Word: dilorenzo
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Dates: during 1960-1969
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Fast Financial Footwork. Since 1959, when his debts reached a staggering $104 million, Zeckendorf has kept Webb & Knapp alive by fast financial footwork. The company lost $19.6 million in 1962, $32.3 million in 1963. Zeckendorf has lost or sold all of his hotels, one to Goldman & DiLorenzo, partners in a fast-rising real estate firm (TIME, March 12) that has bought other Zeckendorf buildings and is thriving on Webb & Knapp's decline. He also launched a number of money-raising operations. This year, in a complicated series of transactions based on the sale of a promising and diversified company...
...explained DiLorenzo, who works behind a buzzer-opening locked door in a semicircular sanctum on the 64th floor of the Chrysler Building. He adds: "We like fast action-some days, if we're dealing with pros, five deals in one day. Knowing the product is what's important. Some people say I have an uncanny mind for next year's values...
...Brooklyn-born son of a mortgage broker, DiLorenzo made his first deal at 17. He borrowed $1,100 to buy a brownstone, which he sold for $3,000. In 1951 he teamed with Goldman, a boyhood pal who was running a wholesale grocery for his ailing father, to buy a 600-unit apartment. DiLorenzo considers it merely "human nature" that his rapid rise led the Government to scrutinize his activities a few years ago. "I had four FBI men following me for some time," he says with a smile. "But they dropped the investigations." Now DiLorenzo and Goldman...