Office Building
The Weylin Hotel was converted to an office building in January 1956. The Weylin Hotel Corporation sold the establishment to Louis Sachar, president of the Marshall Management Corporation of 244 Madison Avenue, in Association with Jacques Schwalbe. Collins, Tuttle & Co. were named managing agents. Its property value was assessed at $1,700,000. 55,000 square feet (5,100 m2) of office space was rented at the time of the sale. With this acquisition, Sachar and the corporations he owned were primary interest holders in eighty-nine commercial and industrial buildings in Manhattan (New York). Sachar formed a real estate syndicate with a purchasing power estimated at $250,000,000 shortly before the purchase of the Weylin Hotel. Marshall Management supervised six large pension funds and trust funds. Wechsler & Schimenti were assigned the task of the architectural conversion from hotel to office building. Itkin was in charge of design. Modernization of the lobby, elevators, and remodeling from the second floor up was estimated to cost $300,000.
The J.M. Tenney Corporation purchased a leasehold on the building in August 1959. It was bought for a $1,000,000 from the Forsted Realty Company. The deal was brokered by William Faver of the Sonnenblick-Goldman Corporation. The Sular Realty Corporation, in which J.M. Tenney was the primary stockholder, became the manager of the building. A plan to convert the elevators to self-service was initiated. The sixteen story edifice included a penthouse office.
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