Real Estate: Highest Finance

The tallest building in the world was sold last week for the highest price ever paid for a single structure. For $65 million, Chicago Financier Henry Crown sold the 102-story Empire State Building, a flop when it was built in the Depression but a moneymaker now, to a syndicate headed by a personable Manhattan lawyer and real estate wheeler-dealer, Lawrence Wien, 56.

The transaction was as complex as keen-eyed tax lawyers could make it. As soon as his Empire State Building Associates takes title to the property next December 27, Wien (rhymes with keen) will sell...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!