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P REF ACE

                   world of real estate attorneys. I knew that working with him was a
                   great opportunity to learn the intricacies of real estate law from a
                   perfectionist. So I soaked up every bit of helpful information I
                   could from him. I became adept at drafting leases, real estate docu-
                   ments, and participating in all types of transactions. My prior liti-
                   gation experience added to the perception that I was a competent,
                   though young, real estate attorney.





                               LEARNING THE REAL ESTATE BUSINESS

                   In 1955, one of my clients asked me to draft a commercial lease for
                   him even though he was to be the tenant. Usually, the landlord’s at-
                   torney drafts the lease, but in this case the landlord told my client to
                   have his lawyer prepare the lease. So I drew up the lease and inserted
                   a provision stating that the tenant didn’t have to pay any rent before
                   the landlord made a certain elevator operational. My client moved in
                   and, as it turned out, the elevator inspector for New York City re-
                   fused to accept the elevator repairs the landlord made, insisting that
                   only a brand new elevator would get his approval. The elevator stayed
                   out of operation for a very long time, but throughout that period my
                   client was still able to carry out his normal business operations.
                       Theowners, Sol Goldman and Alex DiLorenzo Jr. had a “tenant
                   in possession” utilizing the premises for its normal business opera-
                   tions, but because of that clause in the lease, the tenant was not paying
                   them any rent! Although the landlords were very unhappy they were
                   helpless.
                       In  the mid-1950s, Goldman and DiLorenzo, who were both
                   multimillionaires, had decided to invest in real estate on a huge scale.
                   I had decided to leave Dreyer and Traub because I had been told that
                   there was no possibility for me to become a partner in the firm. I
                   happened to mention my impending departure to Sol Goldman and


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