Starrett Corporation

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Not to be confused with Starrett & van Vleck or L. S. Starrett Company.

Starrett Corporation, formerly known as Starrett Brothers, Inc. and Starrett Brothers and Eken,

Starrett City and Trump Tower in New York City
.

History

Founded in 1922 (102 years ago) (1922)[1] and incorporated in Dover, Delaware, in February 1929,[2] 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.[3] 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 William A. Starrett served as president and a director.[2]

In 1963,

ITT Corporation.[4] In 1995, the company was renamed Starrett Corporation.[4]

In June 1997, Jacob Frydman, attempted to purchase the company for $84 million, $12.25 per share, after reaching an agreement with brothers Paul Milstein and Seymour Milstein who owned 33% of Starrett's shares and president Henry Benach who owned 19% of Starrett's shares.[5][6] In October 1997 Mr. Paul Milstein, Chairman of Starrett announced that the company was being sold to affiliates of Manhattan-based Lawrence Ruben Co., Blackacre Capital Group, Amroc Investments and Argent Ventures.[7][8]

A few months after the closing of the acquisition of Starrett by Lawrence Ruben Co., Blackacre Capital Group, Amroc Investments and

chief executive office[9]

Subsidiaries

One

Wall and Hanover Building at 59 - 63 Wall Street, Manhattan.[2]

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.[6]

References

  1. ^
    ISBN 978-0-300-11465-2
    .
  2. ^ a b c d "New Starrett Company: Corporation to Acquire Capital of Construction Concern" (PDF). The New York Times. March 4, 1929.
  3. Wall Street Journal
    , February 22, 1929, pg. 14.
  4. ^ a b c d e Funding Universe: Starrett Corporation" retrieved May 26, 2017
  5. ^ "Buyout to proceed". Crains News. Retrieved July 6, 2017.
  6. ^
    New York Times
    , June 27, 1997, pg. B5.
  7. ^ Croghan, Lore. "New Starrett dusts off drawing board, shifts its focus to local development". Crains News. Retrieved July 7, 2017.
  8. ^ "Investors to take over Starrett for 80 million". NY Times. Retrieved July 6, 2017.
  9. New York Times
    , April 14, 1998.
  10. ^ Starrett Corporation, Wall Street Journal, December 16, 1929, pg. 12.
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