Donald Trump - Real Estate Guru

A schoolboy’s dream…a competitor’s challenge. Donald J. Trump is the very definition of the American success story, continually setting the standards of excellence while expanding his interests in real estate, gaming, sports, and entertainment. He is the archetypal businessman – a deal-maker without peer and an ardent philanthropist.

In January of 2004, Trump joined forces with Mark Burnett Productions and NBC to produce and star in the television reality show, “The Apprentice.” This quickly became the #1 new show on television last year, made history in ratings and has received great reviews. Few shows have garnered the worldwide attention of “The Apprentice.” Trump has signed to continue in this role for the 2004-05 television season.

Trump started his business career in an office he shared with his father in Sheepshead Bay in Brooklyn, New York. He worked with his father for five years, where they were busy making deals together. Trump has been quoted as saying, “My father was my mentor, and I learned a tremendous amount about every aspect of the construction industry from him.” Likewise, Fred C. Trump often stated that, “some of my best deals were made by my son, Donald... everything he seems to touch turns to gold.” Trump then entered the very different world of Manhattan real estate.

In New York City, the Trump signature is synonymous with the most prestigious of addresses. Among them are the world-renowned Fifth Avenue skyscraper, Trump Tower (where Asprey has just signed a lease paying the highest square foot rent anywhere in the world), and the luxury residential buildings, Trump Parc, Trump Palace (the tallest building on the East Side of Manhattan), Trump Plaza, 610 Park Avenue, The Trump World Tower and Trump Park Avenue. Trump was also responsible for the designation and construction of the Jacob Javits Convention Center on land controlled by him, known as the West 34th Street Railroad Yards, and the total exterior restoration of the Grand Central Terminal as part of his conversion of the Commodore Hotel into the Grand Hyatt Hotel.

Over the years, Trump has owned and sold many great buildings in New York including the Plaza Hotel (which he renovated and brought back to its original grandeur), the St. Moritz Hotel (three times…and now called the Ritz Carlton on Central Park South) and recently, the land under the Empire State Building (which allowed the land and lease to be merged together for the first time in over 50 years). Additionally, the NikeTown store is owned by Trump, on East 57th Street and adjoining Tiffany’s.

In 1999, the Trump International Hotel and Tower opened its doors to the world. This 52-story, mixed–use, super luxury hotel and residential building is located on the crossroads of Manhattan’s West Side, on Central Park West at Columbus Circle. It is designed by the world-famous architect, Philip Johnson, and has gotten the highest sales prices and rentals in the U.S. It is one of only three hotels in the United States that has received five stars from Mobil for both the hotel and restaurant. It has also received the Five Star Diamond Award from the American Academy of Hospitality Services.

Trump is also the owner of the largest parcel of land in New York City, the former West Side Rail Yards. On this 100-acre property, fronting along the Hudson River from 59th Street to 72nd Street, the biggest development ever approved by the New York City Planning Commission is being built. When completed, this $5 billion project, known as Trump Place, will have 5,700 residential units and more than 5 million square feet of commercial space. Permits will soon be sought for an additional three thousand residential units and commercial space on the most southerly (and largest) portion of the site. Including the parking garages, Trump Place will comprise over 10,000,000-square feet of space (as a comparison, the AOL Time Warner Building is approximately two-million square feet.) Thus far, 5 towers have been completed and are occupied, and two additional buildings are under construction. There will be a total of 18 buildings on the site.

Other recent acquisitions in New York City include The Trump Building at 40 Wall Street, the landmark 1.3 million square foot, 72-story building located in Manhattan’s Financial District, directly across from the New York Stock Exchange and the tallest building in downtown Manhattan. This purchase, which took place at the depths of the New York City real-estate market, is said to be one of the best real estate deals made in the last 25 years. It was totally empty when purchased and is now 100% leased to tenants such as American Express, Bear Stearns and CNA Insurance. In addition, Trump built 610 Park Avenue (at 64th Street), formerly known as the Mayfair Regent Hotel, which was very successfully converted into super-luxury condominium apartments getting, at that time, the highest prices on Park Avenue. Further east, adjacent to the United Nations, sits the brand new Trump World Tower, a 90-story luxury residential building … the tallest residential tower in the world. The Trump World Tower has received rave reviews from the architectural critics with Herbert Muschamp of the New York Times, calling it “a handsome hunk of a glass tower.” Likewise, The Trump World Tower is considered one of the most successful condominium towers ever built in the United States.

Most recently, Trump announced plans for his first foray into Illinois where he has entered into a venture to build Trump International Hotel and Tower, Chicago, a 2.6-million square foot signature skyscraper, one of the biggest in Chicago, on the banks of the Chicago River, directly west of Michigan Avenue (the most prominent site in Chicago). The architect is Skidmore, Owens & Merrill, Chicago.

In 2002, Trump purchased the fabled Delmonico Hotel, located at 59th Street and Park Avenue. It has been developed, into a state-of-the-art luxury 35 story condominium to be named Trump Park Avenue. It is Trump’s desire to make this one of the most luxurious buildings ever built in New York City. The square foot prices of these apartments are setting new records. Another of Trump’s new ventures in 2002 included the $600 million Trump Grande Ocean Resort and Residences in Miami Beach, Florida, in partnership with a large local development company, and a super-luxury 60 story condominium tower on the Las Vegas strip.

In the gaming arena, The Trump Organization is one of the world’s largest operators of hotels and casinos. The Trump name stands proudly on three world-class casino hotels in Atlantic City, New Jersey. They are also the only five star, five diamond-rated hotels in Atlantic City: The Trump Plaza Hotel and Casino on the Boardwalk, the Trump Marina Casino Resort in the Marina District and The Trump Taj Mahal Casino Resort, home of one of the world’s largest casinos and one of the most luxurious casino-hotels ever built. (It also finished the year as the number one hotel in Atlantic City). Additionally, Buffington Harbor, Indiana, is the home of The Trump Casino. Located just outside of Chicago, it is the first casino riverboat among Trump’s holdings. Most recently, Trump entered into an agreement with the Twenty-Nine Palms Band of Luiseno Mission Indians to manage the Trump 29 Casino in Palm Springs, California, his first foray into gaming on the West Coast.

Trump’s portfolio of holdings also includes Trump National Golf Club in Westchester, New York, a signature Fazio golf course/housing development, and a 250-acre estate known as the Mansion at Seven Springs, the former home of Katharine Graham (of the Washington Post) and Rockefeller University, which will be developed into a world class luxury housing development with homes that will sell for upwards of $20 million each. Trump recently purchased the largest parcel of land in California which fronts, for almost two miles, along the Pacific Ocean. Seventy-five luxury estates and a Pete Dye championship golf course, to be called Trump National Golf Club/Los Angeles, will be built on this site. In addition, the Tom Fazio-designed Trump National Golf Club and 20 “super mansions” are being built at Lamington Farm in Bedminster, New Jersey, on the 525-acre Cowperthwaite Estate, considered to be the best in the state.

In Palm Beach, Florida, Trump has converted the famous and historic estate owned by Marjorie Merriweather Post and E.F. Hutton, Mar-a-Lago, into the private, ultra-luxury Mar-a-Lago Club. It has just received the award from the American Academy of Hospitality Services as the “Best Club Anywhere in the World.” Also in Palm Beach and located seven minutes from Mar-a-Lago is the Trump International Golf Club. Designed by the famed golf course architect Jim Fazio, this $40 million golf course has magnificent tropical landscaping, water features and streams and elevations of 100 feet (unprecedented in all of Florida). Opened in October 1999, this course is already being acclaimed as one of the best in the United States. In 2002, Trump purchased an additional 60 acres adjacent to Trump International and is in the process of creating a nine hole addition to the course, also designed by Jim Fazio.

And, in a departure from his real estate acquisitions, Trump and NBC are partners in the ownership and broadcast rights for the three largest beauty competitions in the world: the Miss Universe, Miss USA, and Miss Teen USA Pageants. The last Miss Universe pageant substantially won its timeslot, and a new five-year television contract was just signed with NBC.

In addition, Trump rebuilt the Wollman Skating Rink (currently managed by The Trump Organization) in Central Park. This project was particularly special to Trump. The city had been trying for seven years to rebuild and restore the Rink, whereupon Trump interceded and did so in three months and at only 10 percent of the City’s $20 million cost.

An accomplished author, Trump’s first autobiography, “The Art of the Deal,” has become one of the most successful business best-sellers of all time, having sold in excess of three million copies, and being a New York Times number one best-seller for many weeks. The sequel, “Surviving at the Top,” was on the New York Times best-seller list and was also a number one best-seller as was his third book, “The Art of the Comeback.” Trump’s fourth book, “The America We Deserve,” is a departure from his past literary efforts. This book deals with issues most important to the American people today and focuses on the views regarding American political, economic and social problems. His fifth book, “How To Get Rich: Big Deals from the Star of The Apprentice,” became an immediate bestseller on all lists.

A native of New York City, Trump is a graduate of the Wharton School of Finance. Involved in numerous civic and charitable organizations, he is a member of the Board of Directors for the Police Athletic League and United Cerebral Palsy. Trump also serves as a Chairman of the Donald J. Trump Foundation as well as Co-chairman and builder of the New York Vietnam Veteran’s Memorial Fund. In 1995, he served as the Grand Marshal of the largest parade ever held in New York, The Nation’s Parade, which celebrated the 50th anniversary of the end of World War II.

Trump is a founding member of both the Committee to Complete Construction of the Cathedral of St. John the Divine and The Wharton School Real Estate Center. Trump was also a committee member of the Celebration of Nations commemorating the 50th anniversary of the United Nations and UNICEF. More recently, Trump was designated “The Developer of the Year” by the Construction Management Association of America. In June 2000, he received his greatest honor of all, the Hotel and Real Estate Visionary of the Century, given by the UJA Federation, and in 2003 was named to the Benefactors Board of Directors by the Historical Society of Palm Beach County.

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