Word: zeckendorfs
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...William Zeckendorf, whose deals have probably made him the No. 1 U.S. realtor, last week clinched his biggest deal yet. In Manhattan, President Arthur F. Douglas of the Statler Hotels announced that the board of directors had accepted an $80 million offer to sell out to Zeck-endorf's Webb & Knapp...
...Zeckendorf has offered Statler's 2,700 stockholders two ways to hand over control. They can either sell him their stock at $50 a share (v. over-the-counter value of $43.50), or sell him all Statler assets for $80 million, enough to pay them $50 a share...
...brand-new Cadillac," he tells with a smile, "cross the border and drive to Los Angeles." Says Sacha Wolanow, fingering a three-carat diamond ring: "I am going to buy and buy until I'm the biggest real-estate man in America. I will make Zeckendorf* look like peanuts...
...Webb & Knapp, the buildings, all fully rented, will bring in an estimated $2,000,000 a year before taxes. Moreover, says Zeckendorf, the skyscrapers will be more profitable under one control; costs can be cut, possibly by a private power and heating plant for all three, and tenants can shift around more easily in the different buildings, according to their needs. He also plans to improve the buildings, starting out by air-conditioning the Chrysler and Graybar...
...Chrysler deal was not the only big deal for Zeckendorf last week. He also paid about $7,000,000 for Manhattan's stodgy old (116 years) James McCreery department store, owned by Associated Dry Goods Corp., which controls the Lord & Taylor stores. He got the building, fixtures and equipment (but not the inventory), began looking around for "a real big operator" to lease it to. At week's end, he thought he had just the operator: Manhattan's Ohrbach's (TIME, Dec. 13, 1948), a fast-growing Union Square store that has been thinking of moving...