Word: zeckendorf
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Dates: during 1946-1946
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Appropriately, the deal was signed in a nightclub. U.N. delegates would get a glittering skyscraper headquarters along the East River. New York would get U.N.'s prestige and cash. And no one was happier about it all than a jet-propelled real-estate tycoon named William Zeckendorf. He had planned it that...
...paunchy idea man who likes flamboyant ties and flamboyant schemes, Bill Zeckendorf had cornered a section of grimy tenements, abattoirs and garages on Manhattan's East Side. He had planned to demolish them, raise in their place a dream city of Euclidean skyscraper hotels and office buildings (TIME, Oct. 14). But a fortnight ago he approached New York's William O'Dwyer with the idea of selling the whole caboodle to U.N. instead...
...Much?" One night last week Manhattan Architect Wallace Harrison, who had helped build Rockefeller Center for the Rockefellers, walked into Manhattan's jangling, spangly Monte Carlo where Bill Zeckendorf was just beginning to enjoy himself. It was his sixth wedding anniversary, his partner's 34th birthday. Architect Harrison had a map of Manhattan in his hand. Ringing Zeckendorf's East Side site with a pencil, he asked: "How much?" Without batting an eye, Zeckendorf tossed off his answer: $8,500,000. Forthwith, a 30-day option in the name of John D. Rockefeller Jr. was signed...
...Promoter Zeckendorf had let his U.N. site go for a 20% profit, he said. Now he was busily buying up East Side property as far west of U.N. as Grand Central, getting ready to refurbish the whole area. When he sells or develops his neighboring blocks, he expects to make his usual 400% profit. Said he with happy anticipation: "That's how we make progress in this wonderful capitalistic country...
...Zeckendorf took over the management of Vincent Astor's realty interests, swelled their value in a series of 150 transactions by about $5 million (with commissions to W. & K. totaling $1½ million...