Luna Harper
Former US President and New York native Donald Trump is one of the biggest real estate tycoons in the city, with more than 30 properties across the United States. Trump's real estate empire includes buildings in Manhattan, from Soho to Chelsea, Midtown to Downtown, and the Upper West Side to the Upper East Side. Trump's properties in New York City include the Trump International Hotel and Tower, Trump Tower, the Trump Building, and Trump Park Avenue, among others. While Trump owns some properties outright, he also leases properties and manages them, and in some cases, only owns a stake in the building. There have been allegations of fraudulent schemes and overvaluation of properties associated with the Trump Organization, which is facing legal scrutiny.
| Characteristics | Values |
|---|---|
| Number of properties in the US | More than 30 |
| Properties in New York | Trump International Hotel and Tower, Trump Tower, Trump Building, Trump Park Avenue, 6 East 57th Street, Trump Plaza, Trump SoHo, Trump Bay Street, 1290 Avenue of the Americas, Trump Parc, Trump Parc East, 100 Central Park South, 610 Park Avenue, Trump Palace, Grand Hyatt Hotel |
| Type of ownership | Owns some properties outright, has leases on others, and licenses his name to buildings he doesn't own |
| Notable tenants | Derek Jeter, Bill Gates, Harrison Ford, Kellyanne Conway |
| Rent prices | $2800-$100,000 per month |
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What You'll Learn
Trump's ownership of Trump Tower
Trump Tower is a 58-story, 663-foot-tall mixed-use condominium skyscraper in Midtown Manhattan, New York City. The tower, which opened in 1983, stands on a plot where the flagship store of the department store chain Bonwit Teller was formerly located. It was developed by Donald Trump and the Equitable Life Assurance Company (now the AXA Equitable Life Insurance Company). Trump bought out Equitable's stake in 1986 and now owns the office and retail components of the tower.
The building contains the headquarters of the Trump Organization, as well as the penthouse residence of Donald Trump. Several members of the Trump family also live, or have lived, in the building.
In 2006, Forbes magazine valued the 300,000 square feet of office space at up to $318 million; the tower itself was valued at $288 million. Between 2014 and 2015, the building's valuation rose from $490 million to $600 million, making it the single most expensive property under Trump's ownership. However, in 2016, the tower's value dropped to $471 million due to a decline in the tower's operating income and the overall value of real estate in Manhattan.
Trump Tower has been at the centre of several controversies. During construction, historically important sculptures from the Bonwit Teller store were destroyed, and Trump was accused of underpaying contractors. In the 1990s, there were also racial discrimination lawsuits against the Trump Organization, alleging that Black tenants were discouraged from renting properties.
In recent years, Trump Tower has seen large increases in visitation due to its association with Donald Trump's presidential campaign and election. However, Trump's increasing unpopularity, especially in New York, has impacted the value of commercial leases in the building.
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Trump's other New York properties
Trump owns a significant number of properties in New York, including residential, commercial, and hotel buildings.
One of his most notable properties is the Trump Tower on Fifth Avenue, where he owns an apartment, and the Trump Organization owns the retail and commercial portions. The building was completed in 1983 and stands at 58 stories tall, with a mix of apartments, offices, and stores. It served as the "You're fired" boardroom for NBC's The Apprentice. Gucci previously rented a store inside Trump Tower, paying $18.7 million per year before renegotiating the lease to $13 million in 2020.
Trump also owns Trump Park Avenue, located on Park Avenue and 59th Street. He owns 23 apartments in this building, which he rents out for rates as high as $100,000 per month. Additionally, he has a leasehold interest in a retail building at 6 East 57th Street, adjacent to Trump Tower, until 2079.
Trump has a connection to properties across Manhattan, including Soho, Chelsea, Midtown, Downtown, and the Upper West Side. He owns Trump Parc East, a 14-story apartment/condominium building, and Trump Parc (formerly the Barbizon Plaza Hotel), a 38-story condominium building. Trump purchased the Barbizon Plaza Hotel and 100 Central Park South in 1981 for $13 million, and after legal battles with tenants, converted the building to condominiums with 51 rent-regulated units.
Other notable properties include the Grand Hyatt New York (formerly the Commodore Hotel), which Trump helped renovate in partnership with Hyatt in 1980, and Trump Plaza, a 36-story Y-shaped condominium building on the Upper East Side. Trump also owns a stake in 1290 Avenue of the Americas, valued at about $640 million in 2016, and has an interest in Trump Bay Street, a rental apartment building in Jersey City.
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Trump's history of racial discrimination in real estate
While Donald Trump owns several buildings in New York, his history with real estate is marred by racial discrimination.
In 1973, the Civil Rights Division of the U.S. Department of Justice (DOJ) filed a civil rights suit against the Trump Organization, charging them with violating the 1968 Fair Housing Act by refusing to rent to Black people. A 1979 Village Voice article quoted a rental agent who revealed that Fred Trump, Donald's father, had instructed him not to rent to Black people and to encourage existing Black tenants to leave.
The 1975 consent decree that followed required Trump to advertise vacancies in minority papers and list vacancies with the Urban League. Despite this, the Justice Department stated that "racially discriminatory conduct by Trump agents has occurred with such frequency that it has created a substantial impediment to the full enjoyment of equal opportunity."
Trump's history of racial discrimination continued into his presidency. His cabinet has been described as "racist as hell," with only one Black member, compared to Joe Biden's historically diverse cabinet. Trump has also been criticized for firing several prominent Black leaders, including Gen Charles Q Brown Jr., the second Black man to serve as chair of the joint chiefs of staff; Carla Hayden, the first Black librarian of Congress; and Gwynne Wilcox, the first Black woman on the National Labor Relations Board.
Trump's critics argue that his life and career have emboldened white supremacists. In 1989, he took out full-page ads calling for the death penalty for the Central Park Five, Black and Latino youths who were later exonerated. After a 2017 white supremacist rally in Charlottesville, Virginia, Trump infamously stated that there were "very fine people on both sides." He has also made derogatory remarks about Haiti and African nations, referring to them as "shithole countries."
In addition to his racist rhetoric and targeting of Black officials, Trump has a history of questionable real estate practices. He has been accused of inflating sales numbers and engaging in creative accounting to artificially inflate the value of his properties.
Trump's involvement in real estate spans several decades and includes numerous properties in New York and beyond. While he has amassed significant wealth through his real estate ventures, his reputation is tainted by a persistent pattern of racial discrimination and controversial practices.
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Trump's real estate imprint in Manhattan
Donald Trump's real estate imprint in Manhattan is extensive, with properties across Soho, Chelsea, Midtown, Downtown, and the Upper West and East Sides.
Trump's real estate career began in Brooklyn, where he developed large apartment buildings such as the 1,344-unit Shore Haven complex, Beach Haven, and Trump Village. In the 1970s, he began referring to the family business as the Trump Organization.
In Manhattan, Trump focused on major development projects, including the renovation of the Commodore Hotel in partnership with Hyatt, which became the Grand Hyatt New York in 1980. He also constructed the 58-storey Trump Tower in 1983, which houses Trump's penthouse and was the location for NBC's The Apprentice.
Trump owns 23 apartments at Trump Park Avenue, which he rents out for rates of up to $100,000 per month. He also owns 19 units at Trump Parc, which was formerly the Barbizon Plaza Hotel. Trump Parc East is an adjoining 14-storey building with apartments and condominiums.
Trump has a leasehold interest in a retail building at 6 East 57th Street, adjacent to Trump Tower, until 2079. He also owns a 30% stake in 1290 Avenue of the Americas, valued at $640 million in 2016.
Trump has also been involved in the construction and development of Trump Plaza, Trump SoHo, Trump Bay Street, and the former Mayfair Hotel at 610 Park Avenue.
Trump's properties have been the subject of lawsuits and protests, with accusations of inflated sales numbers, money laundering, and discriminatory conduct.
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Trump's involvement in the Grand Hyatt New York
In 1976, Donald Trump and the Hyatt Corporation partnered to buy the Commodore Hotel, which was renovated and rebranded as the Grand Hyatt Hotel. Located at 109 East 42nd Street in Midtown Manhattan, the hotel underwent significant changes during the renovation process. The original 2,000 rooms were reduced to 1,400, and the building's height was adjusted to 32 stories. The Grand Hyatt also featured five restaurants with a combined seating capacity of 2,000, along with 65,000 square feet of retail space.
The renovation established the Trump signature facade of mirrored glass and stainless steel. Trump had wanted to redesign the lobby as a "big atrium", but this was not possible due to the existing structure. The lobby featured Italian Paradiso marble, mirrored walls, and large bronzed columns. The hotel also included a glass facade, a three-story atrium, and a restaurant cantilevered over a sidewalk, retaining the Commodore's original ballroom.
The Grand Hyatt Hotel is considered one of the most famous real estate deals in history. Trump negotiated a 40-year tax abatement from the city, the first ever granted to a commercial property. Bowery Savings Bank and other banks provided Trump with $70 million in mortgages to rejuvenate the area. The partnership between Trump and Hyatt eventually deteriorated, and in 1996, the Pritzker family, which operated the Grand Hyatt, acquired Trump's stake in the hotel.
In 2019, it was announced that the Grand Hyatt would be replaced by a skyscraper named Project Commodore. The hotel temporarily closed in 2020 during the COVID-19 pandemic and reopened in 2021 as the Hyatt Grand Central. Trump's involvement with the Grand Hyatt New York marked an early phase of his real estate ventures in Manhattan.
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Frequently asked questions
Yes, Trump owns several buildings in New York, including Trump Tower, Trump Plaza, Trump Park Avenue, Trump Parc, and Trump Parc East. He also has a stake in the Trump International Hotel and Tower New York, and owns a 30% stake in 1290 Avenue of the Americas.
Yes, Trump rents out some of his New York properties. For example, he rents out 23 apartments at Trump Park Avenue for rates as high as $100,000 per month. He also rents out 19 units at Trump Parc and previously rented a penthouse to Ivanka Trump.
Trump's property ownership in New York dates back to the 1970s when he began working on major development projects in Manhattan. He has since owned and sold various properties across the city, including the Grand Hyatt New York (formerly known as the Commodore Hotel), Trump SoHo, and Trump Palace.
