Word: zeckendorfs
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...reputation of William Zeckendorf, 58, as an irrepressible trader in land, leases and buildings hurt him last week in Canada. Under pressure from his north-of-the-border partners, he resigned as chairman of both Webb & Knapp (Canada), which is 63.5% owned by Zeckendorfs Manhattan-based Webb & Knapp Inc., and of Montreal's Trizec Corp., which is 49% owned by Webb & Knapp (Canada...
...caught by the softening market; he has been accused by the New York State attorney general of juggling his funds to keep his syndicates going, was barred from selling securities in New York. The troubles of the syndicators have caused crises for such as Manhattan Real Estate Tycoon William Zeckendorf, who finds it harder to peddle real estate to them when he needs cash; last week he announced that he will resort to public auction to sell off some of his New York properties...
Anyone who hopes to make money in big real estate ventures in the future will have to have enough financial strength to be able to wait a long time for his investment to pay off. It may well be that the days are over when such brash showmen as Zeckendorf could parlay a small stake into millions. The real estate entrepreneurs of the future are likely to be found among insurance companies (which now invest about 3% of their total assets in real estate) and big institutional investors, who will have success simply because they can afford to wait...
...Zeckendorf has always depended for balance on his ability to shuffle his properties about like ballast, but the shuffling has suddenly gotten a lot harder. New York City's Freedomland, which Zeckendorf hoped would catch on as a kind of Disneyland East, has turned out to be a tunnel of horrors, lost several million dollars last year. His scheme for selling his hotels and leasing them back has backfired because of falling occupancy rates and higher costs. The softening real estate market has forced him to defer many of his plans to sell off Webb & Knapp buildings to raise...
...usual, Zeckendorf hopes to pull out of his present bind by selling off properties, but that will take some doing. Webb & Knapp's recently released 1962 annual report is a textbook of corporate debt and declining assets; its long-term debt is an astonishing 83% of its assets. Webb & Knapp's finances are sometimes so complicated that its own auditors are unable to unravel them. Two months ago, outside auditors had to be called in to double-check some calculations. The result: instead of the previously reported $5,000,000 profit for 1962's second and third...