proyements are put through. as no,
seems probable. this aggregate NAV h
increased by about S5O000.000.
This aggregate of sll8.000,0Oo 4,
realty proper is practically all within
the boroughs of Manhattan and M.
Bronx.
4 Valuable District
Probably s7o.OOo.ooO Of the com.
pany's aggregate holdings is centralhaa
in the area bounded by Forty-seccnd
Street on the south. Madison Ayenrs
on the west. Lexington Avenue on the
east and tifty-seventh Street on ths
north.
This is small area. comparatjyely
speaking, within which to pile up hold
ings representing such vast wealth. n
probably is keeping within safe bound,
TO say that the Central has been hiphla
successful financially in its develosl
ment of the Forty-second Street disl
trict. There are many experienced oul
!, Il l.
the CentraPs development, if method
cally kept up, will create seeon;
financial district in Manhattan that will
be formidable rival to the one belos
Fulton Street.
The Central's project is fascinatiu,
by reason of the costly intensive DE-.
velopment of the ground it has az.
quired aroind the Grand Central Sta.
ton. Some of the larger items i,
shown By the tax Office books are a
follows:
Some Large Holdings
Grand Central Station D....... $50. .7sa,as
Biltmore Hotel .:............... s.7o0.M
Commodore Hotel site. .......... 5000
Madison and Park. between 4sth
and 47th ........... 34saa
and 4s,h ........:... e.sso.s
Madison and Park. between eth
and 18Th ;......:.. 1.3isM
and 18Th ................ 2.04aM
block l-s0. lot 30. ;;.-...:.. 1.SSSA
tween 18th and 4ath: :......; Lam
Park and 47th and 4Sth ..... asao.oe
vanderbilt Building .......... f.650.W
Transit Office Building - .0T5N
Yale Club Building ...... COON
Fast SIDE Park av.. 4.th and 4Sth 1,S60es
Last side Park av.. between 4Sth
and 18th .......... 1.25oN
Realty and Terminal Building 80. .o6GV
Apartment. oQth and 5lst .... l.550k
rafH az; between Dist and cd 1,4S9M
Park and Lexington. between 49th
j., and 10th ,..... :...... -. 4.o4asl
p. vest sdc 1.s7s.N
u Az. east side .:;.;::...:... 3.s45H
ay: to Park av. ..:....:. :.:... 2.s4use
Lexington To Grand Central Sta
ton. 4ith TO 45th 3.loao;
The remainder of the $1lS, 900 900 i
made up of holdings on the west sid
OF the city. rights of way. bridru
buildings. etc. both in Manhattan ari
The Bronx. Inc table given is 10
from being a complete list of the wt
arate lots. 1t is printed more to sha1
the value OF the larger holdings in az;
around the Grand Central Terminal
in commenting on the increase
the company's holdings Of realty Vitt
President Ira A. Place said receaty
The taxes accruing to the city hsvl
increased on the premises bounded bT
Fortytirst and Fifty-seventh Street,
the east side Of Lexington Ayens
and the west side of Madison Ayenus
from approximately s750.0oO in iS'
to over $3.000,O0O in 1917. While t!a
increase may. in some part. be "
tributed to increase in taxes generslgs
that undoubtedly is more than of.:
by the increased assessible value ont
side the parallelogram above describe
which certainly extends to or beyond
Fifth Avenue, and which ! have r&
taken into consideration"