Benjamin Winter

Born in Łódź, Poland, to a Jewish family, Winter emigrated in 1901 to New York City, one year after his father.{{Cite news|first= |last= |authorlink= |title= Great real estate families |newspaper=Real Estate Weekly|date=August 20, 2005 |url= http://www.thefreelibrary.com/Great+real+estate+families.-a0149515739 |via=The Free Library|archive-url=| archive-date=}}Miller, Donald L. [https://books.google.com/books?id=xQB_AwAAQBAJ&pg=PA184 Supreme City: How Jazz Age Manhattan Gave Birth to Modern America][http://www.newyorker.com/magazine/1926/05/08/benjamin-winter New Yorker: "Benjamin Winter"] May 8, 1926Busch, Niven [https://books.google.com/books?id=7OWiAwAAQBAJ&pg=PA129 21 Americans] His father him took on a tour of Manhattan, showing him the lavish Vanderbilt and Astor houses which Winter was to eventually own.[https://news.google.com/newspapers?nid=883&dat=19261015&id=h6laAAAAIBAJ&sjid=oksDAAAAIBAJ&pg=2420,1240989 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[http://www.winter.com/history/ Winter Properties website: History] retrieved October 12, 2014 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.[https://www.nytimes.com/1928/09/16/archives/fifth-avenue-changes-have-their-philosophy-benjamin-winter.html New York Times: "Fifth Avenue Changes Have Their Philosophy; Benjamin Winter" By C. G. Poore] September 16, 1928 | Whose Real Estate Deals Caused Famous old Mansions to Be Torn Down for Skyscrapers, Views His Work as a Part of the City's Progress 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[http://content.time.com/time/magazine/article/0,9171,721490,00.html Time: "Religion: Temple"] December 07, 1925 In 1926, Winter had previously purchased[https://www.nytimes.com/1926/05/05/archives/winter-buys-back-temple-emanuel-ward-drops-deal-for-5th-av-and-43d.html New 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.[https://www.newspapers.com/article/the-san-bernardino-county-sun-n-y-chur/163332355/ "N. Y. Church Site Sold for $7,000,000 for Skyscraper Use"], The San Bernardino County Sun, p. 1, December 15, 1926. "Temple Emanu-El, at the north-cast corner of Forty-third street, conceded to be one of the most Valuable parcels of real estate of Its size In the world, has been sold to Joseph Durst, vice president of the Capital National bank, at a valuation of $7,000,000, almost $370 a square foot. Mr. Durst plans to erect a 40-story office building on the site when he gains possession In May, 1928. The temple was purchased from the congregation last January by Benjamin Winter, real estate dealer, for $6,500,000."[http://daytoninmanhattan.blogspot.com/2012/03/lost-1868-temple-emanu-el-5th-avenue.html Daytonian in Manhattan: "The Lost 1868 Temple Emanu-El – 5th Avenue and 43rd Street] March 12, 2012[http://mcnyblog.org/tag/temple-emanu-el/ The Museum of the City of New York: "Temple Emanu-El" by Lauren Robinson] October 11, 2011 Also in 1925, he purchased the William K. Vanderbilt House and demolished it replacing it with a residential high rise.[http://daytoninmanhattan.blogspot.com/2014/06/the-lost-wm-k-vanderbilt-mansion-660.html Daytonian in Manhattan: "The Lost Wm. K. Vanderbilt Mansion – 660 5th Avenue"] Monday, June 16, 2014[http://fultonhistory.com/newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201925%20Grayscale/New%20York%20NY%20Evening%20Post%201925%20Grayscale%20-%202138.pdf New York Evening Post: "Architectural Landmark Doomed"] May 21, 1925 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."[http://www.entrepreneur.com/article/239257 Entrepreneur Magazine: "Built for Business: Midtown Manhattan in the 1920s"] retrieved November 11, 2014 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 ${{Inflation|US-GDP|0.04|1927|r=1}} billion in {{Inflation-year|US-GDP}}{{inflation-fn|US-GDP}}) in wealth,[https://archive.org/details/sim_new-york-times_1937-11-17_87_29152/page/n2/mode/1up "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{{cite news|title=40 Million Dollar Fortune Gone; Owes Banks $8,542,736 |url=https://www.newspapers.com/clip/6358845/40_million_dollar_fortune_gone/ |newspaper=Dunkirk Evening Observer |date=November 17, 1937 |page=9|via = Newspapers.com|access-date = August 24, 2016 }} {{Open access}}

although he recovered most of his wealth by his death in 1944.[https://www.nytimes.com/1944/06/17/archives/benj-winter-dies-realty-operator-vlade-and-lost-many-millions-here.html "Benj. Winter Dies; Realty Operator; Vlade and Lost Many Millions Here – Bought Astor and Vanderbilt Mansions"], The New York Times, p. 13, June 17, 1944 {{Subscription required}}

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.[https://www.nytimes.com/1933/03/15/archives/hotel-hermitage-bought-by-winter-parcel-adjoining-seventh-av-and.html "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. {{Subscription required}} "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,[https://archive.org/details/sim_new-york-times_1929-03-20_78_25988_0/page/n51/mode/1up "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,[https://www.nytimes.com/1932/12/03/archives/banks-get-hotels-for-winters-debts-bank-of-united-states-and-3.html 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),[https://www.nytimes.com/1926/10/03/archives/wreckers-start-on-spanish-flats-razing-of-new-yorks-first-de-luxe.html New York Times: "Wreckers Start on 'Spanish Flats'; Razing of New York's First de Luxe Apartments, Near Park, Follows Sale. They Were Built in 1882. 40-Story Building and New York Athletic Club to Rise on Site – Deal involves $20,000,000."] October 3, 1926[https://www.nytimes.com/2007/06/17/realestate/17scap.html New York Times: "When Spain Reigned on Central Park South" by Christopher Gray] June 17, 2007 Bretton Hall, the Gunther Building,[https://www.nytimes.com/1929/02/19/archives/gunther-building-in-1500000-deal-tiffany-co-sell-fifth-avenue.html Gunther Building In $1,500,000 Deal], The New York Times, February 19, 1929, pg. 58. the Hotel Claridge,[https://www.nytimes.com/1923/05/24/archives/3000000-is-paid-for-hotel-claridge-tames-square-property-passes.html 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.

He was married to Dora Winter;[http://www.legacy.com/obituaries/nytimes/obituary.aspx?pid=176149198 New York Times: "Natalie Ballen – Obituary"] October 19, 2015 they had five children.[https://www.nytimes.com/1999/05/16/nyregion/marvin-s-winter-78-manhattan-developer.html New York Times: "Marvin S. Winter, 78, Manhattan Developer"] May 16, 1999[https://www.nytimes.com/1999/05/10/classified/paid-notice-deaths-winter-marvin-s.html New York Times: "Paid Notice: Deaths – Winter, Marvin S."] 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.[http://commercialobserver.com/2012/03/to-reit-or-not-to-reit-the-question/ Commercial Observer: "To REIT or Not To REIT: The Question – The Winter Organization's Leasing Director Robert Fink on transitioning from REIT to family owned firm and repositioning 423 West 55th Street" by Daniel Edward Rosen] March 21, 2012 Later, Benjamin's son, David S. Winter, joined the business.{{Cite news|title= Elizabeth Heyman and David Winter |newspaper=The New York Times|date= September 18, 2005|url= https://www.nytimes.com/2005/09/18/fashion/weddings/18HEYM.html?_r=0 }}

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Category:American people of Polish-Jewish descent

Category:American businesspeople in real estate

Category:1881 births

Category:1944 deaths

Category:Businesspeople from New York City

Category:Emigrants from Congress Poland to the United States

Category:American billionaires

Category:20th-century American businesspeople