Word: realtor
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MANHATTAN Realtor William Zeckendorf, who sold the site for the U.N., plans to buy two of New York's most famous skyscrapers: the 77-story Chrysler Building, second tallest building in the world; and the 33-story Graybar Building, which houses many of Manhattan's big Madison Avenue ad agencies. Price: $70 million (v. the original construction cost of some $60 million). Major part of the financing will probably come in a $40 million mortgage from Equitable Life...
Empty Stores. In an upper-level Cleveland suburb, 28 new houses completed last spring still stood vacant at $38,000, although the builder had sold others by trimming prices. In Detroit, housing permits this year were 40% fewer than last year, and Portland, Ore. Realtor Charles Paine reported that his home market was "just marking time." Sacramento, Calif, and southeastern Florida, where buyers were snapping up medium-priced homes as fast as they were built, were exceptions...
...cause of the housing slowdown was the shortage of money for FHA and veterans' mortgages. Though other interest rates have moved up, the FHA and VA still will only insure mortgages at 4¼ and 4%, rates now too low to attract much bank money. The realtors were all in favor of FHA and veteran loan guarantees, but they thought that interest rates should be set on a flexible, regional basis rather than one rate across the nation. Said Atlanta Realtor Henry H. Robinson: if VA interest rates were allowed to rise, "Expect a terrific boom in G.I. home...
...After a World War II stint as a colonel in charge of buying $1 billion worth of Army supplies, Crown started spreading into other fields. He put close to $4,000,000 in cash and notes into Chicago's Palmer House and $250,000 into the Waldorf; with Realtor William Zeckendorf he bought a big tract of land on Manhattan's East Side, with the idea of putting up a big housing development. The deals paid off: the Waldorf, once deep in the red, is now well in the black; the Manhattan land, soon sold to the Rockefellers...
...leaning delegates do not always fall the way they are inclined. A case in point is that of Delegate John J. Garland, wealthy Los Angeles realtor, brother-in-law of Publisher Norman Chandler of the Los Angeles Times and Mirror. Garland is a Warrenite, but favors Taft as a second choice. This is largely because Garland owes his position on the delegation to his relationship with Chandler, and Chandler is for Taft. However, Mrs. Garland (Chandler's sister) is for Ike, and so are Mrs. Chandler and some other members of the family who own stock in the papers...