Eye on New York City luxury real estate portfolio that Trump could lose control of

usa news

by chris nesci

Donald Trump, who was temporarily barred Friday from being CEO of the company that bears his name, has spent decades carving out his family's legacy, including carving his last name on some of New York City's most iconic buildings. We have grown our business.

But the Manhattan judge's ruling could see the former president lose control over the real estate world that has been synonymous with him since the late 1970s, dealing a major blow to the Trump Organization and to Trump himself. This will be a serious ego blow.

In the early 1990s, the real estate market crashed, and several of Mr. Trump's businesses, including the Trump Taj Mahal in Atlantic City and the Plaza Hotel in New York, recently collapsed, leaving the Queens native deeply in debt. . .

Licensing Trump's name became a way to boost his global profile and bank account without taking on the risks common to commercial real estate developers.

By attaching his name to construction projects, Mr. Trump can receive a large salary while avoiding any liability.

Instead, the responsibility lies with the project's developer, who benefits from being associated with a well-known name.

These licensing deals led to the creation of a wide range of luxury hotels and golf courses around the world that bear Trump's name, and he was compensated for the privilege.

But the overwhelming majority of these deals are in the United States, with 14 Trump-branded properties generating revenue from licensing and management agreements, according to the Washington Post.

Licensing is a major source of revenue for the Trump Organization, which generated about $59 million in revenue from 2015 to 2016 alone, the outlet wrote.

For decades, Trump's name has appeared on everything from wine and steaks to board games and golf courses.

But his favorite prize has always been luxury real estate, especially in Manhattan.

Trump famously plastered his name on buildings across Gotham, many of which he didn't actually own.

An analysis of Trump's assets by The Washington Post shortly after he took office in his first term in the White House found that 17 properties in Manhattan at the time had his name emblazoned on them, but none he actually owned. It turned out that only five of them were true.

After Mr. Trump became president, his name began to appear on buildings in some cases, which became politically charged.

In November 2016, days after defeating Hillary Clinton in the presidential election, work crews removed gold “TRUMP PLACE” letters from three luxury high-rise buildings on the Upper West Side after the condominium board vote. was removed.

The following year, his name was removed from the Trump Soho Hotel and rebranded as The Dominick.

By February 2019, Trump's name had been removed from all six Trump Place condominiums, according to the Washington Post.

But on Friday, Manhattan Supreme Court Justice Arthur Engoron may have delivered the worst news yet to the 2024 Republican front-runner's real estate empire.

President Trump has been banned from doing business in New York for three years and will receive a $3 million He was fined more than $55 million. .

While the mogul's future in New York remains uncertain, some of the iconic Manhattan-area buildings he owns or invests in include:

trump tower

725 Fifth Avenue

Built in 1983, the 58-story Trump Tower is the headquarters of the Trump Organization and where the former commander-in-chief launched his 2016 presidential campaign on the building's famous descent of the golden escalator.

The 257,000-square-foot mixed-use building also features a 60-foot-tall waterfall.

trump building

40 Wall Street

Briefly, the world's tallest building, 40 Wall Street, also known as the Trump Building, was built in 1930 and has been owned by the Hinneberg family, a wealthy German family, since 1982.

President Trump technically does not own the 72-story building itself, but rather owns the leasehold rights to the land, which his company purchased in 1995.

So even though his organization rents out space in a Depression-era skyscraper, he's technically just the landlord.

Trump International Hotel and Tower

One Central Park West

Trump owns a major portion of the luxury hotel and condominium complex in Columbus Circle, but not the entire building, according to the New York Times.

His ownership includes a parking garage, room service kitchen, valet parking, lobby bathrooms, restaurant space, and a single unit.

The rest is actually owned by GE and Ohio-based Galbreath, which worked with Trump to develop the tower in the 1990s.

1290 Avenue of the Americas (6th Street)

The stunning 43-story office tower at 1290 Sixth Avenue, straddling 51st and 52nd Streets in Manhattan, was built in 1964 and underwent an extensive restoration project in 2013.

Trump owns a 30% profit-sharing interest in the building, which is expected to last until 2044, after a long legal battle with a consortium of wealthy Hong Kong businessmen. It's earned.

The consortium had bailed him out after failing to develop land near Lincoln Center after the real estate market bottomed out in 1994.

trump park avenue

502 Park Avenue

Trump Park Avenue on the Upper East Side is a 120-unit luxury condominium complex.

The 32-story building was built in 1929 and has been used as a home by both Hollywood royalty (Lucille Ball, Ed Sullivan) and Trump associates (Jared Kushner, Ivanka Trump, Michael Cohen). is known.

It used to be lined with hotels and is said to be where Bob Dylan introduced cannabis to the Beatles in 1964.

President Trump purchased the hotel in 2001 for $115 million.