Charles F Noyes 4
first advocates of the modern skyscraper,
which he believed
could make the most efficient use of land.
He knew the
skyscraper’s large
floor space
would appeal to
corporate tenants.
The Prime Mover in Real Estate
In his day, Charles Noyes was considered to be perhaps the best-informed broker in New York City. He often worked 18 hours a day, seven days a week. His sense of ethics and fair play drove him to offer commissions to independent brokers, prohibit employees from accepting gifts from suppliers and contractors, and set up trust funds in which client funds were kept separately from his company’s funds, ensuring no loss to clients if the Noyes Company suffered financially. Ever the optimist, these traits allowed him to succeed in Manhattan real estate, even through the Great Depression.
Throughout the Depression, insurance companies, savings banks, and commercial banks found themselves to be the holders of sizable foreclosed properties. Due to their confidence in his proven real estate abilities, many of these institutions turned to Mr. Noyes to help liquidate their properties. His appraisal of the properties was a constant revenue stream during the Depression.
There was virtually no market, so Mr. Noyes and his team made deals and commissions basically through cash-free trades, while his management department was able to manage properties that weren’t selling during this period. These facts led bankers to say that from 1937 through the early ‘40s, Mr. Noyes was the driving force in the Manhattan real estate market.
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