Word: citicorps
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...creation of Citicorp Center might have been scripted by Ross Macdonald in collaboration with Pirandello (Six Characters in Search of an Author). It all began one Saturday afternoon in September 1968. Two ambitious real estate brokers, Donald Schnabel, then 36, and Charles McArthur, then 45, had heard that Saint Peter's might be for sale. As Schnabel and McArthur cased the other buildings in the block, they became possessed of what is almost an impossible dream in modern Manhattan: "assembling" all the parcels so that one mighty building could rise on the site...
...Studley, then 41, head of an aggressive real estate firm in the neighborhood. "Who would put up the building?" Studley mused; then he had an idea. "How about the people across the street?" Across the street, as it happened, was the corporate headquarters of First National City Corp. (now Citicorp...
...land was free and clear. Amazingly, there were no real holdouts among the 17 property owners, but it did take 3½ years to get the doctors who owned the Medical Chambers group to capitulate. The trouble was that they did not want cash. Finally, the doctors merged with Citicorp, with the medics getting $6.8 million worth of Citicorp shares...
...basement into a lunchtime theater where office workers could eat their sandwiches and watch plays. Saint Peter's had found a new role in the city, and the well-named Peterson was loath to move out. Yet the church held the key position on the block. The solution: Citicorp bought the old church for $9 million, demolished it and built in its place a new structure that included a chapel and sanctuary. The church bought this new building, under an unusual condominium contract, for $7 million...
...Citicorp did not announce its plans to build until July 1973. At the time an estimated 30 million sq. ft. of Manhattan office space was standing empty, including 10 million sq. ft. in the World Trade Center, which had opened only three months earlier. Nonetheless, Walter Wriston & Co. remained faithful to their plan to build not merely rentable space but a midtown magnet for people...