Word: manhattanization
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...national airline for $193.8 million to a group of Mexican investors in 1988. Sales took off after Carlos Salinas de Gortari became President later that year. Mexicana, the other state-owned airline, was sold for $140 million to a consortium including Mexico's Group Xabre conglomerate and the Chase Manhattan Bank. Next to hit the auction block was Cananea, one of the largest copper mines in the western hemisphere, sold last summer for $475 million to Mexican copper baron Jorge Larrea...
...York City's 84-year-old Plaza Hotel into condominiums to pay off his $300 million loan on the place. He plans to charge an average of $1,600 per sq. ft. for the luxury apartments, or about three times the price of other prime residential buildings in Manhattan -- and most of the apartments won't have kitchens...
...accept more modest aspirations. The real estate market was a prime example of a 1980s torture track. Americans started thinking of housing as a vehicle for getting rich, rather than as just shelter, and it became an obsession. Author Ann Beattie, a chronicler of the baby boom, fled Manhattan in the mid-1980s for Charlottesville, Va., declaring, "I could not spend the rest of my life listening to people talk about real estate. It's a constant, boring, hysterical subject...
...Manhattan's frantic avenues might seem light-years away from the simple life, but associate editor Janice Castro, who wrote this week's cover story, found early evidence of the back-to-basics trend in her own West Side New York City neighborhood. "Last year my brother Jim came from California on a business trip," she recalls. "On the third day he took me to a cafe he had found near my apartment, a cozy little no-frills place. As we walked in the door, the woman who runs the restaurant greeted him with a big smile, said, 'The usual...
...card-carrying baby boomer, I take this death personally. Not that I ever was really a yuppie, of course. But walking the greed-locked streets of Manhattan at the dawning of the new age of avarice, I felt like John Reed in Moscow in 1917. A revolution in human consumption patterns was under way, and I was on the barricades, ordering grilled tuna with sun-dried tomatoes, an arugula-and-radicchio salad, an insouciant Chardonnay and cappuccino...