Word: zeckendorfs
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Dates: during 1960-1969
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With a rare talent for expanding now and financing later, Manhattan's aggressive William Zeckendorf, 56, long ago made himself master of one of the nation's most grandiose real estate empires. The catch was that Zeckendorf's Webb & Knapp, Inc. was always barely one gasp ahead of its creditors: by last year the company was staggering under some $100 million in short-term debt, found itself so short of ready cash that Zeckendorf was obliged to swallow his pride and abandon cherished plans to build a $60 million Manhattan luxury hotel named after himself (TIME...
...money was the Second Covent Garden Property Co. Ltd., a London real estate giant with holdings worth more than $56 million. In return for $43,750,000 in British financing and new bank money, Second Covent Garden will become equal partners with Webb & Knapp in a new firm called Zeckendorf Property Corp., which is to be created by splitting off 13 Webb & Knapp urban renewal projects from New York to Los Angeles. Zeckendorf will be chairman and chief executive officer of the new company, and Son Bill Jr., who did much of the negotiating with the British, will be president...
Second Covent Garden decided to team up with Zeckendorf in the U.S. in order to break into the lucrative American real estate market. But to ensure that their cash would not be hustled into visionary new Zeckendorf expansion schemes, the British placed five representatives on the ten-man board of Zeckendorf Property. In addition, by acquiring a 15% interest in Webb & Knapp itself, London's Philip Hill Group, with which Second Covent Garden is affiliated, gets the right to place the first outside block of three directors on the Webb & Knapp board...
...heart of the Southwest project is a complex of glass-and-stone apartments, a new shopping center, 81 trim town houses, and a new theater for the city's Arena Stage Players. Along Tenth Street, which will be widened, Manhattan's William Zeckendorf is putting up a 1,000-room hotel, three big office buildings and dozens of shops, all surrounding a plaza to be named after City Planner L'Enfant...
...Never at a loss for a grandiose idea, Manhattan Real Estate Tycoon William Zeclcendorf, boss of the widespread Webb & Knapp empire, acquired a controlling interest in Yonkers Raceway for International Recreation Corp., a Webb & Knapp affiliate. Estimated cost: $17 million. Zeckendorf's avowed intention is to build a geodesic dome over the track to make it a year-round sports arena. More likely, he will merge the profitable Yonkers with International in order to write off the losses on International's Freedomland amusement park, which has yet to show a profit. Always in need of ready cash, Zeckendorf...