Annual report of Hudson & Manhattan Railroad Company

(New York, N.Y. :  Hudson and Manhattan Railroad Company  )

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  1948: Page [7]  



Hudson  &  Manhattan  Railroad  Company
 

1948 Annual Report
 

On or about March 15, 1949 the Company
will open to the public an underground passage¬
way connecting the IND 6th Avenue-8th
Avenue subways with Hudson Terminal con¬
course. The "World's Most Accessible Office
Buildings" will then be more accessible than
ever. The main expense of this project is being
borne by New York City; the only cost to the
Company (about $5,000) is for construction as
far as the curb line of the street above.

Some of the leases covering space on Hudson
Terminal Concourse provide that the rentals
will Increase automatically as soon as the
passageway connection to the INDependcnt
Subway is completed. Because of this, and since
most of the Concourse tenants' leases contain
percentage clauses, it is anticipated that the
revenue from the Concourse will increase by
$20,000 a year when the passageway opens.

The program for the rejuvenation of Hudson
Terminal Concourse, as well as other station
properties, largely at tenant's expense, has pro¬
ceeded as projected. Many store premises have
been completely modernized, and it is expected
that others will follow suit before the end of the
year.

On January 12, 1949 the Public Service Com¬
mission of the State of New York denied the
Company's application for the removal of
practically all of the present exit facilities from
the Hudson Terminal Concourse to Dey Street,
stating, however, that consideration would be
given were the Company to apply for a reduc¬
tion of such facilities by one-half.  The Company
 

has accordingly prepared plans for submission
to the Commission involving the elimination of
two of the four exceedingly wide stairways that
lead toward Dey Street from the Concourse.
A rental of $26,500 Is anticipated from the space
now occupied by these two stairways.

The Company is effecting its policy of full
utilization of all possible areas suitable for
renting. Recent surveys have uncovered nine
new areas which are expected to yield about
S90,000 per annum in increased revenue. For
example, the foot passageway connecting the
IRT 7th Avenue subway and Hudson Terminal
Concourse is admittedly long, dark and unin¬
viting, with a curious bend at the eastern end.
The Company is progressing plans to straighten
the passageway and to create sufficient space
on the south side for four or five retail stores.
The straightening of the passageway will create
a valuable rectangular space on the north side
for rental purposes. The aggregate increase in
return should be about $30,000 per annum.

For many years prior to 1948 the offices of
the Company were scattered on the first, third
and fifth floors of the 30 Church Street building
and its extension building. This arrangement
proved to be both Inconvenient and inefficient,
particularly whenever it became necessary for
inter-departmentai communication. Nine such
scattered Company spaces have now been con¬
solidated with existing spaces so that at present
all Company offices other than the Executive
Offices are located together on the first floor of
the   extension   building.    Additional   space   on
 

The Real Estate Department has fostered i,
—at Hudson Terminal
 

<nodern stores—
and at the 33rd Street Station
  1948: Page [7]