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$66,129.14 $66,129.14 The net gain in operating charges is subject to deduction for $31,789.32 Mortgage interest.

$16,537.50 Depreciation..

8,000.00

Total deduction..

24,537.50

Leaving a net return of.....

$ 7,251.82

SCHEDULE III
RENTALS FOR THE YEAR BEGINNING OCTOBER 1, 1920
Apartment

1 W.

Rent 1 S. E..

$1,600

3,333 1/2 E.

3,750 2/3 E.

2,700

2,200 34 E.

2,600

4,300 4/5 E.

4,850 4 W.

4,000 5/6 E.

2,750

2 W.

3 W.

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$3,000

3,300 5,000 2,700 2,600 3,150 4,300 3,400 2,700 3,500 5,000 5,000 5,000 5,500 2,900

9 W.

10 E. 10 W.

11 E.
11 W

12 E.
12 W...

Total Annual Rental....

$89,133

SCHEDULE IV

PAYROLL AT THE PRESENT TIME

Superintendent...
Fireman.
Night Fireman and Elevator Operator..
Elevator man......
Elevator Girl (or man).
Elevator Girl (or man).
Doorman.....
Doorman.
Porter..
Relief Man.
Scrubwoman.

Payroll October

1920 $125.00

90.00 85.00 75.00 65.00 65.00 80.00 80.00 80.00 85.00 18.00

Monthly Payroll....

$848.00

12 Annual Payroll.

.$10,176.00 Less Fireman's wages for the Summer period 360.00

$ 9,816.00

* No lease.

SCHEDULE V

ESTIMATE OF EXPENSES OF OPERATION AND MAINTENANCE OF PREMISES

WEST STREET FOR YEAR COMMENCING OCTOBER 1, 1920 Taxes (see Note a).

.$14,351.00 Water charges..

435.00 Insurance..

550.00 Gas range rent and repairs of ranges (see Note b).

300.00 Coal (see Note c)....

5,500.00 Gas (see Note d).

435.00 Electricity (see Note e).

1,850.00 Payroll (see Note 8)....

9,815.00 Decorations and repairs (see Note g)..

10,000.00 Miscellaneous: Supplies, uniforms, telephone, vermin exterminator, etc....

1,000.00 Collection and management charges at 5%.

4,500.00 Allowance for vacancies and lost rent, 5% of gross rent

4,500.00 Depreciation-2% of assessed value of building..

8,000.00

Total...

$61,236.00

Note a. Taxes for October, November and December, 1920, are figured at 44 of the tax for the year 1920 or $2,821. For the 9 months from January to September, 1921, inclusive, taxes are charged at %4 of the tax for the year or $11,350.

b. Gas ranges throughout the building were originally owned and not rented. They are now obsolescent and at least the above sum must be spent annually for repairs or rent. c. Coal for 1917 cost $3,775.

for 1918 3,766.

for 1919 3,005. Average $3,515. The average price per ton for pea coal in 1918 and 1919 was $8.15, price now being $12.60 or about 55% more.

The average price per ton for egg and stove coal was about $10.25. The present price is $14.85. The price is expected to advance further still in both

cases.

d. The average for gas in the past few years was $225 and the rate has increased 87 1/2% for the coming year.

e. Electricity charges have ranged from $1,460 to $1,900 annually. The above estimate is figured at the average charge plus 10% for increased charges.

f. Present monthly payroll is given in Schedule IV.

g. Thoroughly renovating a ten room apartment now costs $1,038 or somewhat in excess of $100 per room.

There are a total of 226 rooms in the building and to renovate all the apartments would cost approximately $22,500. This must be done on the average every three years, or at a cost of $7,500 per year. Annual average of about $2,500 is spent on halls, boilers, pumps, roof, etc.

During the five years from 1913 to 1917, inclusive, the annual expenditure for repairs and miscellaneous items was $7,632 and the average cost of such items has increased between fifty and seventy-five per cent since 1917.

No allowance has been made in the above estimate for expenses and attorneys, charges in connection with litigation, which is a necessary concomitant of existing legislation, and which, in the aggregate may amount to a very substantial sum; nor has allowance been made for corporate taxes, which, while comparatively slight in the past will undoubtedly become substantial in the near future.

(Verification)

Form No. 5.

THE “HOUSING LAWS" RENT STIPULATIONS.15

The following are forms of stipulation between landlord and tenant under which amount of rent conceded to be due by a tenant may be received by a landlord without prejudice to his rights to bring action for the balance of rent the landlord claims to be due him; also for use where a tenant holds over, under which the landlord may receive such sum as the holdover may be disposed to pay on account of any sum which hereafter may be adjudged to be due the owner because of the holding over of the occupant after his tenancy has terminated.

Both these forms were prepared by the Joint Real Estate Law Committee of the Real Estate Board.

1.

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Stipulation between owner and "holdover," who is now in occupancy of apartment..... in the building at No......street, and herewith pays to..... hereinafter referred to as the “owner," $. ... on account of any sum which may be hereafter adjudged to be due such "owner” because of said occupant remaining in possession, and such owner hereby acknowledges receipt of such sum of money; such payment and the acceptance thereof being without prejudice to any right of either party hereto. Dated New York, ......, 1920. Owner.

Occupant.
16 Reprinted from the New York Law Journal, Nov. 4, 1920

2. Stipulation between landlord and tenant. The undersigned landlord and tenant having entered into a lease dated. .....of apartment...... in the building known as No.......street, and the tenant now claiming that the rent stipulated in such lease is “unjust, unreasonable and oppressive," herewith pays to the landlord $. on account of rent for the demised premises for the month of......, 1920, and the landlord acknowledges receipt of that amount, such payment and the acceptance thereof being without prejudice to any right of either party hereto. Dated, New York,......, 1920......., Landlord.

Tenant.

Form No. 6. DECISION

YEAR 192...

INDEX No...... MUNICIPAL COURT OF THE CITY OF NEW YORK, BOROUGH OF...

DISTRICT

Plaintiff,

VS.

DECISION

(Chap. 944, LAWS OF 1920.)

.

Defendant.

I hereby find and decide that the sum of...

dollars ($...

.) represents the reasonable rental value of the premises mentioned in the complaint, for the period of.. months, commencing.

192.... and that the plaintiff is entitled to recover said amount from the defendants..

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and the clerk is directed to enter judgment accordingly in favor of the plaintiff.

And it appearing that the defendant.. has at the time of answering deposited with the clerk the sum of

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