Donald Trump

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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January 2, 2018

Gateway tunnel project faces another roadblock from the Trump administration

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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December 22, 2017

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

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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December 15, 2017

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

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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December 13, 2017

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

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.
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November 27, 2017

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

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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November 20, 2017

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

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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November 10, 2017

Trump Tower prices slide since 2015 presidential campaign

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?
October 16, 2017

Kushner Companies’ plan for extensive renovations at 666 Fifth Avenue rejected by Vornado

Instead of the 41-story Midtown tower becoming an 80-story office building with hotel rooms and luxury housing, 666 Fifth Avenue will now get a much more simple upgrade. According to Bloomberg, Vornado Realty Trust, the project’s partner alongside Kushner Companies, told brokers the property will remain an office building, with“mundane” renovations planned. As one of the most financially troubled developments for Kushner Cos., the Fifth Ave project has been losing money since its purchase was first coordinated by Jared Kushner, currently a senior advisor to President Donald Trump, in 2007.
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October 4, 2017

De Blasio releases plan for New York City to follow Paris climate agreement

Following President Donald Trump’s decision to pull the United States out of the Paris Climate Agreement in June, Mayor Bill de Blasio signed an executive order that committed New York City to honor the standards of the accord, which is an international negotiation aimed to mitigate climate change worldwide. On Tuesday, de Blasio released an action plan that details ways to lower the city’s carbon footprint, reduce 10 million metric tons of carbon dioxide by 2030 and introduce a citywide single-stream recycling program by 2020. New York City is the first metropolitan area to release a Paris Agreement-compatible action plan, according to the report.
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September 28, 2017

Donald Trump’s Empire State Building doodle expected to fetch $12,000 at auction

Update 10/20/17: Crain's reports that Trump’s doodle has sold at auction for $16,000. The buyer has not been named, but a portion of the sale will benefit Connecticut National Public Radio station WHDD-FM. He may not have had any formal political experience before taking office, but Donald Trump was certainly well versed in doodling. In July, a 2005 charity auction sketch he made of the NYC skyline, which not surprisingly depicts Trump Tower front and center among anonymous buildings, sold at auction for an incredible $29,184. And now, as reported by the Guardian, a similarly elementary sketch he did of the Empire State Building is also headed to auction, where it's expected to fetch up to $12,000, a portion of which will be donated to National Public Radio (NPR). Interestingly, Trump did the signed drawing in 1995, the year after he began his fraught attempt to take ownership of the landmark building.
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September 27, 2017

No one wants to rent Ivanka Trump’s Park Avenue apartment

After months of being on the market, the Manhattan pad of President Donald Trump’s daughter and advisor Ivanka Trump just won’t rent, despite three substantial price chops. The first daughter first purchased the two-bedroom, two bathroom condo at 502 Park Avenue in 2004 for $1.5 million. Upon her father’s election, Ivanka listed the apartment at Trump Park Avenue in November for $15,000 per month. In February, the price dropped to $13,000 per month. On Tuesday, the asking price was $10,450 per month, a 30 percent price cut since the presidential election, according to Bloomberg.
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September 18, 2017

Trump is claiming a $45K tax break by calling Trump Tower his primary residence

While this week marks just the third time President Donald Trump has visited New York City since his January inauguration, property taxes he filed after the election designate Trump Tower as his primary residence. As the Real Deal reported, Trump will save $45,000 by calling his penthouse his main home, utilizing a tax credit known as the “coop condo abatement.” The credit can be used by owner-occupied co-ops and condos and takes off 28.1 percent of property taxes for the unit. Because of the tax abatement, the president has saved a little under $200,000 on his taxes over the last five years.
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September 18, 2017

Refugees are renting out Trump’s childhood home during this week’s UN General Assembly

With President Donald Trump back in New York City for the United Nations General Assembly this week, a group of refugees is staying at the president’s childhood home, renting the Queens property through Airbnb. The Jamacia Estates home at 85-15 Wareham Place is being rented by Oxfam, an anti-poverty organization, to bring attention to the refugee crisis (h/t NY Post). The group invited four refugees to talk with journalists at the rental, highlighting their concern with Trump’s travel ban on people from six Muslim-majority countries and all refugees that was introduced in January. After facing multiple legal challenges, the Supreme Court allowed the refugee policy to remain temporarily, but justices will hear arguments about the travel ban on Oct. 10.
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September 14, 2017

Problems at 666 Fifth Avenue tower linked to Jared Kushner’s White House role

In 2007, Kushner Companies purchased a 41-story tower in Midtown for $1.8 billion, which was the most expensive real estate deal ever in the U.S. at the time. The transaction of 666 Fifth Avenue, coordinated by Jared Kushner, now a senior advisor to President Donald Trump, was ill-timed, making the purchase just before the economic recession. As the Washington Post reported, the Fifth Avenue project is one of the most financially troubled for Kushner Cos., with one-fourth of office space empty, and its lease revenue not covering monthly interest payments. While Kushner has divested his stake in the property to avoid conflicts of interest, the property's value has dropped and foreign entities have withdrawn financial support. Currently, Kushner’s dealings are under investigation by special counsel Robert Mueller, as part of the broader investigation into Russian collusion with the Trump campaign.
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September 8, 2017

Trump appears receptive to funding multi-billion Gateway tunnel project

Even though the U.S. Department of Transportation withdrew in July from the board that oversees the Gateway Program, President Trump is keeping an open-mind about the nearly $30 billion project that would add a second rail beneath the Hudson River. According to the Daily News, during a meeting at the White House between New York and New Jersey elected officials and the Trump administration, the president showed interest in the project and appeared to support having the federal government pay for half of the cost. The new train tunnel under the Hudson would provide a critical link between NJ and Penn Station.
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