Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 96, no. 2490: Articles]: December 4, 1915

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Af/D NEW YORK, DECEMBER 4, 1915 iiiiilliMliliiiiiii iiiiiiiiiiiiniiHiii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiilii CITY'S VACANT AND IMPROVED PARCELS Excerpts From the Annual Report of the Tax Department—The Rise and Fall of Values—Land Value Maps—Recent Legislation THE publication of the year book of the Department of Taxes and As¬ sessments for 1915, containing the an¬ nual report of the commissioners, dated March 31, and a wealth of appended information, is somewhat late this year, but is no less interesting and valuable than its predecessors have been in recent years. Without repeating matters which have been heretofore printed from advance e.x- cerpts, it is noted that the report con' tains this year, as for several years past, a table of the sales of the preceding year showing the consideration when known, with the assessed value of the same property and the ratio between the assessed value and the considerations. It says the sales during 1914 were fewer than usual, and in some respects furnish a less trustworthy guide to value, because manv of the sales were foreclosures at which the property was bid in by the mortgagee. In Rich¬ mond the sales were so few that the evidence of actual value is slight. For what it may be worth the table is pre¬ sented as evidence of the ratio between the assessed value and the actual value of real estate. Actual and Assessed Values. No. ot Con- Asses-^ed Per Borough. Sales, sideratinn. Valuation. Cent. Manhattan.. SfiO $41,4«3.fifi4 $44..5«;1.100 107 Bronx....... 408 5.fi.S1.468 6.061.140 105 Bronklyn... . l.n'"'n 8.516.503 8,74n.Wn 102 Queens...... 243 916 S49 915.015 99 Richmond... 168 383.616 311.595 81 Total..... 2,699 $56,982,100 $60,5.53.810 106 The table showing the assessed value by sections, and the increase or decrease, as the case may be. in the assessed value of land and huildines, show the result broadly, but the sections in Manhattan cover too larse an area to show the ter¬ ritory in which changes of value have been greatest. Each section for the pur¬ pose of assessment is divided in volumes. The volumes cover an area small enough to show some very striking reductions, and in other cases increases, in value. For e.xample: "Section 2, Volume 4, bounded by Grand street, Varick street, Bleecker street and the Bowery, was reduced $3.- 581.050, of which the reduction on build¬ ings amounfed to $3,123,300, or over 9 per cent, of the total assessment of buildings. "Section 3, Volume 3, lies between 14th street, Seventh avenue. 40th street. Sixth avenue, 26th street and Fifth avenue. In this territory there was a 10 per cent, re¬ duction in the vnlue of the land, amount¬ ing to $17,712,650. and a net increase on account of new buildings amounting to $4,112,750. The net decrease for the vol¬ ume was thus $13,599,900. "Section 4. Volume 5. This section lies between 79th Street, North River, 96th street and Central Park West. Here there has been a great change in the character of imnrovements. Apartment houses have taken the place of single family dwellin.gs. Land values have in¬ creased, and in spite of the new buildings the aggregate building value has de¬ clined. The "land increase was $13,799,- PRESIDE.N'T-COMMISSIONER PURDY. 450, or over 14 per cent., whereas the de¬ crease in buildings was $8,451,550. A Live Center. "One of the few places in Manhattan where there has been an increase in land value is in the neighborhood of Park avenue north of the Grand Central Sta¬ tion. In Section 5, Volume 1, bounded by 40th street. Sixth avenue, East S9th street and Third avenue, the increase in land valuation was $14,548,500, and in spite of the erection of new buildings there was a decrease in building valua¬ tions of ?2S6,000. "In the northern part of the city build¬ ing construction was active. North of 178th street, east of Broadway and south of Dyckman street the increase for build¬ ings amounted to $1,861,200, which was 16% per cent, of the assessed value of Comparative tables are printed show¬ ing the land value and improvement value in every section and ward of the city for four years, with the increase or decrease and the percentage of such in¬ crease or decrease for each one of the years. .\ study of these tables in con¬ nection with the tables showing the num¬ ber of Iiuildings of the several classes in each section and the number of vacant lots indicates the character of the devel¬ opment in every section and its rapidity. Regarding the Land Value Maps the re¬ port says: "The publication of Land Value Maps was made for 1915 and will be continued as heretofore. The preface of the maps shows the principle upon which they are made and indicates how easily compari¬ sons of land values may be made in all parts of the city. The maps are print¬ ed for the use of the Department by The City Record, and The Record and Guide, without expense to the city, furnishes them to their subscribers free and to others at $2 a copy." Number of Parcels. There are 553,886 separately assessed parcels of property in the city, making an average of 7,385 for each deputy as¬ signed to an assessment district. In Manhattan there are 94,387; the Bronx, 67,058; Brooklyn, 216,465; Queens, 140,- 148; Richmond, 35,828. In Manhattan 7,482, or 8 per cent., are vacant this year, to compare with 7,202 in 1914. The number of vacancies has increased, it will be perceived. Va¬ cant parcels are frequently acreage plots. Every parcel which contains any im¬ provement, however slight, is counted as improved. The value of the vacant parcels in Manhattan was $151,425,530. The Bron.x contains 67,058 parcels this year, to compare with 66,598 in 1914; 34,- 202, or 52 per cent., are vacant in 1915, as a.gainst 34,331 in 1914. Assessed value of the vacant parcels in 1915 is $138,- 303,861. Table I.—Vacant Parcels. Total Number P. C. of of Parcels Vacant F arcels Vac. Parcels _______________________A______________________^ - ______________K______________________________________________A________________ 'l914 1915 1914 1915 1914 1915 Manhattan...... 95,0.53 94.3,87 7.202 7.4.S2 7.6 .8.0 The Bronx...... 66..5nS 67,0.58 .34,.3.37 34,202 ,51.6 52.0 Brooklyn....... 214,211 216,465 50,381 ,50,543 23.5 23.4 Queens......... 134.9.87 140.148 82.065 82.753 60.8 59.6 Richmond....... 34,245 35,828 19,092 18„564 55.7 52.2 Total......... 545.094 .553,.886 193.077 193,544 35.4 34.9 Assessed Value of Vacant Parcels 1914 $15S.6,S1.S30 ]53,0S9,.599 1,53.123.447 1.39,412..500 13,733,924 1915 $]51.425..530 138.303,861 1.50.187.487 151.897.007 1.3,844,325 $618,041,300 $605,658,210 the preceding year. The total increase for land and buildings was $3,655,130. "In the Borou.gh of the Bronx there were no sections in which there was any notable decrease in value. The increase in the value was mainly where there had been a considerable amount of buildin.g. "In the Borough of Brooklyn no sec¬ tion was much lessened in value, while some were raised because of new build¬ ings and some increase in land value. Queens had a remarkable increase in buildin.g construction in the First Ward, in the section Ivin.g between Newtown Creek, Dutch Kills, Jarkson avenue and Honeywell avenue. The-increase was more than 100 per cent.""-: Out of a total of 216,465 parcels in Brooklyn this year, 50,543, or 23.4 per cent., are vacant, to compare with 50.381 in 1914. Assessed value of vacant parcels, $150,187,487. In 1914 Brooklyn contained a total of 214,211 parcels. Out of 140,148 parcels, large and small, in Queens, 82,753, or 60.8 per cent., are vacant this year, to compare with 82,065 vacant parcels last year. Assessed vahie of the parcels now vacant, $151,- 897.007. Out of 35.828 parcels in Richmond, 18.564. or 52.2 per cent., are vacant. As- se?sen value of the vacant parcels, $13,- 844.325. (See Table I.) The enumeration of buildings and their