Word: zeckendorfs
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Dates: during 1960-1969
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...present, Sennott noted that he knew of no other groups interested in the MTA car barns site. In the past, there has been speculation that such outside investors as Webb and Knapp (William Zeckendorf) were negotiating to purchase the land...
...ZECKENDORF EMPIRE has been cut back by $90 million. Bill Zeckendorf, president of Webb & Knapp, big U.S. real estate firm, sold off that much property this year to get cash to rescue beleaguered Freedomland and to help finance multimillion-dollar developments in Los Angeles and Montreal...
...park made an average operating profit of $20,000 a day. But W. & K. is still stuck with 40% of the stock and $4,000,000 in unpaid construction bills-and the stock, issued at $17.50, has plummeted to a low of $6.25. To meet these bills, Bill Zeckendorf is preparing a plan for new financing, to save both Freedomland and Webb & Knapp's Freedomland Inn, a $6,000,000 motel which is being built on the property adjoining the park and which would be relatively worthless if the entertainment center folded...
...Bill Zeckendorf was scratching for ready cash in several other quarters last week as he continued the retrenchment program started to pay off his expensive short-term debt and complete his major projects under way. For more than $5,000,000, he sold his 200-year lease (with options) on Manhattan's posh St. Regis Hotel to Mexico's Cesar Balsa, 37, a onetime bellhop whose nine-hotel chain in Mexico City and Acapulco is the largest in Central America. The sale completed the financial legerdemain begun last February when Webb & Knapp bought the St. Regis...
...another, similarly complicated move, Zeckendorf sold his 99-year lease on the 70-story office building at 40 Wall Street, the world's fourth-tallest office building, to London's City & Central Investments, Ltd. for $15 million. Last year Webb & Knapp bought 40 Wall and the land beneath it for $32 million, sold the land and the building to Metropolitan Life Insurance Co. for $20 million, retaining the lease. With the sale of the lease last week, Webb & Knapp's profit on the 40 Wall transactions is estimated...