Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 101, no. 2604: Articles]: February 9, 1918

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REAL ESTATE I AND (Copyright, 1917, by The Record and Guide Co.) NEW YORK, FEBRUARY 9, 1918 REVISES PUBLIC LIABILITY RATES FOR OWNERS', LANDLORDS' AND TENANTS' RISKS New System Divides City Into Four Territories DN January 26, a new schedule of rating Owners', Landlords' and Ten- ints' Public Liability went into force. Vpartment and tenement houses in Manhattan have been divided into four lasses, designated as follows: Class A, louses with elevator, but without stores; Ilass B, houses with elevator, with tore; Class C, non-elevator houses, vithout stores, and Class D, elevator louses, with store. Manhattan Island las been subdivided into four territor- es. as follows : Territory No. 1: Bowery from East th street to Third avenue, to East 96th treet, to Fifth avenue, to 110th street, o Manhattan avenue, to Columbus ave- me, to West 127th street, to St. Nicho- of 120th street and Seventh avenue, from 110th to 120th streets. The follow¬ ing are the ne\/ rates: Area..... Frontage. Class A. ,05 .05 Class B. .10 .075 Class C. .15 .125 Class D. .175 .15 Territory No. 3: Hudson River from Battery to West Houston street. West Houston street from Hudson River to Broadway, Broadway to East 4th street to Bowery to Chatham Square to Oliver street to East River to Battery. In¬ cludes both sides of West Houston street, East 4th street and Oliver street. Excludes both sides of Bowery and Broadway. Third avenue from East 14th street to East 23rd street to East River to East and frontage .08, with minimum annual premium per building of $10. The rates and minimum premiums provided in the foregoing are in addi¬ tion to the elevator premium, if any. Under the old system, Manhattan Island was divided into three sections, one being that district lying to the East of Broadway, as far north as 42nd street, the second being the entire West Side and the third, on the East Side north from 42nd street to the Harlem River. Under the old system the first district had a minimum charge of $50, the second $20 and the third $40, while under the ruling just put in force the minimum of $15 will maintain through¬ out the entire Borough. This minimum is so small, however, that it will apply P ast avenue, to St. Nicholas Place, to West 155th street, to the Harlem River, to the line of the Spuyten Duyvil Creek atid Harlem Ship Canal, to the Hudson River to West 70th street, to Broadway, to Seventh avenue, to Greenwich ave¬ nue, to Sixth avenue, to West 4th street, to Bowery. Th'^ territory excludes both sides of all avenues and streets men¬ tioned, except Broadway, where both sides are included. The following are the rates for this territory. NEW SYSTEM ADOPTED DIVIDING CITY INTO FOUR TERRITORIES. WITH FOUR RATES FOR EACH TERRITORY. Mth Street to Third avenue. Includes only to a few special instances, where both sides of Third avenue and East 23rd street. Excludes both sides of 14th street. West 48th street, from Hudson River to Bowery to West 70th street to Hud¬ son River to West 48th street. Includes both sides of 70th street. Excludes both sides of 48th street and Broadway, East 96th street, from East River to Fifth street to 110th street to Seventh avenue to 120th street to East River to Class A. Area........05 Frontage. .. .05 Class B. ,075 .075 Class C. .10 .10 Class D. .15 .10 Territory No, 2: West Houston street, from Hudson River to Broadway, to_4th street, to Sixth avenue, to Green¬ wich avenue, to Seventh avenue, to Broadway, to West 48th street, to Hud¬ son River, to West Houston street, in- :luding both sides of Broadway, be¬ tween West Houston street and West kh street, both sides of 4th street. Sixth ivenue. Greenwich avenue. Seventh ave¬ nue and West 48th street. Third avenue, from East 23rd street to East 96th street to East River to East I3vd street to 3rd avenue. Includes both sides of Third avenue, and excludes Doth sides of 23rd street and 96th street. West 110th street, from Seventh ave¬ nue to Manhattan avenue, to Columbus ivenue to West 127th street to St. Nich¬ olas avenue to St. Nicholas Place to West 155th street to Harlem River to I20th street to Seventh avenue to West [10th street. Includes both sides of llOth street. Manhattan avenue. Colum- i)us avenue. West 127th street, St. Nich¬ olas avenue, St. Nicholas Place and West 155th street. Excludes both sides small lots are covered with buildings having few occupants and the least haz¬ ardous class of risk. Samuel Deutschberger, Superintendent of the State Insurance Department said yesterday: "In making the new rates for Owners', Landlords' and Tenants' Public Liability, we have tried to over¬ come some of the hardships which ex¬ isted under the old system. For exam- ^. , -------------- -- pie, the Lower East Side of Manhattan y&th street. Includes both sides of all is the worst section to handle, and com- avenues and streets mentioned. -----" Class Class Class Class A. B. C. D. Area........075 .15 .30 .375 Frontage... .075 .125 .20 .25 Territory No. 4: East River from Oliver street to East 14th street to Third avenue to Bowery to Chatham Square to Oliver street to East River. Includes both sides of all avenues and streets mentioned, excepting Oliver street, where both sides are excluded. Class Class Class Class A. B. C. D. Area........15 .30 .70 1.00 Frontage. . . .10 .15 .30 .50 In all the foregoing territories the minimum annual premium per building is $15. Territory No. 5 includes the entire Borough of the Bronx. The area is .11 and the frontage .11. The minimum annual premium, per building is $15. Territory No. 6 constitutes the Bor¬ ough of Brooklyn, area .11 and the frontage .11, with minimum annual pre¬ mium per building of $15. Territory No. 7 is Queens, area .11 and frontage .11. Minimum annual pre¬ mium is $15 per building. Territory No. 8 is Richmond, area .08 panics were unwilling to handle any large volume of business in this section. Rates had to be justified, the result be¬ ing that other sections of the city had to contribute their share toward the losses in the Lower East Side. "The new rates fix it so that each class of property in their respective zones is self-supporting. By that I mean prop¬ erty in the Lower East side pays its own losses, and does not have to depend upon the better sections for support. Through this means it is possible to make a lower rate for the better sec¬ tions, though the more hazardous dis¬ tricts will have to pay their own way. "The rates are based upon actual ex¬ perience of all companies for the year 1913, and have been arrived at as the re¬ sult of the frankest cooperation between the companies and this Department. We feel that the rates are as fair to the public as the conditions warrant. The Department is quite hopeful that the rates will solve, for the general insur¬ ing public and the insurance companies, the problem created by the difficult con¬ ditions existing in comparatively re¬ stricted sections of Manhattan. The question of rerating risks was the RKCOItD AND GVIDES IS IN ITS FIFTIETH YEAR OF CONTINUOUS PUBLICATION.