Donald Trump

Michael Cohen puts up $9M Trump Park Avenue apartment as collateral against bank debt

Photo of Michael Cohen via Wikimedia; image of Trump Park Avenue via Google Earth

May 9, 2018

Michael Cohen puts up $9M Trump Park Avenue apartment as collateral against bank debt

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Michael Cohen, the longtime attorney for President Donald Trump, has put up his family's Park Avenue apartment as collateral against a bank loan worth millions of dollars. The bank valued Cohen's condo, fittingly at Trump Park Avenue in Lenox Hill, for $9 million. The financially troubled lawyer is putting his apartment against $12.8 million in loans he took out for his taxi business in 2014. Cohen secured these loans by New York City taxi medallions, which have dropped in value by 80 percent due to the growth of ride-sharing services, according to Bloomberg.
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Trump could get over $30M from sale of a Brooklyn affordable housing complex he partially owns
May 9, 2018

Trump could get over $30M from sale of a Brooklyn affordable housing complex he partially owns

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Starrett City photo via Matt Green on Flickr, President Trump photo via Wikimedia As he proposes funding cuts to the Department of Housing and Urban Development's subsidized housing programs, President Donald Trump is set to gain millions of dollars from the sale of an affordable housing complex in East New York, best known as Starrett City. Investors, including Trump who owns a 4 percent stake in the development, sold the 46-building complex to two real estate firms for $906 million, ABC News reported Tuesday. Trump is set to profit about $36 million from the sale (an amount which could drop after mortgage costs and transfer taxes). Home to roughly 15,000 residents across 145 acres, Starrett City is the largest federally subsidized housing project in the country.
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Judge rules Upper West Side condo can remove Trump’s name from its building
May 3, 2018

Judge rules Upper West Side condo can remove Trump’s name from its building

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Photo via Nick Normal’s Flickr Following year-long resistance from the Trump Organization, a judge ruled on Thursday that an Upper West Side condo could remove the president's name from the exterior of the 46-story building, according to the New York Times. Condo owners at 200 Riverside Boulevard will now be able to vote on whether to keep or remove the bronze letters spelling "TRUMP" on the building, where they have hung for nearly two decades. The ruling comes after board members at Trump Place asked a judge in January to issue a declaratory judgment that the condo has the right to either keep or remove the letters without violating its licensing agreement. On Thursday, Justice Eileen Bransten said removing letters does not violate the agreement.
More details here
May 2, 2018

7 chances to live across from Pelham Bay Park in the Bronx, from $1,600/month

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A newly constructed rental in the Bronx has launched a lottery for seven middle-income apartments, located across from the city's largest public park, Pelham Bay Park. The park measures over three times the size of Central Park and includes two golf courses, miles of hiking trails, many fields and courts and Orchard Beach, a man-made beach designed by Robert Moses. Qualifying New Yorkers earning 130 percent of the area median income can apply for three one-bedrooms for $1,600/month and four two-bedrooms for $1,800/month.
Find out if you qualify
Trump Organization will fight ‘rogue individuals’ who want the president’s name shed from UWS condo

Photo via Nick Normal’s Flickr

April 24, 2018

Trump Organization will fight ‘rogue individuals’ who want the president’s name shed from UWS condo

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In February of 2017, residents of Trump Place at 200 Riverside Boulevard voted to remove "TRUMP" from the condo building's exterior. Neighboring buildings found at 140, 160, and 180 Riverside Boulevard had already successfully removed his name, following a petition with hundreds of signatures. However, the 48-story condo at Trump Place, located on the Upper West Side, has not moved forward with the removal of the president's name because the Trump Organization threatened to sue. In response to this threat, board members in January asked a judge to issue a declaratory judgment that the condo has the right to either keep or remove the letters without violating its licensing agreement. The president's son, Eric Trump, who serves as a trustee of the organization, promised on Monday to "fight vehemently against rogue individuals" who want to remove the name (h/t West Side Rag).
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Trump once lobbied against legislation that required sprinklers in NYC high-rises

Via Krystal T’s Flickr

April 9, 2018

Trump once lobbied against legislation that required sprinklers in NYC high-rises

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Following back-to-back fatal fires in 1998 at two New York City buildings that lacked working sprinklers, public officials advocated for new regulations requiring sprinklers in all buildings. Mayor Rudy Giuliani's administration that year pushed for legislation to address the lack of sprinklers in high-rise towers. But real estate developers, including President Donald Trump, fought against the proposals, citing the high expense of retrofitting existing buildings with them, as the Washington Post reported. After fierce lobbying from developers, including Trump who personally called a dozen council members, the city enacted a law in 1999 that would require sprinklers in new construction but not existing buildings, exempting the president's Trump Tower. On Saturday, a fire ripped through a 50th-floor apartment at Trump Tower, killing a 67-year-old art dealer. Sprinklers were never installed at the Fifth Avenue property.
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Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

Google Street View of 666 Fifth Avenue

April 9, 2018

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

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Update 4/9/18: Vornado announced on Friday that it reached a "handshake" deal to sell its stake at 666 Fifth Avenue back to the Kushner Cos, according to the New York Times. It remains unclear if the Kushners have found a new partner. Steven Roth, chairman of Vornado, in the filing, said the payment would cover the company's investment: "The existing loan will be repaid including payment to us of the portion of the debt we hold." Kushner Cos. said this week it is in talks to buy the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust, furthering the drama at the 41-story Midtown Manhattan office building, according to the Wall Street Journal. The tower has remained one of Kushner Cos. most financially troubled projects. In addition to its debt and high rates of vacancy, the building has been mired in controversy, mostly due to Jared Kushner's role as a senior adviser and son-in-law to President Donald Trump. While Jared divested in the property to avoid conflicts of interest, investors have been reluctant from entering a deal with Kushner Cos.
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Owners of Donald Trump’s former Connecticut mansion try to unload it again for $45M
April 2, 2018

Owners of Donald Trump’s former Connecticut mansion try to unload it again for $45M

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It looks like it's not just owners within Trump-branded condo buildings who are struggling to sell their homes, but the owners of individual homes with connections to the President, too. In 1998, financier Robert Steinberg and his wife Suzanne paid $15 million for this 5.8-acre Greenwich, Connecticut estate on its own peninsula. It was previously owned by a then-Democratic Donald Trump and his wife Ivana, but when they divorced in 1991, she kept the mansion. Likely not realizing what was yet to come, the Steinbergs first listed the home in early January 2016 for $54 million, dropping the price to $45 million in May. But according to the Wall Street Journal, when Trump's campaign "started heating up," they took the listing down. Although the fire has only grown, they've now decided to try again.
Get a look around
Trump-branded building in Stamford, Connecticut wants to ditch the President’s name

Trump Parc Stamford via F.D. Rich Company

March 28, 2018

Trump-branded building in Stamford, Connecticut wants to ditch the President’s name

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Stamford might be joining the ranks of Soho, the Upper West Side, Toronto, Queens and Panama. Some residents of the Trump Parc condominium in Connecticut want to remove President Donald Trump's name from their building and with new officers on its board, a vote for a name-change might be around the corner. According to the Stamford Advocate: “Some owners, in recent interviews, said a vote on the Trump name is now more likely as property values continue to decline and some owners and realtors say the name drags down prices.”
More details here
An art auction in Jersey City is selling a fake ‘Naked Trump’ statue for up to $30K
March 27, 2018

An art auction in Jersey City is selling a fake ‘Naked Trump’ statue for up to $30K

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One of the original statues on display in San Francisco via torbakhopper's Flickr Fake news is always surrounding President Donald Trump and so is Stormy Daniels. Put those two together (fake & naked) and you’ve got the most recent news: an auction house based in California is selling a fake “Naked Trump” statue, unbeknownst to them. Reports out today claim one of the five original “Naked Trump” statues is going up for auction on May 2 at Julien’s Auctions at Mana Contemporary in Jersey City. But a representative from INDECLINE, the West Coast “Activist Art Collective” that created the artwork, adamantly denies that this is an original.
Get the inside scoop
Approved spending bill includes funding for Gateway project, but on Trump’s terms

The path for a future Hudson River tunnel is being preserved at Hudson Yards, photo via Amtrak

March 26, 2018

Approved spending bill includes funding for Gateway project, but on Trump’s terms

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Update 3/26/18: While Congress on Thursday approved the $1.3 trillion spending bill, the package does not include direct funding for the Gateway tunnel project. Instead, the bill provides $650 million for Amtrak's Northeast Corridor and allocates over $2 billion in available grants for which the Gateway Program Development Corp. can apply. President Donald Trump, who threatened to veto the spending bill if funding for Gateway was included, and his administration will remain in control of Gateway's funding fate. The Department of Transportation (DOT) said in a statement that the bill "removes preferential treatment for the New York and New Jersey Gateway projects." And DOT board members, appointed by the president, review all federal grants to Amtrak, as Bloomberg reported. After months of back-and-forth negotiations among politicians, the Gateway tunnel project might get another chance at survival. The project, which would construct a new rail tunnel under the Hudson River and repair an existing one, could potentially receive up to $541 million in a tentative $1.3 trillion spending bill drafted by Congress on Wednesday, according to the New York Times. Although the bill does not mention Gateway by name, provides way less than the $900 million planners sought for the project, and has been opposed by both President Donald Trump and Speaker Paul Ryan, the tentative spending bill has made supporters more hopeful about the project's future. The bill will go to a vote in the House on Thursday, followed by the Senate.
More details here
Paul Ryan warns NY and NJ that Trump won’t fund Gateway Tunnel project

Tunnel photo via The Gateway Program Development Corporation; Paul Ryan photo via Gage Skidmore/Flickr

March 15, 2018

Paul Ryan warns NY and NJ that Trump won’t fund Gateway Tunnel project

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Amtrak and New Jersey Transit's Northeast Corridor--that which connects the state to Manhattan via the Hudson River tunnels--creates more than $50 billion in economic activity annually. And the region as a whole is home to 30 percent of all U.S. jobs, amounting to $3 trillion a year for the economy. But despite Donald Trump's eagerness to both stimulate the economy and bring jobs back from overseas, he seems unphased by the dire need to construct a new rail tunnel to replace those built in 1910 that suffered major damage during Hurricane Sandy. According to Politico, in a meeting yesterday with New York and New Jersey Republicans, Speaker Paul Ryan made it clear that he will not include the $30 billion Gateway Tunnel project in the upcoming $1 trillion+ omnibus spending package if it means Trump will veto the bill, claiming that the President can't stop talking about his opposition to what's largely considered the most important infrastructure project in the nation.
All the details
Trump’s NYC properties no longer considered ‘luxury’

Trump International via Wiki Commons; Donald Trump via Gage Skidmore/Flickr

March 13, 2018

Trump’s NYC properties no longer considered ‘luxury’

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According to a new CityRealty report, President Trump is spreading fake news. Trump claims his branded luxury residential condominium and towers are more valuable than his competitors. In fact, the numbers tell a different story. In the past 10 years (2007-2017), Trumps’ properties’ average price per square foot has only risen 15% (from $1,529 to $1,741) compared to Manhattan luxury condominiums which have risen 56% (from $1,994 to $3,105) and all Manhattan properties which have risen 51% (from $1,237 to $1,864). What might be even more upsetting to the Trump Organization is that based on the prices condos in his buildings sell for, they are no longer categorized as luxury properties but as “middle-of-the-road investments in the wider world of the Manhattan condo market.”
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Trump’s long-awaited infrastructure plan won’t fund Gateway project

Photo via The Gateway Program Development Corporation

February 12, 2018

Trump’s long-awaited infrastructure plan won’t fund Gateway project

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President Donald Trump on Monday released his $200 billion infrastructure plan and it does not look good for New York and New Jersey. Because the plan shifts the financial burden from the federal government onto states and localities, relying on incentives to spur private investment, major projects will struggle to find funding. This includes the Gateway Tunnel project, a proposal to construct a new rail tunnel under the Hudson River and repair the existing one. As the only intercity passenger rail crossing into NYC from NJ, the tunnel is a critical link for nearly 200,000 daily passengers. While the Obama administration considered Gateway a priority and committed half of the project's cost in 2015, the Trump administration has scoffed at the idea.
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Anthony Scaramucci scoops up brand new Hamptons beach house for $7.5M

Photo of Scaramucci via the World Economic Forum’s Flickr

January 25, 2018

Anthony Scaramucci scoops up brand new Hamptons beach house for $7.5M

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Anthony Scaramucci, the former White House communications director who President Donald Trump fired before he even started his job, might be having more luck in real estate than in politics. The Mooch and his wife, Deidre Ball, have snagged a mansion in Bridgehampton South for $7.495 million, according to the New York Post. The newly built home at 30 Lawrence Court boasts eight bedrooms, seven and a half baths and a swimming pool.
See the Mooch's new mansion
De Blasio joins group of mayors in Washington to talk infrastructure with Trump

Photo via Wikimedia

January 24, 2018

De Blasio joins group of mayors in Washington to talk infrastructure with Trump

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Editor's Note: Although City Hall previously said the mayor would meet with Trump, on Wednesday he tweeted: "I will NOT be attending today’s meeting at the White House after @realDonaldTrump’s Department of Justice decided to renew their racist assault on our immigrant communities. It doesn’t make us safer and it violates America’s core values." Mayor Bill de Blasio will meet with President Donald Trump at the White House on Wednesday, the first meeting between the two since the president's inauguration. De Blasio, along with the rest of the U.S. Conference of Mayors, will discuss infrastructure funding with Trump, who is expected to release his long-awaited plan this month. During his campaign, the president pledged to introduce a $1 trillion proposal in his first 100 days in office, later changing the deadline to the third quarter. The White House claimed a detailed infrastructure plan would be released in early January (h/t Daily News).
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In heated legal battle, condo board says it has the right to remove Trump’s name

Trump Place Apartments courtesy of Nick Normal’s Flickr

January 11, 2018

In heated legal battle, condo board says it has the right to remove Trump’s name

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While never especially popular in his hometown, President Donald Trump's approval in New York City dropped even more so after his election. His unpopularity among New Yorkers has taken a toll on his real estate empire: both average sales price and the average price per square footage at the 11 Trump-branded condos fell below the average in this area for the first time ever. And some residents living in condos that bear the president's name have started petitions to remove Trump from the building's exterior. At one 48-story luxury building on the Upper West Side, residents are debating whether or not to remove his name. The condo board at 200 Riverside Boulevard, or "Trump Place," now potentially faces a lawsuit from DJT Holdings, a company owned by Trump, for seeking to remove the name, the New York Post reported.
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Anti-Trump financier sells Trump Palace pad for less than half of original ask

“The problem is real and will not go away anytime soon.” Image via Google Street View.

January 4, 2018

Anti-Trump financier sells Trump Palace pad for less than half of original ask

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Back in June 6sqft reported on efforts by former Goldman Sachs executive Laurence Weiss, who had been trying to sell his 3,600-square-foot, four bedroom apartment at Trump Palace at 200 East 69th Street for two years, to get the building's residents to agree to ditch the Trump name. Weiss had originally asked $15 million for the Upper East Side condo and still had no buyer even at $8.9 million. The building's name remains, but Weiss has finally sold the apartment–for $7.4 million, The Real Deal reports.
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Gateway tunnel project faces another roadblock from the Trump administration

Photo via The Gateway Program Development Corporation

January 2, 2018

Gateway tunnel project faces another roadblock from the Trump administration

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The multi-billion-dollar plan to build a second rail tunnel under the Hudson River and fix the deteriorating existing one has hit another setback after President Donald Trump's administration said on Friday it would not fund half of the project. As Crain's first reported, the Federal Transit Administration wrote a letter to Govs. Andrew Cuomo and Chris Christie in response to their revised plan to fund $5.5 billion of the $12.7 billion project. A top FTA official said the administration would not recognize the prior deal made between President Barack Obama and the states, calling it "a non-existent '50/50' agreement between USDOT, New York, and New Jersey."
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In the middle of the night, Trump Soho gets rebranded as the Dominick Hotel

Image: Trump Soho; Donald Trump via Wikimedia Commons

December 22, 2017

In the middle of the night, Trump Soho gets rebranded as the Dominick Hotel

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After an 11-year economic slump, local protests and multiple lawsuits, the Trump Soho condominium and hotel at 246 Spring Street has officially become the Dominick Hotel and Spa. Last month, the Trump Organization cut ties with the property after making a deal with the building’s owner, CIM Group, to step away from the hotel amid a decline in room prices. Between 11 pm on Wednesday and 3 am on Thursday, workers removed the Trump Soho lettering from the facade of the glitzy 46-story hotel, literally erasing President Trump's association with the building.
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NY and NJ commit $5B to the Hudson River tunnel project, but still no word from Trump

Photo via The Gateway Program Development Corporation

December 15, 2017

NY and NJ commit $5B to the Hudson River tunnel project, but still no word from Trump

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Govs. Andrew Cuomo and Chris Christie on Thursday announced commitments to totally fund New York and New Jersey's share of the Gateway Hudson Tunnel Project. The project aims to fix the 107-year-old tunnel damaged by seawater during Hurricane Sandy. It serves as the only intercity passenger rail crossing into NYC from NJ, a critical link for 200,000 daily passengers. Although two state officials wrote letters to the U.S. Department of Transportation detailing their combined $5.5 billion funding of the project through various agencies, the Trump administration has not agreed to fund the rest of the $12.7 billion project. As Crain's reported, a senior official at DOT called the states' funding commitment "entirely unserious."
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Sales at NYC’s 11 Trump-branded condos fall below average for the first time ever

Trump International via Wiki Commons; Donald Trump via Gage Skidmore/Flickr

December 13, 2017

Sales at NYC’s 11 Trump-branded condos fall below average for the first time ever

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As we close in on Donald Trump's first full year as President, it's interesting to look at his business endeavors have fared, and here in NYC, it looks as though the Donald's real estate empire is starting to crumble. According to CityRealty's Year-End Manhattan Market Report, both average sales price and average price per square foot at the 11 Trump-branded condos fell below the Manhattan condo average for the first time ever. Not surprisingly, the Trump International Hotel & Tower on Central Park West was the worst-performing, with average prices falling 27 percent. One of the company's most visible buildings, the condo was often the site of protests against the Trump administration throughout the year.
More on the 2017 market
Trump dumps Soho hotel after glitzy launch and 11-year slump

Image: Trump Soho; Donald Trump via Wikimedia Commons.

November 27, 2017

Trump dumps Soho hotel after glitzy launch and 11-year slump

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New York City has never, barring perhaps a short stretch of the go-go '80s, been Trump country. But the Trump Organization's high-profile Midtown properties blend with the area's flow of international money and glamour-seeking tourists. Much further downtown, the Trump Soho condominium/hotel at 246 Spring Street has been at best a minor embarrassment in the neighborhood since the ambitious announcement of its birth on Donald J. Trump's TV show "The Apprentice" 11 years ago. Now, what was launched as "an awe-inspiring masterpiece," is being severed from the Trump fold, the New York Times reports. In addition to poor economic performance, the 46-story luxury hotel has attracted opposition from locals since its arrival, protests during Trump's candidacy and scrutiny after the election due to its ties to a Russian dealmaker.
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Number of tourists visiting NYC hits record high despite drop in international visitors

Photo via pixabay

November 20, 2017

Number of tourists visiting NYC hits record high despite drop in international visitors

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New estimates from the city’s tourism promotion agency, NYC & Company, show that the number of visitors to New York City will increase again this year, making 2017 the eighth straight year of record-high tourism. As the New York Times reported, the city will take in 61.8 million visitors this year, an increase from 60.5 million visitors in 2016. However, the agency does expect the first drop in international visitors to the city since 2009, due to President Donald Trump’s “America First” rhetoric and his revised restricted travel ban on six Muslim-majority countries.
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Trump Tower prices slide since 2015 presidential campaign

Photo of Trump Tower via Krystal T’s Flickr

November 10, 2017

Trump Tower prices slide since 2015 presidential campaign

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Sales prices at the tony Midtown condo building at 721 Fifth Avenue have dropped sharply since Donald Trump began his presidential campaign, according to the Wall Street Journal. The median sale price and average price per square foot are down since 2015 and are now reaching the lows experienced during the last financial crisis. Brokers aren't exactly sure whether the "Trump effect" has caused the slump–including issues specific to the tower such as heightened security, protests, and a general antipathy toward all things Trump–or it's part of an overall softening of the luxury condo market.
Is it the Curse of Trump?
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