National Kinney Corporation was a

parking Parking is the act of stopping and disengaging a vehicle and leaving it unoccupied. Parking on one or both sides of a road is often permitted, though sometimes with restrictions. Some buildings have parking facilities for use of the buildings' ...

property management Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monit ...

services, and real estate development company based in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

. It was established on August 7, 1971 when

Kinney National Company Kinney National Service, Inc. (later known as Kinney Services, Inc.) was an American conglomerate company from 1966 to 1972. Its successors were National Kinney Corporation and Warner Communications, Time Warner, AOL Time Warner, and WarnerMedia ...

spun off its non-entertainment assets due to a financial scandal over its parking operations.

History

National Kinney expanded from parking and building services into real estate development by purchasing the

Uris Buildings Corporation Uris Buildings Corporation was a New York City commercial real estate development company created by Harold and Percy Uris in 1960 from a predecessor private partnership. They retained 60% ownership in the corporation. One of the last building ...

, but the timing was bad as the NY real estate market collapsed in the 1973-75 recession and the main Uris Building asset was soon lost to foreclosure. In March 1974, Societe de Gestion Immobiliere et Mobiliere S.A., a French holding company, announced that they were interested to buy National Kinney Corporation from Warner Communications for $8 million in cash. However, the deal between two companies was terminated on June 22 of that same year. Four years later, on December 28, National Kinney was

spun out ''Spun Out'' is a Canadian television sitcom created by Jeff Biederman, Brent Piaskoski and Brian K. Roberts for CTV. It premiered on March 6, 2014 and ended on October 3, 2015, with a total of 26 episodes over the course of 2 seasons. Premise T ...

from Warner Communications as an independent company. The corporation was acquired by Morton Sweig and

Paul Milstein Paul Milstein (May 12, 1922 – August 9, 2010) was an American real estate developer and philanthropist. Early life and education Milstein was born to a Jewish family The Aladdin Planet Hollywood Las Vegas (formerly the Aladdin) is a casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment. The property was previously the site of an earlier resort known as the Aladdin, w ...

hotel and casino in

Las Vegas Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas ...

in a joint venture with

Johnny Carson John William Carson (October 23, 1925 – January 23, 2005) was an American television host, comedian, writer and producer. He is best known as the host of ''The Tonight Show Starring Johnny Carson'' (1962–1992). Carson received six Pr ...

, planning to rename it after the star. However, Carson's wife Joanna gossiped about the deal, and subsequent trading in National Kinney stock led to

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information ...

charges against third parties by the SEC and the disgorgement of profits. In 1982, National Kinney sold its National States Electric division to an undisclosed buyer, and then agreed to sell its parking subsidiary, Kinney System Inc., to that division's chairman Daniel Katz and a group of investors. In 1983, National Kinney subsequently renamed itself to Andal Corporation and sold its remaining majority interest in Kinney System parking. In 1997, Kinney System was acquired by

Central Parking Corporation SP Plus Corporation is an American provider of parking facility management services. It manages parking facilities with more than one million parking spaces across the United States and Canada. Until December 2013, it was known as Standard Parking ...

. Andal invested in the declining Steve's Ice Cream and merged in

Swensen's Swensen's Inc. is a Canadian-owned global chain of ice cream restaurants that started in San Francisco, California, United States. History The company started in 1948 by Earle Swensen, who learned to make ice cream while serving in the U.S. Nav ...

before selling them off and unwinding its last operating subsidiary in 2010.

References

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History

References

See also