Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 91, no. 2345]: February 22, 1913

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AND NEW YORK, FEBRUARY 22, 1913 ■■■■■■IM^^ li'liiillillllllilillPHIillifiiJJBS'lSi'i'* THE RIGHTS OF PROPERTY OWNERS By LAWSON PURDY Consequences of Erecting Extravagently High Loft Buildings, Many of Which Are Not Fully Tenanted. ■■■■■■■■■■IIM^^^^^ E\"ERY property owner has a right to do anything he pleases on his land so long as he does not impair the equal liberty of all others to do the same. Un¬ fortunately, our law does not adequately protect the owners of real estate from having their rights infringed by the ac¬ tion of their neighbors. It is quite obvious that there are thou¬ sands of lots on Manhattan Island the value of which is substantially impaired by the erection of adjacent buildings of such character as to shut off the light and in other ways reduce the utility of neighboring lots. The law should not permit the erection of any building of such character as to be inappropriate, if every lot within the zone generally suit¬ able for the erection of such buildings were similarly improved. Anyone draughting building regula¬ tions should always keep the idea be¬ fore him that the regulations should be such that the entire territory could be covered with buildings of the kind provided for. Our unfortunate city has had its appearance ruined and its utility immensely decreased by the lack of protection accorded to property owners. These matters are better gov¬ erned in all cities of Europe. German cities have grown as fast as our cities, but they always give the impression of orderliness and harmony. Frightful Waste. To a greater degree every year, any observer of real estate conditions in this city must be impressed by the frightful waste involved by buildings being ren¬ dered useless on account of changes and conditions of neighborhoods. In part, this is doubtless inevitable, but to a large degree it is unnecessary, and is due to the license allowed of encroachments on the rights of others. South of Chambers street the value of land is concentrated on Broadway, Wall street and a few of the neighboring streets. Within two hundred yards of Broadway and Wall street there are a few corner lots 25x100 worth $1,000,000 or more, while a few hundred feet far¬ ther lots are scarcely worth two per cent, as much. This condition has arisen from the UNREGULATED USE OF LAND. Within a few years office buildings with ample light and air have been erected and full rented, which to-day cannot be filled at much lower rents, be¬ cause their light and air have been im¬ paired by the erection of similar build¬ ings, the erection of which one may say was forced by the very permission to Mr. Purdy is President of the Board of Tax Commissioners. erect them, which produced an enorm¬ ously high land value. If, thirty years ago, suitable restric¬ tions had been placed upon the height of buildings, there would not today be one dollar less of land value south of Chambers street; but the Tiigh points would not be so high and the low points would not be so low. The value WOULD BE MORE EVENLY DISTRIBUTED throughout the territory. The streets would not be so congested; so many men and women would not be working by artificial light; there would be more health and comfort for every one in the downtown district, to say nothing of more beauty, and less waste of capital invested in business. Half-Rented Loft Buildings. No one can walk today through lower Fifth avenue and the streets east and west of Fifth avenue without being sad¬ dened by the dark, gloomy, congested condition produced by the erection of extravagantly high loft buildings, many of which are but half tenanted and pay¬ ing but little return on the invested cap¬ ital. Within thirty years millions of dollars have been invested in fine private dwell¬ ing houses between Central Park and the North River. What is the value of those houses today? In many cases the value has gone entirely, and good houses fit for a hundred years are torn down to make way for a nine- or ten- story apartment house with an extrava¬ gantly ornate front and a hideously un¬ clothed and unashamed rear; and on some fine streets these lofty buildings line the street. Light and air are lack¬ ing, and so are rents. Violating an Old Principle. From the most material point of view hundreds of millions of dollars have been lost because we have disregarded Evils Due to the Absence of Proper Building Regula¬ tions—Disappearance of Dwellings—Waste of Space. the old principle that a man may not use his land so as to invade the rights of others. It is doubtless too late to save most of Manhattan, but it is not too late to save the other boroughs from a similar fate. The evils already described have sprung mainly from the lack of proper building regulations, models for which can be found in every European city. Berlin properly goes so far as not to permit the builder to affront the eyes of the citizen. Some of the troubles of real estate investors are due, however, to individual greed. Individual Responsibility. .\ practice not unknown is to erect an apartment house, fill it with tenants at half the rents shown by the rent re¬ ceipts, and sell it to an innocent in¬ vestor at a sum representing the ficti¬ tious rent capitalized. Soon after the investor takes possession, the tenants move on to the ne.xt building completed by the speculative builder and the inves¬ tor finds an empty house, which he can fill only at rents much less than those on the faith of which he bought the property. These fictitious rents again induce the erection of more buildings of the par¬ ticular type than the market demands, resulting in a waste of capital, which must be paid for by the community in some way. Probably no law can remedy this evil, or should attempt it, but the lenders of money on building loans can do much to prevent reckless and dishon¬ est building operations. Straighten the Harlem Ship Canal. The Harlem Ship Canal is of little use to commerce compared to what it might be. The piers of High Bridge ob¬ struct navigation for large boats, and the sharp turn at the Johnson foundry is another difficulty to contend with. The U. S. Government ought to provide against the time when the Hudson River steamboat lines, especially those carry¬ ing freight as well as passengers, will be forced away from their historic dock¬ ing places on the lower West Side and will have to find berths in the Harlem. .A couple of the High Bridge piers should be removed, the double curve op¬ posite the foundry cut out, and the Bronx Kills opened to navigation. Make these chan,ges, establish markets on the river front on both sides of the river, and the river and sound boats will enter and make the shores of the Harlem one of the most desirable parts of the city to live and do business in.