Word: knapp
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...whose deals have probably made him the No. 1 U.S. realtor, last week clinched his biggest deal yet. In Manhattan, President Arthur F. Douglas of the Statler Hotels announced that the board of directors had accepted an $80 million offer to sell out to Zeck-endorf's Webb & Knapp...
...deal would give Webb & Knapp, which already controls $250 million in property (including Manhattan's Chrysler Building), and has operated in 30 states, one of the choice hotel systems in the world. Founded by the late E. M. Statler in Buffalo in 1908, the chain is now the third biggest (after Hilton, Sheraton) in the U.S., with eight hotels and two office buildings, in Boston, Buffalo, Cleveland, Detroit, St. Louis, Washington, New York and Los Angeles, worth $67 million. Having already built four of the seven major U.S. hotels put up in the last 25 years, the chain...
Back in the U.S., Cunningham, like many another of his generation, learned to fly airplanes. But sailing became his chief sport. Sparing nothing to get the best boats available, he won time & again in the tough six-meter class, and sailed against the best, e.g., Corny Shields, Arthur Knapp, in the top-drawer International Class. He also began collecting "classic" sports cars. Among them: a 1929 Bugatti Royale, a 1913 Mercer Raceabout, a 1909 American Underslung, a 1913 Peugeot, plus a mint collection of Bentleys. the $15,000 British sports car that Cunningham generally drives when he is not racing...
...negotiating the labyrinthine stock transfer, more than 100 attorneys from a dozen leading Manhattan law firms worked over a ton of legal documents. In the deal, Webb & Knapp and Graysler Corp., owned by Lazard Freres, investment bankers (with a 25% interest in the transaction), got all the stock in the Chrysler Building and its annex plus the stock controlling the Graybar Building. The money came from $40 million worth of mortgage bonds taken by Equitable Life Assurance Society, $4,000,000 from J. P. Morgan & Co., $8,000,000 from Webb & Knapp...
...Webb & Knapp, the buildings, all fully rented, will bring in an estimated $2,000,000 a year before taxes. Moreover, says Zeckendorf, the skyscrapers will be more profitable under one control; costs can be cut, possibly by a private power and heating plant for all three, and tenants can shift around more easily in the different buildings, according to their needs. He also plans to improve the buildings, starting out by air-conditioning the Chrysler and Graybar...