Word: helmsleys
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...costs and the business recession have driven many New York hotels into the red. In the first three months of 1971, their occupancy rate sank to 65%, the lowest in eight years. One of the few hoteliers who remains undaunted by that gloomy statistic is Real Estate Operator Harry Helmsley. This month he boldly opened Manhattan's first new hotel since 1965: the Park Lane, a $30 million tower overlooking Central Park...
...president and principal owner of the real estate firm of Helmsley-Spear Inc., he manages properties worth $1.5 billion by his own estimate. He also controls two rival Manhattan realty companies and personally shares in the ownership of dozens of profitable buildings, many of them operated by his own firms. Among his holdings: the Empire State Building, still the world's tallest, two high-rent Beverly Hills apartments, Brooklyn's industrial Bush Terminal and Manhattan's St. Moritz and Carlton House hotels...
Syndicate Specialist. A Manhattan-born Quaker, Helmsley grew up in The Bronx, joined the firm he now heads after leaving high school at 16. Rising from office boy to rent collector to building manager to broker, he performed so well that his name went on the company's title before he was 30. Later, as a specialist in syndicate purchasing, Helmsley joined with Lawrence Wien, a Manhattan lawyer and investor, and began putting together his realty domain. The Empire State Building, which they bought in 1961 for $65 million, is the crown jewel, but their widespread holdings include shopping...
Tall and lean (6 ft. 3 in., 195 lbs.), Helmsley keeps fit by frequent skiing. He often stays home in Westchester County for a day or two a week to toil over papers without interruptions. He keeps a direct phone line from home to his office switchboard, however, "so no one knows whether I'm calling him from the office...
...Helmsley is busy building two Manhattan skyscrapers and a hotel that will face Central Park. This may seem like enough to keep him occupied, but his appetite for real estate is still growing. Last month, he agreed to buy the stock of the Furman-Wolfson Trust, which owns property valued at $167 million in a dozen cities. It will cost him, he figures, $75 million in cold cash...