Word: helmsleys
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...There is a certain glamour to buy ing a city within a city," says Harry Brakmann Helmsley. Especially, he might have added, when the price is $90 million, just about the top tag ever placed on a single piece of property...
Last week Helmsley, a former office boy who, at 59, has become one of the nation's largest real estate owners, an nounced his latest purchase. Metropolitan Life Insurance Co. has agreed to sell Helmsley its gigantic Parkchester apartment complex in The Bronx...
...head of a six-man syndicate, Helmsley will take over the 12,271-unit project later this year. The 129-acre community, home to some 38,000 New Yorkers, also includes offices, banks, a post office, theater, library and a 100-store shopping center. When built by Metropolitan between 1938 and 1942, Parkchester cost $67 million. Even though it yielded $14.9 million in rents last year, Metropolitan has for some time yearned to unload it. New York City rent control has kept the top rent on a three-bedroom apartment to a bar gain $165 a month, even while taxes...
Also, New Wiring. The first thing Helmsley plans to do at Parkchester is raise rents. An apartment-building own er can seek a "hardship increase" under rent control if his income fails to amount to a 6% return on his invest ment, plus 2% for depreciation. Having agreed to pay $90 million for the property, Helmsley will be in a position to make use of the hardship proviso. "Then," he adds, "we're going to put in new wiring, which brings another increase...
...such shrewdness, Helmsley has made himself more than a millionaire...