(New York, NY) — The value of some of New York’s most famous landmarks has risen tremendously since first construction.
What would it cost to rebuild some of these today? Here’s a look at a few of New York’s greatest landmarks, and how much it would cost to have them erected.
Carnegie Hall
BENEFACTOR: Andrew Carnegie / COMPLETED: 1891 / COST: $1.1 million / ($25 million in 2012 Dollars)
Estimated 2012 Cost: $515 million
An architect inexperienced in designing concert halls created one of America’s most famous music venues, Carnegie Hall. He was hired by Andrew Carnegie and seven Manhattan land parcels were acquired to make what would turn out to be one of America’s most famous landmarks. It has had prestigious performers such as Taj Mahal, Gillian Welch, Isaac Sern, Ralph Stanley and George Winston perform on its stage. With 3,700 seats and it’s brownstone-brick walls it’s estimated to cost $515 million, $370 million for the building and $145 million for the land.
Empire State Building
COMPLETED: 1931 / COST: $41 million / ($547 million in 2012 dollars)
Estimated 2012 Cost: $2.5 billion
Built in 1931, this 102-story skyscraper was once the largest building in the world until the World Trade Center went up in 1973. It took one year and 45 days to build and totaled $40,948,900. Now, the building is estimated to be worth $2.5 billion according to a filing by Malkin Holdings LLC made for an initial public offering for a real estate investment trust for the landmark.
New York Public Library
BENEFACTORS: Tilden, Astor, Lenox / COMPLETED: 1911 / COST: $29 million / ($711 million in 2012 Dollars)
Estimated 2012 Cost: 1.6 Billion
Made of more than 20,000 3-foot-thick marble blocks and housing over 100 miles of shelves, this Beaux Arts masterpiece is estimated to cost 1.6 billion dollars to rebuild. You’d be surprised to find that its land, not the building, is what skyrockets the price. The 5 acres of land it is on once contained a city reservoir, making it extremely valuable. When it was first built in 1911 the property’s initial cost was $20 million. Now it would cost roughly $1.2 billion for the land, and the building significantly less at $360 million.
—Email sabrinag@brokerpulse.com
(Forbes)
