Robert A. Futterman

Robert Allen Futterman (1928–1961) was an American real estate investor, developer, author, and founder of the Futterman Corporation – a publicly traded New York-based real-estate holding and development company, which he built into a $100 million nationwide enterprise prior to his sudden death in November 1961 at age 33.[1]

For Robert K. Futterman (1958-), see Robert K. Futterman.

Robert A. Futterman
Born
Robert Allen Futterman

April 6, 1928 (1928-04-06)
Yonkers, New York, US
DiedNovember 11, 1961 (1961-11-12) (aged 33)
NationalityAmerican
Alma materUniversity of Wisconsin
OccupationReal estate investor, developer, author

From headquarter offices located in the World Diamond Building (then Empire Trust Company Building) at 580 Fifth Avenue, Futterman operated and managed 43 properties in 23 cities, refining a real estate concept he called double diversification[2] — balancing a real estate portfolio across both geographies and industries.[2]

Futterman was a widely cited expert on urban renewal, having authored The Future of Our Cities, published in August 1961 by Doubleday & Co — with an introduction by architect Victor Gruen. The book gives a global survey metropolitan development and redevelopment and an analysis of 17 specific U.S. cities, with a "dramatic documentation of the economic dependence of major urban centers on defense contracts and military installations."[3]

For the breadth of work within his brief professional career, the Akron Beacon Journal in June 2008 called Futterman a real estate "boy genius."[4]

Background

Futterman was born in Yonkers, New York to Russian immigrants and naturalized citizens Ida and Samuel Futterman, the latter a businessman and real estate investor. Futterman was raised Jewish and after attending public high school, he attended and graduated from the University of Wisconsin magna cum laude[5] in 1948. He was known to have a near photographic memory.[5][6]

After graduation, Futterman married fellow University of Wisconsin student, Rosalie Schreiber (July 27, 1928 – May 26, 2010), daughter of Adolph H. Schreiber; founder of A.H. Schreiber Company and Jewish philanthropist of Rockland County. The Futtermans lived in a house designed by Rosario Candela in Harrison, NY with their five children; Shari, Michael, Evan, Miryam and Joel.

Robert Futterman died in November 1961, at age 33, suffering a heart attack after choking on a piece of meat (reported variously as a sandwich) at a dinner party at the home of friends in New York.[4][7][8][9] Rosalie Futterman Goodman died at age 81 in 2010.[10] Futterman's brother, Philip G. Futterman (1934–), became a noted New York retail specialist.[11]

Robert A. Futterman is not related to Robert K. Futterman, Chairman & CEO of Robert K. Futterman & Associates, a New York-based real estate investment company which holds no business interest in the now defunct Futterman Corporation.

Professional career

Give me a topographical map of any major city, the rivers, the railroads, the elevations. Tell me when it was started and what for – the type of industry it has. I'd be willing to bet I can tell you where the industries, the big retail establishments, the City Hall, the prosperous business districts are.
– Robert A. Futterman, 1960, The Future of Our Cities [4]

Until a few years ago, the word "planning" sent shivers down the backbones of the largest part of our citizenry. Only slowly are we waking up to the fact that planning the conservation of our natural resources and human resources is fundamentally no different that creating a legal system to create orderly relations in our society.
– Robert A. Futterman, 1960, The Future of Our Cities [4][12]

After graduating from the University of Wisconsin, Futterman worked in numerous fields, including in an advertising agency, as a salesman for a dress pattern company, and as a trainee in a manufacturing and distribution concern.

His real estate career began in 1952 with a New York law firm, where he assisted in managing client properties, beginning with rent collection in several buildings razed for the Lincoln Square Project. In 1955, after going to work as a rent collector, he worked as a supervising agent for several major office buildings in New York and Philadelphia operated by the Margolin Realty Management Corporation. Futterman, along with principals from Margolin, took part in buying a midtown office building. In 1955 when he left Margolin, Futterman's had tripled his initial investment.[1][13]

He subsequently he began purchasing office buildings with his own associates, forming the Futterman Corporation in 1959. Futterman would initiate a real estate deal by parameters of a city where he was considering a property, rather than focusing on a possible rate of return, saying to "never buy arithmetic, always buy basics,"[13] such factors as viewing "a city as a socioeconomic organism, with its industries, municipal policies, citizens' views of their civic duties, and the means of getting in and out of town."[13]

In 1960 in downtown Akron, Ohio, Futterman recommended closing side streets to create pedestrian malls, the strategic placement of a 20-story office tower, and the city's first ever pedestrian bridge or "sky-walk." The sky-walk opened in June 1960, spawning a system of pedestrian bridges, siphoning pedestrian traffic from the lower streets, and contributing ultimately to the decay of the city's downtown.[4]

His project in Norfolk, Virginia, The Golden Triangle Motor Hotel (aka Golden Triangle Center) received the 1960 National Municipal League Award.[14]

Subsequent to his death, the Futterman Corporation became a division of Titan Industries (1966), which in turn became the Titan Group (1967), which in turn became Hannover Companies Incorporated (1985).

Continental Life Building, St. Louis
Marott Hotel, Indianapolis

Projects
  • Continental Life Building, St. Louis, MO: Futterman purchased the Continental Building with partner Jerry Terney, for $2 million, at age 27.[8]
  • Golden Triangle Motor Hotel, Norfolk, VA: Futterman worked with Washington DC developer Herbert Glassman to develop the downtown Norfolk project, which began construction in 1959.
  • Dupont Plaza Hotel, Dupont Circle, Washington D.C.
  • Grosvenor House, Seattle, WA
  • Glassmanor Apartments: Glassmanor, MD
  • Marott Hotel: Indianapolis, IN
  • Riverside Manor Motel: Lansing, MI
  • Arva Hotel, Arlington, VA

References
  1. "Robert A. Futterman Dies at 33; Head of Real Estate Syndicate; Formed Corporation in 1959 That Became $100 Million Enterprise Across Nation". The New York Times, November 1961.
  2. "Real Estate Firm Puts Eggs in Several Baskets". The Miami News, p77, January 15, 1961.
  3. Arms and our Cities. Bulletin of the Atomic Scientists, Kathryn P. Meadow, January 1962, p. 41. January 1962.
  4. "Akron developers change travel patterns forever with 1960 sky-walk". Akron Beacon Journal, Mark J. Price, June 2, 2008.
  5. "Realty Expert Works at Night". The Sunday Herald, Bridgeport CN, March 5, 1961, p 71.
  6. "Personality: Young Man of Property at 32; R.A. Futterman Has Built a 70 Million Realty System Education Started After Graduation From College". The New York Times, March 27, 1960, Robert E. Bedingfield.
  7. "A Lesson Learned From a Legend". The New York Times, ALISON GREGOR, June 18, 2006.
  8. The Queen of Lace, The Story of the Continental Life Building, The Sandwich that Started the Decline, p. 167. Stephen L. Trampe, 2003, Virginia Publishing Company. 2003. ISBN 9781891442247. In November 1961, Robert Futterman choked on a roast beef sandwich at a dinner party and died.6 His tragic death was the first of several voids in leadership that would contribute to the building's decline. This void and lack of leadership affected not only the debt service payments to the lender, New York Life, but it stopped all marketing and leasing work that was required to keep a fading superstar building from falling into bankruptcy.
  9. "Week of November 10, 1961". Mr. Pop Culture. Robert Futterman (33) who in six years built a $100 million real estate empire from $12 thousand, chokes to death on a piece of meat while having dinner at the home of a friend in New York. One of his proudest accomplishments was the Golden Triangle Center in Norfolk, VA – a $6 million downtown renewal project that won the 1960 National Municipal League award. He was often sought out by cities on inner city rejuvenation advice
  10. "FUTTERMAN, GOODMAN, ROSALIE". June 6, 2010. FUTTERMAN-GOODMAN Rosalie, 81, died May 26, 2010. Born July 27, 1928 to the late Sylvia and Adolph Schreiber. Wife of the late Robert A. Futterman. Loving mother of Shari (Denis) Dicks, Michael (Ellie) Futterman, Evan (Lonnie Moon) Futterman, Mimi (Jamie) Rosen and Joel (Tammy) Futterman. Cherished grandmother of Randi, Hallie, Jason, Meryl, Dana, Lisa, Robert, Jessica, Jamie and the late Rachel Futterman. Beloved sister of Carol (Irving) Eisenman, Ricki Schreiber, and Elliot (Renee) Schreiber. Stepmother of Barbara (Jack) Baron, grandmother to Bruce and Meryl. "Rocky" was most happy when surrounded by family and friends.
  11. Shawn G. Kennedy (August 26, 1984). "NEW SIGNS OF OLD GLAMOUR ON FIFTH AVE". The New York Times.
  12. "Voices". Life Magazine. August 18, 1961. p. 41.
  13. "Brilliant, Young Authority had built $100 million Real Estate System Across US in Two Years". Canadian Jewish Review, Quebec, March 9, 1962. Mr. Futterman took part with the company's principals in buying a midtown office building. His investment was $12,000. In 1955, when he left Margolin his investment had grown to $36,000 in cash and a continuing interest in the property.
  14. "Redevelopment Expert Dies on Eve of Talk". Pasadena Independent. November 14, 1961. p. 4. His million renewal project of the Golden Triangle Center in Norfolk Va won the 1960 National Municipal League Award and his advice was sought
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