Business: Dear Land

In Manhattan, where tall buildings have begun to cause concern, the Broadway Association last week noted, on the basis of new surveys, that every story of a skyscraper brought 1,000 more people to a neighborhood. But land is so dear on Manhattan Island that buildings must be tall to earn enough income for expenses. Thus last week Irwin S. and Henry I. Chanin, constructors, announced that their new building at Lexington Ave. and 42nd St. would be 625 feet, 52 stories high. The location is as costly as land within the “Broadway district,” a strip of streets about 200 blocks long where the value of real estate, as estimated by the Broadway Association, totals $2,741,115,600.