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A Lasting Legacy by Steve Cutler “In New York We Have a Particular Kind of Real-Estate with Secretary General Lie Came a Fateful Event

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A Lasting Legacy by Steve Cutler “In New York We Have a Particular Kind of Real-Estate with Secretary General Lie Came a Fateful Event The Zeckendorfs A Lasting Legacy by Steve Cutler “In New York we have a particular kind of real-estate with Secretary General Lie came a fateful event. His son, entrepreneurship,” observes architect Robert A.M. Stern, William Jr., had a blind date with Lie’s daughter, Guri, who has written fi ve books on the city’s architectural his- and soon after they married. Their two sons, William Lie tory. “We have families like the Zeckendorfs going from Zeckendorf and Arthur Zeckendorf, are now at the helm generation to generation. These people are interested in of the family business. building spectacularly for the love of building in part, but also just to create a place in the sun.” William Zeckendorf Jr. Few families have had so dramatic an impact on the William Zeckendorf Jr. was a visionary developer in New York City landscape as have the Zeckendorfs in his own right. “He was 20 years ahead of his time,” says their three generations of entrepreneurship, starting with Arthur Zeckendorf. “His two most notable projects were William Sr. in the 1940s. Their large-scale projects have probably the Columbia at 96th Street and Broadway, a transformed neighborhoods in every quadrant of the city trendsetter at the time, one of the fi rst of the condomini- and changed the way buildings are made and sold. ums built after the 1970s. The other was Union Square,” William Zeckendorf Sr. was a fl amboyant, vora- referring to Zeckendorf Towers at One Irving Place and cious deal maker who built or owned—and ultimately Park Avenue South, one of the most important develop- lost—vast real estate holdings, including such properties ments of the 1980s. as Roosevelt Field on Long Island, the Chrysler building Zeckendorf Towers was bold not only for its size and Chase Manhattan Plaza in Manhattan, and the Mile — it was the fi rst residential development in the city to High Center in Denver. have four towers - but for its location. The 26-story red- Zeckendorf Sr.’s most signifi cant deal, earning the brick towers replaced several run-down low-rise build- family a lasting legacy of civic good will, was his contri- ings at Union Square Park, which had been overrun by bution of the land mass on which the United Nations was drug dealers, and, recalls Arthur, “the area had declined built. Piece by piece Zeckendorf acquired 17 acres of land, in the ’70s, as many neighborhoods had. The development including 75 individual properties, from 42nd Street to transformed the neighborhood.” 49th Street on the East River, with plans to develop a mas- “Will and I were working for the company at the sive urban center to include offi ce and apartment towers, time,” recalls Arthur, “more from a marketing stand- a 6,000-room hotel, a concert hall, a center for the Metro- point. We were the fi rst developer to build off-site models politan Opera, a marina, and fl oating nightclub. of the apartments as well as a model of the building in At the time, the UN operated out of a vacated defense which each apartment actually lit up.” plant on Long Island and needed a permanent headquar- ters site. New York City was determined to keep the UN, Worldwide Plaza but the city was fl at broke, its infrastructure declining af- Zeckendorf Jr. pioneered another area of the city in ter years of neglect during WWII. Plus, there was no site the mid ’80s — the seriously devolved Times Square area big enough in Manhattan to accommodate the institution, -—with Worldwide Plaza, which again proved instru- and San Francisco, Boston, and especially Philadelphia mental in the revitalization of its environs. “If you look at were competing ferociously to win the contract. Eight Avenue now,” says Arthur, “it’s as hot as can be.” New York City mayor William O’Dwyer recruited Occupying an entire block at Eighth Avenue and 50th Nelson Rockefeller to serve on a task force led by powerful Street, the beautifully designed Worldwide Plaza contains parks commissioner Robert Moses to work with UN secre- 455 condominium apartments spread among a 35-story tary general Trygve Lie, secure land, navigate hugely com- tower and a group of six-story structures, a 50-story offi ce plicated negotiations, and raise fi nancing for the project. building, an open-air plaza with restaurants, and, at the In stepped William Zeckendorf, who, the story goes, time of its opening in 1989, a welcomed cinema complex. having read over his morning coffee of the plight of the When William Zeckendorf Jr. retired, says Arthur, United Nations’ search for a home, offered to sell nine he and Will “purchased Terra Holdings in order to di- acres of his East River site for a pittance. John Rockefeller versify our holdings and bought offi ce buildings with our took him up on the offer, paying $8.5 million for the land, partners.” They also bought Brown Harris Stevens bro- which he donated to the UN. kerage and Halstead Properties, “creating,” says Arthur, Zeckendorf was active in the development of the “the largest sales company in Manhattan. It’s been a very project in its early stages, and through his association successful business.” 16 NEW YORK LIVING 515 Park Avenue he notes, “and is geared to a certain income, which puts Their approach to residential development assumed it in a whole different category. Nothing’s ever 100 per- a different profi le: “We’re going after super-prime loca- cent immune, but it’s certainly signifi cantly immune from tions,” says Arthur. “We like to do one or two projects at market fl uctuations.” a time, go after the very high end.” Their fi rst hands-on “Sales have been successful,” according to Arthur at project in this development model was the 43-story 515 the time of this writing. “The building is over half sold Park Avenue at 60th Street, the tallest residential build- — 115 contracts out of 200.” ing on Park Avenue, a postmodern limestone and beige-brick luxury Construction Challenges tower completed in 2000. While the construction is The building’s 38 apartments, going very smoothly, he says, it 12 of which are duplexes, have has had its interesting moments. grand layouts with spacious en- “You have to bring the limestone trance foyers and stunning vistas. in from Canada and you have to Featuring private wine cellars and bring the trucks through customs a dining room off the lobby, the and have them arrive on time.” building went up just in time for And the winter weather presented the surge in luxury condomini- some challenges. “With the record ums—and the soaring prices that blizzard that came in on a Sunday went along with them—that came we had to spend Monday, Mon- in late 1990s. day night, and Tuesday shoveling snow on over an acre. We had to 15 Central Park West heat it so it wouldn’t ice up. But In 2004, the brothers acquired we only lost a day.” the land for their pièce de résis- Again with this project, the tance, 15 Central Park West, on Zeckendorfs show mastery in 60th Street between Broadway and marketing. “It takes the concept of Central Park West. “Two hundred a sales center to a new level,” says feet on Central Park West doesn’t Will, referring to the whole-fl oor come along very often,” says Will Arthur Zeckendorf, Robert A.M. Stern and model apartment designed by Zeckendorf, in an understatement. William Lie Zeckendorf Stern at Carnegie Hall Tower on “This is the last signifi cant available 57th Street “And we took double- site likely for a generation,” observes the architect for the page ads. You have to stand out.” project, Robert A.M. Stern. “Maybe forever.” The team took a new approach to brokers. “In the The $1 billion ultra-luxury project consists of two ’80s, most projects didn’t use outside brokers. In this wings: the 20-story House on Central Park West and the project we’ve used over 50 brokerage fi rms, throwing 43-story Tower bordering Broadway. The two neoclassi- broker parties and teas.” cal buildings, connected by a private courtyard, are clad in limestone taken from the source of the stone for the Em- The Fun Part pire State Building and the Metropolitan Museum of Art. Amid their vast real estate operations, “development Amenities will include a 13,500-square-foot fi tness is probably the most challenging yet fun part of the busi- center and spa, designed by Robert A.M. Stern, with a ness,” says Arthur. “You have many obstacles to overcome, 75-foot swimming pool featuring skylights illuminated but it’s rewarding because you actually see your product by the refl ecting pool in the garden above; private dining being built. You buy an existing building and there’s noth- room with full-time chef; wine cellars; business center; ing you can do to it but upgrade the lobby. It’s much easier children’s playroom; and a Theo Kalomirakas–designed than doing development.” private screening room with seating for 20. Owners are “Site acquisition is a challenge,” adds Will. “Design is offered 29 guest/staff suites for purchase. always complicated and fi nding the right market is com- The apartments refl ect traditional prewar values: “They plicated. Building in New York is not getting any easier.” have big rooms,” says Stern, “opening to each other in ways But, says Arthur, “when I drive across Zeckendorf that are gracious so people can fl ow through the apartment, Boulevard on Long Island or stand in Union Square Park, particularly the living rooms, libraries, and dining rooms.” I feel pride that our family has accomplished so much.” With new-world prices: some units sell for more than $6,000 Of his motivation to continue developing, he says, “It’s a square foot.
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