Word: haling
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...years San Francisco's Hale Bros., one of the city's oldest and biggest department stores, did business in a six-story Market Street building. For only ten years the J. C. Penney Co. has operated one of its 1,600 stores half a block down Market Street towards the Bay. Last week Hale's and Penney's were switching stores. But most San Franciscans were mystified about the reasons...
Behind the Hale-Penney swap was an object lesson: "How To Get On in the Real-Estate Business...
...Hale Bros.' building was built on land leased from an estate (the rent: $90,000 a year), on a deal wherein the store would revert to the landowners, upon payment to Hale's of $350,000 when the lease ran out in 1944. Once Hale's almost bought the site for $1,500,000, but stalled for a better bargain. Then someone else snapped up the whole works: San Francisco's famed real-estate operator, Louis R. Lurie...
Dumpy, 55-year-old Louie Lurie made a fine bargain-even for him. He paid $1,525,000 for the land, took up the estate's debt to Hale's at its $350,000 face value and, as he puts it, "The building itself is worth a million dollars today...
...RALPH HALE New York City...