Benjamin Winter

Biography

Born in Poland to a Jewish family, Winter emigrated in 1901 to New York City following his father who had arrive the prior year. His father took on a tour of Manhattan, showing him the lavish Vanderbilt and Astor houses which Winter was to eventually own. After saving for twelve years, in 1912, Winter used the proceeds as a painter of tenements to invest in real estate first purchasing tenements on his own in lower Manhattan and in 1913, he partnered with Scotch-Irishman Andrew O'Brien and expanded into Washington Heights where they purchased their first apartment building. After great success, he was able to go it alone borrowing from fellow Polish Jews and investing in mid-Manhattan where he targeted the great mansions of Fifth Avenue for redevelopment. 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 (In 1926, Winter had previously purchased 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). Also in 1925, he purchased the William K. Vanderbilt House and demolished it replacing it with a residential high rise. 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." 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 $40,000,000 in wealth, although he recovered most of his wealth by his death in 1944.

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. His portfolio of prominent properties came to include the Hotel Delmonico, the Stanhope Hotel, the Hotel Lenori, the Spanish Flats (which he later demolished), Bretton Hall, the Gunther Building, the Hotel Claridge, Hotel Hermitage, and many residential properties along Park and Fifth Avenues.

In the 1950s, his son Marvin S. Winter transitioned the company from an opportunistic buyer and seller of real estate to a long term holder. Marvin's sons Benjamin Winter and James Winter continued on with the family business after Marvin's death; and Benjamin's son, David S. Winter marks the fourth generation in the family real estate business.