Word: zeckendorfs
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Like a character in an oldtime western serial, Real Estate Tycoon William Zeckendorf has ridden his ailing corporate steed, Webb & Knapp, Inc., through a series of cliffhanging adventures and crises. Somehow he has managed to avert disaster each time with an ingenious plan or a daring, last-minute rescue. Last week Bill Zeckendorf, 59, found himself in the worst trouble of his spectacular career. With no rescue in the script this time, the end seemed finally in sight for a saga that has endlessly fascinated and amazed the business world...
...Manhattan's Marine Midland Trust Co., trustee for $4,298,200 in Webb & Knapp debenture bonds, petitioned the courts for reorganization of the company under the Bankruptcy Act. Besieged by a growing army of creditors and unable for once to raise the money to pay them off, Bill Zeckendorf last week agreed in federal court to join rather than fight Marine Midland's petition, promised to cooperate in reorganizing Webb & Knapp's $69.7 million complex. The SEC lifted its ban on trading in Webb & Knapp stock, but an American Stock Exchange ban still stands...
Last week, with $1,250,000 cash and $7,250,000 in mortgages, the pair bought Fifth Avenue's Gotham Hotel from Gotham Realty Co. and its operating lease from hard-pressed William Zeckendorf. They already own the Chrysler Building, the second tallest in the U.S., as well as the Stanhope and Gramercy Park Hotels, the Columbia Pictures Building, and dozens of lesser office buildings, apartments and restaurants. Altogether, they hold title to 450 pieces of real estate, the most important of which are owned by their Wellington Associates...
Much of that work was done for William Zeckendorf's Webb and Knapp firm. In 1955 Pei founded his own firm, I. M. Pei and Associates. A great deal of his early work was in city planning, but the two buildings that impressed Walton and Mrs. Kennedy were a weather research station set against the mountains in Boulder, Colo., and the Newhouse Communications Center in Syracuse...
...observed that scheme after scheme to beautify America's topsy-built cities failed because the true client was the real estate entrepreneur rather than the aesthetician. Pei signed on with Manhattan Realtor William Zeckendorf to see if a creative balance could be struck between big deals and good design. The working relationship produced Manhattan's Kips Bay Plaza apartments, Montreal's Place Ville Marie and Denver's Mile High Center. But a decade ago, Pei decided it was time to begin striking out on his own: he became a U.S. citizen...