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

to the existing tenants (GM, Estee Lauder, etc.) plus other Fortune
500 companies desiring offices in what was considered to be one of
the most prestigious office buildings in New York City. Although of-
fice building condominiums were popular and successful outside of
New York City, that trend had not worked in New York. Developers
who tried it were unsuccessful and usually abandoned the concept.
Undaunted by this track record, Trump filed a condominium plan for
the building and the state attorney general approved it.
Recognizing the possibility that the condominium concept might
fail, Trump told me that my number one priority was to position the
buildingtoprospective tenants in such a way that it could command
rents of $100 per square foot—an amount never before achieved by
office buildings in New York City. He said that he would make the
necessary improvements to attract tenants willing to pay top dollar
for luxury. I said, “Donald, if you do that and we give the building
the‘Trumptouch,’ I’ll get you the rent you’re looking for.” True to
his word, Trump started his extensive and expensive renovation plan.
Iobtained possession of all the commercial space in the unsightly,
open, lower-level commercial area known in the trade as “the pit.”
Trumptransformed it into a new, tree-lined, aesthetically pleasing
plaza area above street level. This created a direct, impressive 5th
Avenue entrance that the building never had.
The main entrance lobby was still being used as display space for
GM cars. Donald said, “George, I hate those cars. Figure out a way to
get rid of them, so I can make the lobby a showplace.” When I
learned that GM was planning on selling its lease on the ground floor
to CBS but needed the landlord’s cooperation to make it happen, I
used that as a wedge to get the cars out of the lobby and leased a
substantial amount of space to CBS. Once the cars were gone, Trump
rebuilt the lobby with magnificent marble floors with brass inserts
and new lighting which enhanced the beauty. A striking 40-foot se-
curity/reception desk was installed with an equally striking ancillary

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