Starrett Corporation

Starrett Corporation is a general investment company which was incorporated in Dover, Delaware, in February 1929. The business is best known for having built the Empire State Building, Stuyvesant Town, and Trump Tower. In June 1997 Starrett Corporation was purchased by Jacob Frydman, a 39-year-old New York real estate investor and developer. He paid $84 million, $12.25 per share, after reaching an agreement with holders of 52% of the company's outstanding shares.[1]

History

The company's initial capitalization was 1,500,000 shares of stock of no par value. Incorporators were Alfred G. Mueller, Alfred W. Boser, and Atlee W. Estarbrook, of New York City.[2] With its subsidiaries the business had a total capitalization of approximately $40,000,000. Starrett Corporation acquired all of the capital stock of Starrett Brothers, a building company. Starrett Corporation was involved in construction and financing of buildings in the major urban centers of the United States. Paul Starrett became chairman of the board and W.A. Starrett served as president and a director. [3]

Subsidiaries

One subsidiary, the Starrett Building Company of Chicago, Illinois, erected the steel girders on the National Parking Garage in Chicago, in 1929.[4] Two other subsidiaries were the Starrett Investing Corporation and the Wall and Hanover Streets Realty Company. The latter subsidiary owned the thirty-five story Wall and Hanover Building at 59 - 63 Wall Street, Manhattan.[3]

Starrett Corporation's subsidiaries also include the Levitt Corporation, which built tract housing following World War II. More recently the company maintained a successful home building business in Puerto Rico and Florida.[1]

References

  1. ↑ 1.0 1.1 Investor to Pay $80.4 Million To Buy Starrett Corporation, New York Times, June 27, 1997, pg. B5.
  2. ↑ Starrett Corporation, Wall Street Journal, February 22, 1929, pg. 14.
  3. ↑ 3.0 3.1 New Starrett Company, New York Times, March 4, 1929, pg. 49.
  4. ↑ Starrett Corporation, Wall Street Journal, December 16, 1929, pg. 12.