Investment Club Brokerage Account – Real Interest Rate And Investment – Sachs Investing Company.
Investment Club Brokerage Account
- a fund that a customer has entrusted to a securities brokerage; “you can’t get a brokerage account unless you have $20,000”
- A broker is a party that mediates between a buyer and a seller. A broker who also acts as a seller or as a buyer becomes a party to the deal. Distinguish agent: one who acts on behalf of a principal.
- An investment account opened by a buyer/seller of securities with a brokerage.
- An investment club
- (Investment Clubs) Organizations of investors who meet regularly, study investment options, and contribute money toward the purchase of securities.
- a group of investors, usually friends or work colleagues, who contribute monthly to a central fund to invest in shares.
Former Pepsi-Cola Building
Located on a prominent corner site along Park Avenue, a thoroughfare associated since the 1950s with sleek, understated modern monuments to corporate America, the Pepsi-Cola Building is one of New York’s seminal International Style landmarks. Its superb design, innovative technology, and production as a collaborative effort are all qualities for which the firm of Skidmore, Owings & Merrill was already famous: design partner Gordon Bunshaft guided the firm’s New York office, and Natalie de Blois, among the very few women architects at that time, was the senior designer for the project. Throughout its existence, the building has been praised by architectural critics for its clever siting and gemlike treatment, and especially for its sophisticated curtain wall, a nearly smooth skin of gray-green glass and aluminum spandrels.
Commissioned as an architecturally distinctive corporate symbol of the Pepsi-Cola Company following that organization’s astounding success during the 1950s, the building’s later occupants similarly have been important businesses, including the Olivetti Underwood Corporation and the ABN-Amro Bank. Despite the addition of a mixed-use tower on the adjacent East 59th Street site (not included in this designation), the original SOM-designed structure remains largely intact.
History of the Site
Park Avenue, originally known as Fourth Avenue and ceded to the city in 1828, was incrementally opened between East 38th and East 130th streets. Beginning in the 1830s, the center of the avenue had grade-level railroad tracks serving the New York & Harlem and, later, the New Haven Railroads. As railroad traffic increased, the avenue was widened to permit additional tracks. Due to the danger and nuisance of later locomotive trains, the city mandated that tracks be lowered below grade in an open cut. In 1872-74, railroad tracks were lowered into tunnels, bridges were built, and the remaining area was landscaped at grade around open wells. Though transformed gradually over several decades, Fourth Avenue was still grimy when, in the 1880s, it was renamed Park Avenue up to East 96th Street. In the vicinity of East 59th Street, Park Avenue was largely undeveloped, though there were a few structures which housed cultural organizations and some of the side streets contained long rows of brownstone-fronted dwellings and several stables.
By the first decade of the twentieth century, institutional buildings had been occupied by different groups and other newcomers included two libraries, multiple dwellings of six-to-eight stories, and, on the southwest corner of Park Avenue and East 59th Street, the nine-story administration building (1898) of the Board of Education. In conjunction with the reconstruction of Grand Central Terminal (1903-13) and the electrification of the railroad (1903-07), Park Avenue was rebuilt with a planted mall and the open wells were covered over. The avenue gradually became a thoroughfare lined with large apartment houses for the wealthy. Despite the submerged railroad tracks, Park Avenue and its new buildings remained tremor-free since the roadway and the adjacent apartment buildings were erected above the tracks on separate systems of steel columns with insulating vibration mats.
The 1916 zoning resolution designated the portion of Park Avenue north of East 50th Street as residential; buildings from this period of development include the thirty-two-story Hotel Delmonico (1927) at the northwest corner of East 59th Street and forty-one-story Ritz Tower Hotel (1925) at the northeast corner of East 57th Street. However, by 1929 major property owners on the avenue, which was overtaking Fifth Avenue as the city’s most prestigious address, succeeded in having the area between East 50th and 59th streets rezoned to permit commercial use. Not until the building boom that followed World War II did these efforts come to fruition, beginning with the completion in 1947 of the Universal Pictures Building at 445 Park Avenue, designed by Kahn & Jacobs. The transformation of Park Avenue into a commercial avenue known as the "Miracle Mile" was assured by the rash of new office buildings in the 1950s: Lever House at 390 Park Avenue (1950-52, a designated New York City Landmark); the Olin Building at No. 460 (1954-55); the Colgate-Palmolive Building at No. 300 (1954-55); No. 425 Park Avenue (1956); and the Seagram Building at No. 375 (1956-58, a designated Landmark). No less significant was the erection of the Pepsi-Cola Building (1958-60, see fig. 1) at 500 Park Avenue; it replaced a nine-story city-owned building that had been sold at public auction in June 1956 to the Pepsi-Cola Company for a record $2 million. It was the largest sale of city-owned property at that time; the 100-foot-by-125foot plot fetched $160 per square foot. Erected in 1898, the structure had been occupied by the administrati