Word: tishman
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...Though Tishman is based in New York, the firm has moved into such growing areas as Los Angeles because Tishman feels that development opportunities are about exhausted in Manhattan. "To me," says Norman Tishman, "a piece of underdeveloped property is like an uncut diamond to a jeweler. I don't see it as it is-I see it as it will look when it has been properly developed." Today Tishman operates 31 large office or apartment buildings and three shopping centers in five U.S. cities (including West Hempstead, L.I.; New Orleans; Philadelphia), has other buildings under construction in Cleveland...
Above 86th Street. The Tishman firm was started in 1898 by Norman Tishman's father Julius, an immigrant peddler who turned to real estate to get money to educate his children. Julius Tishman built small tenements in downtown Manhattan until 1910. Then he decided, against all advice, to erect a nine-story luxury apartment on Manhattan's West 93rd Street, despite a tradition that no well-to-do New Yorker would live above 86th Street. The building was profitable, and Julius Tishman made his fortune by continuing to build above 86th Street for the next ten years...
...year young Norman graduated from Harvard, Julius decided to build an office building across from Manhattan's Penn Station. Though the area was largely occupied by factories, Tishman thought it would be ideal for commuting office workers. He was right; other companies followed his lead. Right after World War II, the firm built the first fully air-conditioned office building and the first metalclad office building in Manhattan...
Three Generations. Norman Tishman took over as president after World War II (the company now has nine Tishmans ranging through three generations), devised a better way to finance his buildings. Irked by the necessity of tying up millions of dollars of company capital in buildings, he worked out a sale-leaseback plan. Under this system, Tishman sells a new building outright to a corporation (usually an insurance firm), leases it back at about 7% a year and operates it. The company can not only use its capital for other projects, but also gets a tax break. Its lease payments...
...such shrewd tactics, the company, which the Tishman family controls with nearly 50% of the 1,940,000 shares of common stock, netted $4,033,975 in 1957, although the net profit for its first half of this year is down to $1,250,000. Tishman's goal is to build enough properties so that most or all the firm's profits will eventually come from rentals, make it immune to ups and downs in the market for new building. Says Norman Tishman: "When the day comes that we don't care whether we make a sale...