Word: levitt
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Dates: during 1950-1959
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Levittown is known largely for one reason: it epitomizes the revolution which has brought mass production to the housing industry. Its creator, Long Island's Levitt & Sons, Inc., has become the biggest builder of houses...
Without spending a cent of its own money (it had only $10,000), Junto in effect bought 4,028 houses worth some $32 million in Levittown, the Long Island mass housing development of Levitt & Sons. This complex deal in high finance was devised by bustling, mop-haired Philip Klein, a retired advertising man now Junto's non-salaried business manager. He had no trouble selling the deal to Builder William Levitt, who saw in it a way to save on his taxes...
First step was the purchase by Junto of the Bethpage Realty Corp., which owned the 4,028 rental houses and was, in turn, owned by Levitt and his brother Alfred S. The price: $5,150,000 with $1,500,000 as down payment...
...make the down payment, Junto borrowed $1,500,000 for five days from the Fidelity-Philadelphia Trust Co., and took over Bethpage. In its treasury was around $5,000,000 in working capital and profits. With this cash, Junto repaid the Fidelity-Philadelphia Co. and paid Levitt and his brother another $3,400,000. Junto agreed to pay the remaining $250,000 to the Levitts next December. Since it expects to do so out of cash on hand and incoming rents, Junto actually got the houses for nothing. When the mortgages are paid off in some 20 years, it will...