Word: bankes
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Dates: during 1970-1979
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Citicorp, an international financial force with assets of $73 billion and offices in 93 countries, is the parent of Citibank-formerly First National City Bank -New York City's biggest bank, second largest in the nation and the world (after Bank of America). It is not, obviously, your friendly, flexible Bert Lance lending and saving shop. It is a hard-nosed company that will as swiftly foreclose a multimillion-dollar high-rise as a mom-and-pop delicatessen if the mortgage payments lag. Considering the cost of Manhattan real estate and the sensitivities of its stockholders, Citicorp might well...
...architect was crucial. Before coming to Citicorp, Muller had been in charge of real estate and construction at Harvard. There he had come to know and admire Hugh Stubbins, who designed the college's Loeb Drama Center and its Countway Library of Medicine. In line with the bank's desire for a "humane" building, Stubbins proposed to loft an aluminum-faced structure on huge columns 112-ft. tall, thus creating the space for the shopping area and atrium, a sunken entrance plaza with a waterfall tumbling down from street level, a renovated subway station and, of course...
...took the real estate team five months to meet the right man at the bank. He was Henry Muller, vice president in charge of real estate, who was keenly aware that the rapidly expanding bank had to rent office space all over town. Even so, when Schnabel and McArthur got to see him, Muller threw them out. Said he: "I thought these two bandits were out to screw...
...Muller had second thoughts, and so did the bank. There then ensued a cloak-and-dagger operation. If any property owners on the block had known the identity of the buyer, their asking prices would have skyrocketed and, as Schnabel recalls, "the whole deal would have died. It took guts for the bank to say, 'We're going to do this.' It was risky as hell...
...brokers and the bank set up 14 dummy corporations to acquire the 30 separate parcels involved. So closely was the secret held that when one of the dummy companies set up by the bank's top brass sought a loan to buy a parcel of the block, a lower-level Citibank officer turned it down. Chuckles Wriston: "He didn't know who he was saying...