Real Estate: The Redcoats Are Leaving

Manhattan's William Zeckendorf, 57, buys properties the way other people buy record albums. The trouble is that Zeckendorf's base of operations, the New York realty firm of Webb & Knapp, Inc., has sometimes been barely a step ahead of its creditors. It seemed a healthy and restraining influence on Zeckendorf's unorthodox dealings when 13 months ago he took on as his partners the London real estate firm of Second Covent Garden Properties Co. Ltd.—in return for $43,750,000 in needed cash and loan guarantees that Second Covent pumped into Zeckendorf's $400 million empire....

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