Word: zeckendorfs
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From his circular penthouse office on Madison Avenue, Manhattan Real Estate Tycoon William Zeckendorf frequently sallies out on a limb, leaving all his competitors and creditors agape with suspense. For years, people have been expecting Zeckendorf to take a tumble, though he has always managed to regain his balance. Recently, though, Zeckendorf's balancing act has been getting more and more precarious. Last week the Alleghany Corp, complained that Zeckendorf's Webb & Knapp, Inc, had failed to pay it $570,000 in back rent on some Denver properties, and rotund Bill Zeckendorf, 57, admitted that his $400 million...
Reached in New York, William Zeckendorf, Jr., of Zeckendorf Property Corporation, said his firm had been contacted "by a bidder interested in the land." However, Zeckendorf added, "we are not involved; we have a policy opposed to bidding against a University." Zeckendorf also stated that "the backer has an obligation to make his name public...
Last week, conceding that his wheeling and dealing "might not be a proper Englishman's cup of tea," ebullient Bill Zeckendorf announced Evacuation Day for the hapless British. He acknowledged that his three British representatives, as well as three Americans whom the British had named to the board, had resigned as directors (though the British hold on to their 15% of Webb & Knapp stock). The British had found Zeckendorf impossible to harness or control. Barely controlling his own glee at having shucked off his British advisers, Zeckendorf piously admitted: "They thought that they could reform...
...Webb & Knapp of its bothersome short-term debts, the British had demanded that Zeckendorf sell some of Webb & Knapp's holdings. But Zeckendorf's idea of liquidation differed from his partners': though he sold some holdings, he kept right on buying others (among the purchases: $25 million for Manhattan's Savoy Hilton Hotel). Outraged, the British sent to New York a relay of executives, who camped out in Zeckendorf's Madison Avenue offices to try to halt his acquisitions. But, in his own inimitable way, Zeckendorf confounded the British Expeditionary Force. He made his deals...
Unaccustomed to that sort of guerrilla warfare, the British retreated in some order. They still keep their position in Zeckendorf Property Corp., an affiliate that they insisted be spun off from Webb & Knapp in 1961, where they are joint partners with Webb & Knapp with 47.5% each (the remaining sliver belongs to Alcoa). Zeckendorf Property has under way 13 promising urban development projects, including Manhattan's Lincoln Towers, and Zeckendorf plans to continue linking up with partners to build mw development projects-but to keep ouTsiders out of Webb & Knapp. He hopes that assiduous real estate trading can keep...