Word: buildering
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...landlord, lordly so long, is getting into trouble. In New York City, the ads for new apartments trumpet "Rent Concessions-Of Course" and "Move in November, 1962-Rent Starts February, 1963." One Chicago builder, worried about filling his newest. 39-story lakeside building, is offering such extras as a babysitting service, three restaurants, a health club and free limousine rides to the Loop on wintery mornings. Not every U.S. tenant has it so good (rents remain firm in such cities as Atlanta and San Francisco), but rents are easing in many areas because so many new apartments are rising...
Other housing specialists expect a slowdown for a few years, then a surge in demand for apartments, as the big generation of World War II babies grows up, marries and moves in. Buyers and renters need shed few tears for the builders, who continue to earn a pretax return of 30% to 40% on invested capital. "The smart builder is still making a good profit," says Washington, D.C., Housing Consultant Robinson Newcomb: "It's only getting a little harder to become a millionaire...
Died. Abraham Levitt, 82, builder, whose mass-production-minded sons William and Alfred broke the building of a house down into 26 assembly-line steps, made their family firm, Levitt & Sons, one of the biggest U.S. home builders, slapping together 40,000 low-cost dwellings in three uniformly antiseptic developments on Long Island, in Pennsylvania and New Jersey, introduced the word Levittown to the language; after a long illness; in Manhasset...
Sopwith, famed stunt flyer, hydroplane racer and aircraft builder (his World War II Hurricanes held off the German Luftwaffe), whose Endeavors twice challenged for the cup, lost in 1934 only by the narrowest of margins-four races to two-to Harold S. Vanderbilt's Rainbow...
...also a builder. As of last week he was deeply involved in the financing and construction of $700 million worth of buildings, ranging from a 23-story Hilton Hotel in London to a Barclays Bank in South Africa. Largest and proudest of these is the 59-story Pan Am Building, now climbing above Manhattan's Grand Central Station, for which Cotton supplied $25 million of the $100 million cost; he will manage the finished building. Cotton remembers the ground-breaking with special pride. "It was a great thrill," he says, "seeing the Union Jack flying beside the Stars...