General Realty & Utilities Corp.
List of Deals
The General Realty & Utilities Corporation was organized in 1929 in New York City. It was created with $44 million in capital by a group of New York City bankers and public utility interests. The company was engaged in several areas of the real estate business. It acquired real estate property for long-term investment, made short-term construction loans to builders, constructed new buildings for resale or permanent holding, accumulated land for improvement or resale, and held marketable securities for investment.
Within months after beginning operations, General Realty owned properties valued at $11.5 million. These included the Terminal Building, a twelve-story store and office building located at 103 Park Avenue. It also owned land valued at more than $10 million that was purchased with the intention of improving or reselling. One such parcel was the Italian Hospital site on the East River between 83rd Street and Gracie Square, which was destined to become a $7 million housing project. The company also lent $21 million to contractors on a short-term basis.