Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 96, no. 2473: Articles]: August 7, 1915

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Augus REAL ESTATE AND NEW YORK, AUGUST 7, 1915 |iiiiiifiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii!i{iiiiiiiiiiiiiiiiiiiiiiiiiii^ I I I SUGGESTIONS FOR COURT HOUSE SITE I Real Estate Board Proposes Scheme Whereby City Can Utilize, for Other Than Court Purposes, Properties Already Acquired "T* HE Real Estate Board of New York -*• which has for two years persistent¬ ly opposed the extravagant Court House plan advocated by the Court House Board, and until recently countenanced by the Committee on City Plan of the Board of Estimate, has collected data showing the gigantic scale on which it has been planned to spend taxpayers' money. President Laurence M. D. Mc¬ Guire, of the Real Estate Board, in em¬ phasizing certain features which have escaped public notice, makes sugges¬ tions with a view to having the City utilize, for other than Court pur¬ poses, some of the properties taken by the Court House Board, Mr. McGuire states that he has been informed the requirements of the County Court House are for twenty-six chambers of about 2,000 square feet each. This would be equivalent to 52,000 square feet of space without ante-chambers, etc. Mr. McGuire believes that a building properly designed and planned to contain 100,000 square feet of space would be sufficient for this spe¬ cific purpose. He insists that square feet of space. If the scheme in its present shape is carried out at a to¬ tal cost of $30,000,000, allowing for loss of taxes from this real estate and 5 per cent, interest on the money, a fixed charge of $2,000,000 annually will be saddled on the City. Mr. McGuire believes that it would be possible for the City to have private parties erect a suitable building con¬ taining 100,000 square feet of space, and lease this to the City for $2 a square foot, or $200,000 per annum. In other words, the present scheme, if it is car¬ ried out, means an annual loss of practically $1,800,- 000 in carrying charges in per¬ petuity, and the tying up of $30,- 000,000. In an in¬ terview Mr. Mc¬ Guire stated: "Why was so much property as this taken? To this no one now seems able to give an intelligent answer. "It has been stated that a Civic Centre is to be created and that State and Na¬ tional aid would indirectly be given through use of part of the land. But the best information is that neither the National Government nor the State Government has authorized the state¬ ments that National or State buildings will be constructed on the plot. "Another startling feature is that practically all of the 110 buildings taken by the City for this County Court House have been demolished as quickly as the City could get control of the property, and in many cases the City paid sub¬ stantial awards to have leases with ex¬ isting tenants cancelled, so that the work of demolition could proceed rapidly, "The public is well aware of the fact that through the persistent efforts of the THE COURT HOUSE SITE, LOOKI.VG NORTHEAST FROM THE MUNICIPAL BUILDING, SHOWING THE PROPERTY TO BE CLEARED WITH THE HALLENBECK BUILDING IN THE LEFT FOREGROUND. the present scheme advocated by the "The City has committed itself to the Coiirt House Board is wasteful because purchase of 350,000 square feet of It the vast area selected for this purpose ground for a County Court House. A modern is used, the total expense will be at least $30,000,000, including the cost of the ground, the cost of the building, carry¬ ing charges, expense of re-levelling and regrading the district, etc. Mr. McGuire states that the City in the original proceedings secured 184,- 100 square feet of ground while the second proceedings brought to the City 166,000 additional square feet, title to which was vested in the City May 6 last. In other words, a total of 350,000 square feet of ground has been pur¬ chased for the purpose of erecting a court house requiring only 100,000 building containing 100,000 square feet would be large enough for Court House purposes. Such a building could be constructed on a plot of 40,- 000 square feet, allowing 50 per cent, lor courts, etc.; such a building need be only six stories in height. The fact that nine times as much ground as is necessary for this purpose has been secured is the best evidence of the extravagance and waste in handling this problem. Title is already vested in the City of New York to more than 110 individual build¬ ings which are in the plot secured for County Court House purposes. Real Estate Board, the sale of the 10- story fireproof $700,000 Hallenbeck Building, located at the corner of Park and Pearl streets, for about $5,000 has been halted temporarily. The Real Es¬ tate Board will continue to oppose the demolition of this $700,000 building, and what is virtually giving away, for $5,000, tho power plant, glass, eleva¬ tors, radiators, and appurtenances in connection with this building, not in¬ cluding the $180,000 worth of steel, all of which has a tangible value far in ex¬ cess of what the City has been trying to obtain for the building, "In addition to the Hallenbeck Build¬ ing, which is a t-jn-story structure on a plot of 13,600 square feet, the City has