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.
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.
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 2, 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.
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.
June 29, 2005 |
Albert M. Greenfield Jr., 78, of Glenmoore, a real estate company chairman and Chester County civic leader, died of heart disease Saturday at home. Mr. Greenfield was the son of Albert M. Greenfield, a real estate magnate who died in 1967. In 1991, Mr. Greenfield's son, Albert III, and two other investors acquired his grandfather's real estate firm, Albert M. Greenfield & Co. Inc., and appointed Mr. Greenfield chairman. "He's a great asset," Albert III said at the time. "He's social, likable and a good businessman.
September 18, 1998 |
For once, Philadelphia's tendency to lag behind development trends in other major cities could pay off. While boom cities like Denver and New Orleans have overbuilt their hotel, retail and office markets, Philadelphia is just getting started. Demand here still exceeds supply in these areas, a panel of the city's leading developers told members of the Urban Land Institute's regional council yesterday. That means financial capital is unlikely to dry up here as it has elsewhere, the experts said.
June 7, 1987 |
The Pennsylvania State Employees Retirement System plans to invest $400 million to $600 million in real estate over the next four years, according to the fund's chief investment officer, Kenneth G. Mertz 2d. The system is looking into existing industrial parks, shopping malls, retail/residential complexes and apartment buildings, Mertz said. At least half of the money will be funneled into projects within Pennsylvania, he said. In January, the system hired JMB Institutional Realty Corp.