Benjamin Winter, Sr.

Benjamin Winter Sr. (February 5, 1881 – June 16, 1944) was a real estate developer in New York City and founder of Winter Incorporated. Winter served as president of the American Federation of Polish Jews.

Biography

Born in Łódź, Poland, to a Jewish family, Winter emigrated in 1901 to New York City, one year after his father.Miller, Donald L
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/ref> His father him took on a tour of Manhattan, showing him the lavish Vanderbilt and Astor houses which Winter was to eventually own.Canadian Jewish Chronicle: "My Rise to Fifth Avenue" by Benjamin Winter
October 15, 1926 After saving for 12 years, in 1912, Winter used the proceeds as a painter of tenements to buy tenements in lower Manhattan. The following year, he and Scotch-Irishman Andrew O'Brien bought their first apartment building, in Washington Heights. The venture was successful and Winter soon after started his own company funded by his share of the profits and investors in the Polish Jewish community, he invested in mid-Manhattan where he targeted the great mansions of Fifth Avenue for redevelopment. In 1925, he purchased the Mrs. William B. Astor House and later demolished it; in 1929, it was replaced with the new Congregation Emanu-El of New York In 1926, Winter had previously purchasedNew York Times: "Winter Buys Back Temple Emanu-El; Ward Drops Deal for 5th Av. and 43d St. Property and Loses $450,000 in Settlement. Says It Was Private Flyer. Building Is Found to Jut a Foot Over Building Line, So Winter Shaves Its Facade"
May 05, 1926 and sold the old Temple Emanu-El building at 5th Avenue and 43rd Street which was demolished and replaced in 1927 with a commercial building by its subsequent owner Joseph Durst. Also in 1925, he purchased the William K. Vanderbilt House and demolished it replacing it with a residential high rise. By tearing down the mansions, Winter along with fellow real estate speculator Frederick Brown, were credited with transforming that section of Fifth Avenue into "the aristocrat of shopping thoroughfares." In 1927, he formed Winter Incorporated and offered preferred shares on the New York Stock Exchange which enabled him to raise funds for larger projects. He went bankrupt in 1937 during the Great Depression losing his entire $40 million (equivalent to $ billion in ) in wealth,"Winter Bankrupt in $8,542,736 Crash; Immigrant House Painter Who Built $40,000,000 Fortune Says He Has No Assets; Second Financial Failure; He Changed Fifth Avenue by Buying Mansions to Sell Sites for Apartments"
''The New York Times'', p. 3, November 17, 1937 – via Internet Archive although he recovered most of his wealth by his death in 1944.

He was known for having the ability to identify under-valued properties in up-and-coming neighborhoods, making a purchase, and then selling them later for a tidy profit. Within 20 years, he became the most prolific realtor in New York City with over $500 million sales."Hotel Hermitage Bought By Winter; Parcel Adjoining Seventh Av. and Forty-second St. Sold by Greenwich Savings Bank. Mortgage At 4% Given. Times Square Neighborhood on Upward Trend, With Many Improvements Under Way"
''The New York Times'', p. 32, March 15, 1933. "Benjamin Winter, one of the largest and most active real estate operators during the boom days in Manhattan" His portfolio of prominent properties came to include the Hotel Delmonico,"New Park Av. Hotel is Sold to Winter; Germanic Trust Resells 32 Story Delmonico at Corner of Fifty-ninth Street. It Was Held at $5,500,000. Deals Involving Other Housing Properties in Various Sections of Manhattan Announced."
''The New York Times'', p. 52, March 20, 1929 – via Internet Archive the Stanhope Hotel,New York Times: "Banks Get Hotels For Winter's Debts; Bank of United States and 3 Others Acquire Bretton Hall, Stanhope and Other Realty. Get Delmonico Interest Release Some of Properties Now Held for $2,090,330 Indebtedness – Court Approves Settlement."
December 3, 1932 the Hotel Lenori, the Spanish Flats (which he later demolished), Bretton Hall, the Gunther Building,''Gunther Building In $1,500,000 Deal''
''The New York Times'', February 19, 1929, pg. 58. the Hotel Claridge,New York Times: "$3,000,000 Is Paid for Hotel Claridge; Times Square Property Passes from du Pont Interests to Real Estate Operator."
May 24, 1923 Hotel Hermitage, and many residential properties along Park and Fifth Avenues.

Personal life

He was married to Dora Winter; they had five children.
May 16, 1999
May 10, 1999 In the 1950s, his son Marvin turned the company from an opportunistic buyer and seller of real estate to a long-term holder. After Marvin's death, his sons Benjamin Winter and James Winter took over the family business. Later, Benjamin's son, David S. Winter, joined the business.

References

{{DEFAULTSORT:Winter, Benjamin
American people of Polish-Jewish descent
American businesspeople in real estate
1881 births
1944 deaths
Businesspeople from New York City
Emigrants from Congress Poland to the United States
American billionaires
20th-century American businesspeople