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