Word: manhattanization
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...architects and developers have reshaped the American city as dramatically as John Portman has done in the past quarter-century. From the hulking Marriott Marquis hotel in Manhattan to the sprawling Embarcadero Center office % complex in San Francisco, Portman has left an imposing mark on urban skylines. But the Atlanta-based master of the vaulting atrium and the skylighted ceiling faces a severe cash crunch. In October, burdened by more than $2 billion in debt and hurt by low occupancy rates in many of his buildings, Portman surrendered to creditors his control of Atlanta's 13-block Peachtree Center...
...Orlando. Attendance was off nearly 20% from last year as many members stayed home to tend to their troubled portfolios. Those who showed up foresaw no relief from the real estate depression. "I'm not planning on it getting any better in 1991," said Thomas Labrecque, president of Chase Manhattan, which lost $623 million in the third quarter of 1990, largely because of bad mortgage loans...
Silverstein knows a lot more about bankers than he used to. His lenders have been keeping a close eye on the financial status of his two largest projects: midtown Manhattan's A&S Plaza and 7 World Trade Center in the financial district. The 1 million-sq.-ft. A&S Plaza stands one-third empty, while the 2 $ million-sq.-ft. World Trade Center site is largely rented only because of substantial givebacks...
...when his father, the brash and bold William Zeckendorf Sr., lost his fortune, which in the early 1960s might have been worth as much as $500 million. The son has been relatively cautious, but he is nevertheless feeling the pinch. His Zeckendorf Towers in Manhattan lost its largest commercial tenant, Integrated Resources, when the investment syndicator filed for bankruptcy earlier this year. Still, because most of his debts are corporate and not personal, Zeckendorf stands to lose a relatively modest $7 million...
...Chicago investment bankers who checked into a local hotel with just a video camera, were mortified by the way poor lighting and camera angles distorted their overweight bodies. Fred, a professor, and Nina, a schoolteacher, recorded themselves in a candlelit bubble bath, and wound up elated. The Manhattan couple, married 20 years, have filmed three more tub trysts, complete with strawberries and whipped cream...