Donald Trump

September 12, 2018

Trump-run attractions in NYC suffer from declining revenue

Although President Donald Trump continues to profit from his family-run business while serving in office, the New York-native is seeing a drop in revenue in his hometown. At four concessions in New York City run by the Trump Organization, sales have dropped or have been flat since Trump became president, the New York Times reported on Wednesday. Even as tourism is on the rise and the city's economy is bustling, business is not booming for two Trump-affiliated ice rinks, a Bronx golf course, and a carousel in Central Park.
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August 30, 2018

In 1988, Donald Trump wanted to repair the Williamsburg Bridge, but the Mayor said no thanks

In addition to thinking he could own the Empire State Building and build the tallest building in the world, Donald Trump also had a pipedream of single-handedly repairing the Williamsburg Bridge in 1988. Yesterday, Gothamist's Editorial Director Jen Carlson tweeted a series of stories from the time detailing how the Donald presented the city with a proposition to get the necessary repairs (the then-85-year-old bridge was closed due to cracked and corroded beams) done quicker and cheaper. According to the Associated Press, "Trump said the deal could work the same way as [Central Park's Wollman Rink] construction in 1986 - he would advance the money, get the job done and be reimbursed for costs."
So how'd he screw this one up?
August 17, 2018

Trump Tower apartment right below the president hits the market for $25M

You don't need a security clearance to live below the President, but it might still be a challenge for whomever wants to buy the condo right below Donald Trump's Midtown residence. The Post reports that the duplex unit on the 64th and 65th floors of Trump Tower has just hit the market for $24.5 million and sources are saying it "directly adjoins" his bedroom. So how can the administration legally control the buyer? By convincing the condo Board to exercise a board waiver and buy the apartment themselves, according to the Post. And this may just work; a recent Business Insider investigation into a mysterious $1.5 million apartment Melania bought in the building shows that this was the only unit the Board had ever bought.
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July 17, 2018

‘Baby Trump’ blimp is coming to NJ

If you followed the protests that accompanied President Donald Trump's visit to London and Scotland last week, you may have noticed a giant, inflatable, diaper-clad version of the POTUS floating above. Now, thanks to a New Jersey activist and a successful GoFundMe page, the irascible dirigible will be gracing our shores next month, Gothamist reports. The big blimp is headed across the pond and is expected to rise near Trump's Bedminster, NJ golf club in August.
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July 6, 2018

City says Trump can’t claim $48K tax break on his NYC apartment

New York City has said no to a $48,000 break President Trump has been receiving on the annual tax bill for his Trump Tower condo after inquiries by the Daily News into his eligibility. The News reports that the city says the president was set to get $48,834.62 knocked off his condo taxes for the tax year beginning July 1 via the city's condominium abatement, which is available for condo and co-op owners on their primary residence. Tax rules state that only “the dwelling unit in which the owner of the dwelling unit actually resides and maintains a permanent and continuous physical presence” is eligible for the savings, and Trump hasn't kept a “permanent and continuous physical presence” in the Midtown pad since he moved to the White House in January of 2017.
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June 18, 2018

Michael Cohen’s inlaws list three condos at Trump World Tower amid legal battle

Photo of Michael Cohen via Wikimedia; listing photo via Trump International Realty As President Donald Trump's personal attorney, Michael Cohen, faces mounting legal fees, his family is looking to sell three condominium units at a 72-story Trump building in Manhattan. Bloomberg reported Friday that Cohen's father-in-law Fima Shusterman wants to sell three apartments he owns in Trump World Tower at 845 United Nations Plaza. Just two of the units are listed on the Trump International Realty website: a three-bedroom unit, 57B, for $6.7 million and a two-bedroom unit, 42A, for $4.5 million. Not listed but still for sale, the family's 43rd-floor apartment was purchased in 2003 for $1.85 million, but the current price is not yet known.
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May 14, 2018

52 years ago, Donald Trump’s father demolished Coney Island’s beloved Steeplechase Park

Steeplechase Park was the first of Coney Island's three original amusement parks (in addition to Luna Park and Dreamland) and its longest lasting, operating from 1897 to 1964. It had a Ferris Wheel modeled after that of Chicago's World's Columbian Exposition, a mechanical horse race course (from which the park got its name), scale models of world landmarks like the Eiffel Tower and Big Ben, "Canals of Venice," the largest ballroom in the state, and the famous Parachute Jump, among other rides and attractions. After World War II, Coney Island's popularity began to fade, especially when Robert Moses made it his personal mission to replace the resort area's amusements with low-income, high-rise residential developments. But ultimately, it was Fred Trump, Donald's father, who sealed Steeplechase's fate, going so far as to throw a demolition party when he razed the site in 1966 before it could receive landmark status.
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May 9, 2018

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

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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May 9, 2018

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

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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May 3, 2018

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

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.
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May 2, 2018

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

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
April 24, 2018

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

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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April 9, 2018

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

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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April 9, 2018

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

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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April 2, 2018

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

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.
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March 28, 2018

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

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.”
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March 27, 2018

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

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.
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March 26, 2018

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

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.
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March 15, 2018

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

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.
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March 13, 2018

Trump’s NYC properties no longer considered ‘luxury’

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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February 12, 2018

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

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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January 25, 2018

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

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.
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January 24, 2018

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

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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January 11, 2018

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

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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January 4, 2018

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

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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