Uris Buildings Corporation
| Public | |
| Industry | Real estate development |
| Fate | Acquired by National Kinney Corporation in 1971 |
| Predecessor | Uris Brothers |
| Founded | 1960 |
| Headquarters | New York, US |
|
Key people
|
Harold Uris Percy Uris |
| Products | Office Buildings |
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 buildings the brothers built together was the Uris Building housing the Uris Theater. Soon after Percy's death in 1971, Harold sold the corporation to National Kinney Corporation for $115 million, but the assets were soon foreclosed in the real estate market collapse of New York's 1973–75 recession.
Percy started the business in 1920 with his father Harris H. Uris (c. 1867–1945), a Lithuanian immigrant and former ornamental iron worker. The senior Uris, with his brothers, operated a large iron foundry that produced ornamental iron and included the New York Subway among its clients. Percy graduated with a business degree from Columbia Business School in 1920 and went into partnership in 1925 after Harold graduated with a degree in civil engineering from Cornell. The brothers first focused on residential development, including emergency housing during World War II. They were successful during the 1920s and early 30s building numerous buildings in that time frame, but struggled during the great depression. They resumed apartment construction in 1937 with 2 Sutton Place and 930 Fifth Avenue in 1939. Few other prominent New York City builders of the 1920s boom were still active after the war. They stopped building apartments in 1950, pulling out due to dissatisfaction with rent controls that were imposed during war but never discontinued. After that, they concentrated on commercial real estate development projects. They owned their developments personally until they incorporated in 1960 forming Uris Buildings, a public company. The offering of provide the financial capital for even larger projects.
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Wikipedia