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6min chapter
John Jacob Astor
Stuff You Missed in History Class
Astor's Astute Real Estate Investments in New York City
John Jacob and William Backhouse Astor built huge tracts of tenements in New York. They owned the land, then leased it to developers who would build out the entire 25 by 100 foot lots with buildings that could house dozens of families. On April 4th, 1834, Astor returned to New York aboard the passenger ship Utica coming from England after having been at a wedding. He learned his wife Sarah had died a week earlier.
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