10/20/2022
Weird & Wacky Real Estate Facts That Are Actually True!
*Many NYC Gilded Age Mansions Didn’t Last 50 Years
Fifth Avenue was one of the grandest addresses in the entire world in the 1890s. Vanderbilts, Carnegies, and Astors outbid and outbuilt each other, creating massive mansions that were not only excessively expensive to build, but very expensive to maintain.
By the 1920s, many were already being torn down. Between taxes, servants, and upkeep, it could cost $5 million a year to run a mansion in New York.
In 1925, Alice Vanderbilt sold her mansion, the largest private home in Manhattan, for $6.1 million ($83.2 million in today’s dollars). The land was put to good use, though, as the house was demolished to make way for Bergdorf Goodman.
*McDonald’s Is a Company Built on Real Estate, Not Burgers
You know that McDonald’s makes money on those delicious fries and the Big Mac. But you may not know that fast food isn’t its only source of income. McDonald’s Corporation makes a substantial amount of money in real estate. In fact, in most business circles, it’s considered more a real estate company than a fast food business. The company retains ownership of the land each location sits on and charges its franchise owners rent along with the standard royalties and franchise fees each month. It’s a business model developed by Ray Kroc, the franchise founder, that has helped keep them at the top of the food chain for decades.
And while we’re talking about McDonald’s, the next time you take a trip to Disney or Universal Studios in Orlando, take a quick detour to check out the World’s Largest Entertainment McDonald’s, located on International Drive. This 19,000-square-foot Epic McD offers more than the standard fare, including pizza, pasta, and more, along with a 22-foot-tall PlayPlace. Definitely worth a stop.