Word: wolman
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Dates: during 1960-1969
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...John Hancock, which is also constructing a new 60-story headquarters building in Boston, the Chicago venture represents the biggest real estate investment in its history. The project was actually the brainchild of Philadelphia Developer Jerry Wolman, who proposed that John Hancock help finance it. The company agreed, paid out $6,000,000 for a block-long parcel of land on fashionable North Michigan Avenue and leased it to Wolman. Soon after ground was broken in late 1965, however, Wolman found himself overextended in a number of other financial dealings. His troubles were aggravated when a faulty support caisson required...
When a second building threatened to break ranks, Owings took a different tack. Developer Jerry Wolman planned to jut a commercial building onto the generous sidewalk area. Owings explained that this would ruin the grand effect, like a shoe protruding from under a curtain. Wolman finally agreed to change the building. Owings flew to Boston with Wolman to arrange the new financing, then back to the capital to get the developer a zoning variance to add an extra floor. A lot of effort, but the grand design for the avenue was kept intact...
...managed to convince subcontractors that they would get their money, then borrowed $700,000 to build an apartment house in Arlington, Va. This time he hit pay dirt, and in nine months realized a $200,000 profit. As the Government grew and the housing demand picked up, Wolman's fortunes soared. Just 16 years after arriving in Washington, he was worth $35 million, on paper. His real estate holdings stretched from Philadelphia to Chicago, where the John Hancock Life Insurance Co. helped finance a Wolman scheme for a 100-story office-residential building...
Short of Sources. Then, last December, Wolman began running short of money sources; he sold John Hancock his interest in the Chicago skyscraper for $5,500,000, getting only half his investment back. Now his other holdings are also threatened-including millions in real estate, Philadelphia's Connie Mack Stadium and the Yellow Cab companies of Philadelphia and Camden, N.J. In addition, he has overdrawn his bank accounts by $85,000, is $226,000 behind in paying his insurance premiums and owes $182,000 in back taxes...
Since buying the Eagles four years ago, Wolman has become a sports buff, and though he owes $7,000,000 on his holding, he claims he would not sell the club for $150 million. Moreover, even while facing financial disaster, he talks of completing one last big real estate project-a $100 million "city within a city" in Camden...