Word: zeckendorfs
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Dates: during 1960-1969
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...reputation of William Zeckendorf, 58, as an irrepressible trader in land, leases and buildings hurt him last week in Canada. Under pressure from his north-of-the-border partners, he resigned as chairman of both Webb & Knapp (Canada), which is 63.5% owned by Zeckendorfs Manhattan-based Webb & Knapp Inc., and of Montreal's Trizec Corp., which is 49% owned by Webb & Knapp (Canada...
Like their U.S. parent, the two companies founded by Zeckendorf have fallen on lean times. Last year Webb & Knapp (Canada) lost $1,264,000, in part because of a slide in Canadian real-estate prices, and Trizec lost $2,877,000 because costs of constructing its $100 million Place Ville Marie-Montreal's Rockefeller Center-overshot estimates by $25 million...
...attempt to conserve cash, Webb & Knapp (Canada) wants to pay the holders of its debentures in interest notes instead of dollars over the next three years and promises to undertake no new projects. But Canadian moneymen were skeptical that Impresario Zeckendorf could really restrain himself. So "Big Bill" had to go. His exit at Trizec followed virtually automatically, and the departure was sweet revenge for Britain's Second Covent Garden Properties Co. Ltd., which has a 24.5% interest in Trizec; six representatives of Second Covent Garden had been forced off the board of the U.S.'s Webb & Knapp...
...caught by the softening market; he has been accused by the New York State attorney general of juggling his funds to keep his syndicates going, was barred from selling securities in New York. The troubles of the syndicators have caused crises for such as Manhattan Real Estate Tycoon William Zeckendorf, who finds it harder to peddle real estate to them when he needs cash; last week he announced that he will resort to public auction to sell off some of his New York properties...
Anyone who hopes to make money in big real estate ventures in the future will have to have enough financial strength to be able to wait a long time for his investment to pay off. It may well be that the days are over when such brash showmen as Zeckendorf could parlay a small stake into millions. The real estate entrepreneurs of the future are likely to be found among insurance companies (which now invest about 3% of their total assets in real estate) and big institutional investors, who will have success simply because they can afford to wait...