Word: zeckendorfs
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...people. Barricades to hold back crowds at the Chicago fire exhibit were often hardly needed. Business on weekends, the most crowded time at other New York entertainment parks, dropped 20% below the weekday rate. The park lost money on all but the biggest days. To protect its investment, Zeckendorf and Webb & Knapp, which had stayed out of International Recreation's management, stepped in and took charge...
...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...
City Planning. Once out of the service, he found it "hard for a foreigner to get architectural commissions." Teaching at Harvard in 1948, he was recommended to Builder William Zeckendorf as the kind of architect who could help Zeckendorf in his grandly conceived city projects. Zeckendorf hired him. "In city planning, you need a man like Zeckendorf," says Pei. "Only through men like him can an architect get into urban redevelopment. He can't do it himself, because he has no understanding of land values, movements and trends...