Skyscraper Dreams: The Great Real Estate Dynasties of New York

by Tom Shachtman

Book Overview

A portrait of Manhattan real estate and the multimillionaires who are its masters. The author describes those who failed and those who founded family dynasties among the wealthiest in America, including the Astors, Rockefellers, and Trumps. By the author of The Gilded Leaf.

• Format: Hardcover
• Language: English
• ISBN: 0316782130
• ISBN13: 9780316782135
• Release Date: January 1991
• Publisher: Little Brown and Company
• Length: 354 Pages
• Weight: 1.65 lbs.
• Dimensions: 1.3" x 6.5" x 9.6"

Customer Reviews

Awesome.

This is a classic for any NY history buff or real estate person. Its one of the best studies of the NY real estate community you're likely to ever read.

A book about doers, that made it happen.

Skyscraper Dreams The book Skyscraper Dreams; The Great Real Estate Dynasties of New York by Tom Shachtman covers the dreams and despair of the visionary real estate moguls that built and traded the skyscrapers of New York like Monopoly properties in the board game. The book visits most big name real estate operators starting with the nineteenth century's John Jacob Astor and the Roosevelts, Beekmans and Rockefellers to the Tishmans, Rudins and Roses who came to this country penniless. Then it moves into the flamboyant developer "Big Bill" Zeckendorph, who they say was the model for Donald Trump. Then there is the master of the real estate universe Harry Helmsley and the Kennedys, Tisches, LeFreks and many others dynasties that made and sometimes lost fortunes in the violent cycles of the New York real estate market. The concept that hit me the hardest and stayed with me was how Harry Helmsley danced through the decades while building an empire, counting on inflation to make his fortune. He would scoop up properties in tough recessionary markets and count on a turn around that he knew would inevitably come to lift prices and build fortunes. While many of the empire builders in this group stretched and overextended by taking on more projects than could be carried during a slowdown, Harry was slow and steady, over the course of several decades, constantly accumulating income producing properties and running a tight ship, always chipping away at expenses. Many of the names above ran into financial squeezes, even bankruptcy during a real estate slump, often to reinvent themselves, and make remarkable comebacks. The book gives you a refreshing insight into not only the actions of many real estate icons but the thoughts behind those actions. Sometimes cut thought competitiveness played in pushing architectural limits to add another 100 feet on a building so it's taller than a competitor; other times great compassion played in setting the tone for modern day philanthropy. It's always a boost to read about an immigrant who came to America on borrowed boat fare and rose through this countries capitalistic society to own some of New Yorks most prized possessions. I loved the book, it's about doers, people that made it happen! By Kevin Kingston author of, "A 20,000% Gain in Real Estate" (...)

Schachtman explains how the Dow Jones bubble will burst.

Never buy a building. That's the rule which allowed penniless refugee families to create the New York skyline over two centuries. People with more money than sense should read Schactman's excellent history of making and keeping family wealth. The obvious message is that land currently not in its "highest and best use" is the fundamental investment vehicle. REIT's are vivid proof that the Wall Street mentality does not comprehend the difference between real and financial assets. We will see a switch from absurd PE's to neglected urban locations . Re-print this important book!