Word: levitts
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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...
Susan Steiner '50 and Wilma Levitt '50 bought theirs from a sharp dealer who doubles as a tobacconist. Miss Levitt thereafter disposed of three dozen among her friends...
...housing himself and his family. Today, such speculative merchant-builders as the David D. Bohannon Organization, which is putting up thousands of moderately priced houses around San Francisco, and the traditional but gadgety Gerholz Community Homes in Flint, Mich, account for 80% of production. Biggest of these merchants, Levitt & Sons, has raised a whole town (Levittown, pop. 27,850) of almost identical $7,990 bungalows on the flat potato fields of Long Island. The Levitt boys knock a new house together every 16 minutes, adorn their latest model with such creature comforts as fireplaces as well as modern touches...
Poured Foundations. That kind of big business was nothing new to 42-year-old Bill Levitt. After he got out of the Seabees in 1945, he and brother Alfred, who designs their houses, started building on a semi-mass production basis (TIME, Dec. 23, 1946). They used a huge earth-moving machine to root out foundations, a concrete mixer to move from site to site pouring concrete slabs for house bases (no basements). In 1946 they finished 1,000 homes, sold them to veterans for a shade under...