Word: leaseholders
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Dates: during 1960-1969
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...when the President is Richard Nixon, for whom the White House is not entirely a home. He is, by his own testimony, a "saltwater man," and in a relatively short span of time has picked up two seaside abodes in Florida, another in California, as well as retaining his leasehold on the old family manse in Whittier, Calif. While none of the four dwellings is perhaps fit for a king, the three recent acquisitions are certainly suitable to the style of a First Family, with all that that entails. How in the world does Nixon meet those monthly mortgage bills...
Last year Irving Felt, chairman of the Madison Square Garden Corp., made a deal with the financially strapped Pennsylvania Railroad to take a 99-year leasehold on Penn Station's air rights. According to Felt's plan, the site would be stripped to ground level (the trains would still come and go below), and a new Madison Square Garden, seating 25,000 persons, would be built on top, flanked by two office buildings, all designed by Los Angeles Architect Charles Luckman...