A manhatan Success Story
The vibrancy of New York’s financial district and the style and elegance of Trump come together to create a majestic landmark property at 40 Wall Street, known as The Trump Building.
Comprised of 1.3 million square-feet of office space distributed over 72 stories, with six two-story vaults set into the bedrock foundations, this 1930 property was once the tallest building in the world. Originally named the Manhattan Company Building, it is directly across from the New York Stock Exchange, and towers over the city as a reminder of New York’s global status.
The Acquisition
Donald J. Trump acquired this building in 1995 after watching its volatile history for decades. In the 1980’s it was bought by Ferdinand Marcos, the former dictator of the Philippines. A revolution in the Philippines then demanded his full attention and 40 Wall Street fell into chaos and decline. The fiascos continued, with the future of the building remaining unstable. The New York real estate family, the Resnick’s, partnering with Citibank, briefly stepped in but got nowhere.
One Of The Great Real Estate Deals
Donald J. Trump was soon in the process of making one of the great real estate deals of all time. Then the Kinson Company, a Hong Kong group, stepped up to buy it. They proved to be out of their league when it came to renovating, running and leasing out a massive New York City skyscraper. They had problems with tenants, suppliers, contractors, architects and even the owners of the land under the building, the Hinneberg family of Germany. They wanted out, and Donald J. Trump was soon in the process of making one of the great real estate deals of all time to acquire this prized building.
Mr. Trump decided to go Germany to visit Walter Hinneberg in person, as this building deserved unmediated attention. The Hinnenberg family was relieved that someone had the integrity of their extraordinary building first and foremost in mind, and negotiations were friendly and exemplary. A deal was made, and Trump subsequently invested more than $200 million in restorations. 40 Wall Street superseded its original grandeur, and the downtown area soon experienced a renaissance. In 1998, The Trump Building was designated a landmark by the New York City Landmarks Preservation Committee.
The Power And Prestige of 40 Wall Street
Today, 40 Wall Street remains one of the most successful commercial buildings in downtown Manhattan and beyond. The high profile tenants that occupy The Trump Building represent the pinnacle of New York City in their international prestige and power, and reinforce the prescience of Donald J. Trump on insisting it remain a business address despite overwhelming advice to the contrary. His tenacity has been well rewarded, and the building and the area has been thriving ever since.
