THREE BILLION POUNDS

Sun (Auckland), Volume III, Issue 816, 9 November 1929, Page 30

THREE BILLION POUNDS

VALUE OF NEW YORK’S REAL ESTATE New York’s continued growth Is reflected in the tentative assessment of taxable real estate, which, it is announced by the Department of Taxes, totals £3,570,400,000 for 1930, or an increase of £250,800,000 over 1929, says a New York correspondent in “The Daily Mail.” To this staggering sum must be added the special franchise, which brings the aggregate taxable assessment, exclusive of personal property, to £3,677,400,000. „ Continued building activity is responsible for a large portion of the increase. It was reported that 16,515 new buildings have been erected or are now in course of construction, representing about 50 per cent, of the total increase in the 'assessment. 7 mhancement of land values, particularly In Manhattan, is responsible for the balance of the increase. The highest valuation among office buildings is placed on the Equitable Trust, which is assessed at £6,350,000, while the second place goes to the Stock Exchange. The Woolworth Building comes 17th in the list, several places below the Cunard Building, which is rated at £2,680,090. Mr. John D. Rockefeller, jun., continues to head the list of resident individuals, while the properties of the late Mr. Alexander S. Cochran heads the list of estates. Among the theatres the Metropolitan Opera House still has the most valuable property.