Word: zeckendorfs
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...came alive. In that year William Zeckendorf, an amiably sputtering firecracker, became its executive vice president (now, at 41, he gets $40,000 a year plus a fourth of the net-which last year was almost $1 million...
...Percentage. An old hand at the tricky process of bringing buyers, sellers, property, and capital together, Zeckendorf spent five years getting his $50,000,000 project under way. Toughest job was getting control of the property, which he began to buy piecemeal soon after he got the idea. To get the holdout 10% he will either have to pay a fancy high price or get help from the city through condemnation proceedings...
Getting the money was not so hard. Metropolitan, which has already sunk about $2 million in the dream and has the option on further financing, was impressed with Zeckendorf's hard-headed operating plans. The ten-story hotel, office, and professional buildings are expected to be self-sustaining. The rest of Bill's world of tomorrow will be let out at a basic moderate rent plus varying percentages of gross sales (e.g., 1% for food stores, 15% for millinery shops...
...area calculated to have the buying power of a city the size of Atlanta, Zeckendorf believes gross sales might reach $125 million annually, netting $6.5 million rent. After taxes, interest, and overhead are paid, there will still be a tidy balance of about $1.5 million...
...Zeckendorf, who has helped to expand the assets of his firm tenfold in the last eight years, likes to dismiss his many big operations (in hotels, theaters, apartments, oil wells, piers, night clubs, a small railroad, and smaller shopping centers) as "making grapefruit out of lemons." This grapefruit, which he hopes to pluck by 1948, would be his juiciest...