Real Estate: A Towering Empire

The silvery 102-story shaft of the Empire State Building looms through the picture windows in the Manhattan offices of Real Estate Partners Lawrence A. Wien and Harry B. Helmsley. They gaze on it with a unique warmth: along with 3,000 other investors in a syndicate they formed four years ago, they have a 114-year lease on it. The tower is a fitting emblem of their domain, which last week made a major expansion. For an undisclosed sum, the partners bought the entire fiefdom of hotels and movie houses assembled over 47 years by J. (for Junius) Myer Schine.

The Schine...

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