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TR U M P STR A TEGI ES FO R R E A L ESTA TE

were devoted to spacious luxury condominiums with incredible views
of Central Park and the Manhattan skyline.
Before commencing construction, Trump ran into another snag.
Before the building plans were submitted to the Department of Build-
ings with an application for a building permit, the architects told
Trump that the required width of the public walkway through Trump
Tower would necessitate the placement of a corner beam straddling the
line of the site owned by Kandell. Trump called me as Kandell’s new
lawyer to get Kandell’s consent to an easement permitting the girder to
be installed in the requisite location. I spoke to Len Kandell and he
asked, “George, does it really diminish the value of my property?” I
replied, “No Len, it doesn’t, the area Donald needs is 38 feet below
street level and only covers a minor piece of your land.” Len said, “Tell
Donald I’ll give my consent gratis.” I gave Donald the go ahead. But
when the plans for the building were filed with the Department of
Building for approval, they came back and insisted that the public walk-
way be widened even more or it would not be acceptable for the air
rights, which would enable Trump to build the building to the height
he wanted. I got another call from Donald seeking Kandell’s consent to
the placement of a beam entirely on Kandell’s property. I told him that
this was an entirely different request but I would talk to Len Kandell
about it. When I told Len Kandell what Donald wanted, he again asked
me, “George, does this really diminish the value of my property?” I
replied, “Yes, it might, but not much.” Len thought a minute and said,
“I could probably get Donald to pay me $1 million or $1.5 million for
the rights he wants but he’s always been fair and square with me, so
give it to him for nothing.” I told Len that granting Trump the rights
he wanted might create a problem with the holder of the mortgage on
Kandell’s site and if there were a problem I thought Trump should, at
least, pay any difference in interest rates between the existing mort-
gage and any replacement mortgage. Kandell said, “Okay, get Donald
to agree to that.” When I called Trump, I was curious as to whether or

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