Page 182 - Trump Never Give Up: How I Turned My Biggest Challenges into Success

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W HERE O THERS F AIL —T HERE ’ S Y OUR O PPOR TUNITY

In the 1960s and 1970s, 40 Wall Street was a fully occupied
building, and it was indeed a hot property. However, in the early
1980s, it was bought by Ferdinand Marcos, the former dictator
of the Philippines. Unfortunately, a revolution in the Philip-
pines required his full attention, and the skyscraper at 40 Wall
Street fell into decline. Dealings became chaotic, and soon the
whole thing was a mess. Marcos was out.
Then the Resnicks, a great real estate family, descended on
40 Wall Street, but after a long period of negotiation, it became
clear that the Resnicks and their partner Citibank weren’t going
to make it, and 40 Wall Street would once again be back on the
block. They were unfortunate to be dealing with one of the
dumbest bankers I have ever known, Patricia Goldstein. But for
me this was good news. I wanted very much at this time to make
my move, but this was the early 1990s and I was in no position
to do so. The market was terrible, and in addition, my own
financial woes were exactly that—woeful. I remember thinking
that I’d love to acquire this building, but I thought it was one of
those dreams that would never come true. This is a good lesson
for those of you who have thought that way too. Shortly after I
had just about given up on my dream, something happened.
It was announced that the Kinson Company, a group from
Hong Kong, was buying 40 Wall Street. They made a great deal.
After their purchase was complete, I called them and said I’d like
to meet them about a possible partnership. As it turns out, they
weren’t interested in a partnership but in making 40 Wall Street
the downtown equivalent of Trump Tower—with an atrium.
What they would do with the steel columns that held up the 72-
story building never seemed to enter their minds. I was truly
astounded. But it also gave me some hope—they obviously didn’t
know what they were doing. How long could they continue to
hold on to a building that dwarfed them in every conceivable way?
The Kinson Group did prove to be relatively clueless
about renovating, running, and leasing out a New York City

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