September 30, 1986 |
Merrill Lynch & Co. said yesterday it planned to sell its real estate division and concentrate on its traditional retail brokerage and investment- banking services. William A. Schreyer, Merrill Lynch's chairman, said in Washington that he hoped to find a buyer by the end of the year and that the purchase price should be "north of $500 million. " The three operations, which Merrill Lynch characterized as strong and profitable, had combined 1985 revenue of $525 million, or 7.4 percent of Merrill Lynch's $7.1 billion in total revenue last year.
September 23, 1990 |
By 1987, Dick Fox had been in the real estate business for 35 years, and it had never looked so good. Skyscrapers were remaking Philadelphia's skyline. Developers were bidding up the price for broken-down farms out in Berks County. Homes were selling overnight for more than their asking price. He knew it was time to get out. "There are a lot of excesses that indicate the end of a real estate cycle. And to me, it was pretty obvious," said Fox, whose company had barely weathered the real estate collapse of 1974.
February 4, 2012 |
Herbert Edwards Sr., 80, formerly of West Oak Lane, a real estate agent, died Tuesday, Jan. 31, at Maplewood Manor in Germantown of progressive supranuclear palsy, a brain disorder. In 1962, Mr. Edwards opened an office in North Philadelphia offering notary and tax-preparation services. He established a real estate agency at the site in 1972, and also offered auto tags and appraisal services. He was known throughout North Philadelphia as a true professional and a savvy businessman, his daughter Eileen said.
May 30, 1997 |
A special hearing to explore problems affecting the sale of real estate in Philadelphia will be held before the City Council's Rules Committee at 10 a.m. June 3. Councilman James Kenney introduced a resolution calling for the hearing last year, citing a number of problems in the way city departments handle the transfer of real property. The resolution cited some of the fees and practices that discourage people wishing to buy real estate in the city: Philadelphia's realty transfer tax, which at 3 percent is the highest of any U.S. municipality.
August 6, 2007 |
A former plumber and handyman turned real estate developer was shot and killed while in bed early yesterday in his home in an affluent enclave of Montgomery County. Jereleigh Morton, 47, of Whitpain Township, is believed to have been asleep when the fatal attack occurred at his Mount Pleasant Avenue home, according to Montgomery County First Assistant District Attorney Risa Vetri Ferman. Morton's wife, their adult daughter, son-in-law, and the younger couple's young child were also at home at the time of the shooting.
January 10, 1988 |
Stung by the stock market crash and unsure about the course of the economy, more investors are considering real estate investment trusts and limited partnerships as less volatile places for their money, fund managers and analysts say. The appeal of these securities - which essentially give the investor a slice of real estate held by the trust or owned by the partnership - is the expectation of steady income from rentals, coupled with the hope...
December 13, 2012 |
THINGS WERE TOUGH in Kingsessing during the Depression. Louis and Ida Lipson opened a delicatessen there, at 52nd Street and Warrington Avenue, but life was not always easy. Long hours, hard work and compassion for customers who sometimes couldn't pay a bill endeared them to the neighborhood. And they had a devoted son. Jay Lipson pitched in to help all he could, even as a kid. He sold Christmas trees, did odd jobs for neighbors, and even taught himself bookkeeping so he could do the ordering for the store.
November 8, 2009 |
From his 30th-floor Center City office, William J. Hirschfeld has an in-your-face reminder that all is not well in commercial real estate. His view is of One Liberty Place, the 61-story premier office address that, to the casual observer, is a glistening marvel. To Hirschfeld, it's also a constant prod that he's "gotta make the doughnuts. " That means finding a tenant for the 54th floor, a spectacular space that, despite pulse-quickening views, Hirschfeld, as One Liberty's leasing manager, has had no luck filling since Cigna moved out three years ago. It's just a hint of the harrowing state of affairs in commercial real estate, where vacancies are on the rise across virtually all sectors, rents and property values are dropping, building owners are low on funds, and financing options are drying up. And bad as things are, they're expected to get worse - the next slide in the snowballing economic crisis that began with the collapse of the housing market and continues to claim casualties.
June 28, 2010
Real estate magnate Walter Shorenstein, 95, an adviser to U.S. presidents, whose company controlled about 30 million square feet of commercial real estate, died Thursday at his San Francisco home, said Andrew Neilly, a spokesman for the Shorenstein Co. The entrepreneur was a committed and influential Democrat and San Franciscan, who headed up the effort to keep the Giants baseball team from moving to Florida in 1993. His was a classic up-by-the-bootstraps story: He dropped out of the University of Pennsylvania, served in the Army Air Corps during World War II, then moved to San Francisco with little money and a pregnant wife.
December 1, 2012
Alan S. Oser, 81, the New York Times' authoritative voice in real estate coverage for more than 30 years as a writer and editor, died Tuesday in Barcelona, Spain, where he was celebrating his 60th wedding anniversary with his wife, Janice. The cause was a stroke, said his son, Roy. From 1969 through 2004, several years past his nominal retirement, Mr. Oser wrote about real estate in the daily Times and in the Sunday Real Estate section. In 2004, Mr. Oser, a violinist, founded New Paths in Music, a nonprofit organization in Manhattan that presents the work of foreign composers whose music has rarely if ever been performed in this country.