Word: helmsleys
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...Lawrence Wien's style of operating on high-rent turf around the country. Columbia-educated, Wien got into commercial real estate in 1949 when he gathered a small group of investors to buy a two-story building for $165,000. Broker on the deal was Harry B. Helmsley, chief of the Manhattan broker-management firm of Helmsley-Spear. Wien and Helmsley have been allies ever since, have parlayed their original venture into a $600 million real estate empire that includes New York's plush Plaza hotel and the more plebian Taft, Cleveland's Leader Building...
Heart of the Wien-Helmsley technique is large-scale syndication-a maneuver that they pioneered. Syndication gives a number of people a chance to own property none of them could afford singly, and often yields investors as much as 10% a year on their money, far better than most stocks. Above all, since a syndicate of as many as a thousand members can still legally be called a partnership, there is no corporate income tax to worry about. In the case of the Empire State, Wien even syndicated the $4,000,000 deposit required. He himself put up only...
Kilty is handsomely assisted by William Roberts' monumental two-story unit set, representing a corner of Venice, complete with tessellated pavement and an animal-head fountain spouting water. The wall beneath inverted-V stairways folds out to transplant us to Portia's greenery-bedecked residence at Belmont. Gilbert Helmsley, Jr. has designed some fine lighting...
...HELMSLEY New York City...