National Kinney Corporation

National Kinney Corporation
Company type	Public
Industry	Parking, property management, real estate development
Predecessor	Kinney Services (service-oriented assets)
Founded	August 7, 1971; 55 years ago in New York City, United States
Fate	Renamed Andal Corporation in 1983; became private in 1998
Headquarters	New York City, United States
Products	Parking services, property management, real estate development

National Kinney Corporation operated as a firm specializing in parking, property management, and real estate development, headquartered in New York City. It was founded on August 7, 1971, following the division of service-oriented assets from entertainment holdings by Kinney Services.

History

Initially focused on parking and facility services, National Kinney broadened its scope into real estate development through the acquisition of the Uris Buildings Corporation. Unfortunately, this expansion coincided with the downturn of the New York property market during the 1973–75 recession, resulting in the foreclosure of its principal asset, the Uris Building.

In March 1974, the French investment firm Societe de Gestion Immobiliere et Mobiliere S.A. showed interest in purchasing National Kinney from Warner Communications for $8 million; however, this transaction was canceled by June of the same year. Later, on December 28, 1978, National Kinney was separated from Warner Communications and taken over by Morton Sweig along with former president Paul Milstein.

During 1979, National Kinney sought to enter a partnership with Johnny Carson to acquire The Aladdin hotel and casino located in Las Vegas, intending to rename it after Carson. The agreement ultimately failed due to insider trading accusations connected to confidential details about the purchase being leaked.

By 1982, the company sold off its National States Electric division and arranged the sale of its parking arm, Kinney System Inc., to chairman Daniel Katz and other investors. The following year, it changed its name to Andal Corporation and disposed of its remaining controlling interest in Kinney System. Subsequently, Kinney System was bought by Central Parking Corporation in 1997.

Andal then invested in struggling ice cream brands such as Steve's Ice Cream and merged with Swensen's, before eventually divesting these interests. The corporation went private in 1998, withdrawing from the New York Stock Exchange. Since 1999, Andal's business activities have been minimal, likely operating primarily as a shell entity.

History

See also