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HE ABILITY TO negotiate intelligently is the key to the comple-
Ttion of any successful real estate transaction, large or small.
The problem is, the art of negotiation is far more complex than just
haggling over a selling price. It’s mastering preparation, knowledge
of human nature, learning how to uncover and exploit weaknesses,
learning special skills, and many other intricacies. Good real estate
negotiation principles are developed with the aim of getting others
to agree with your ideas.
If you can adopt some of the negotiation principles Donald
Trump used when he bought 40 Wall Street in New York City, you
will give yourself a powerful advantage in your next real estate trans-
action. This chapter explains five key negotiation principles from
that deal. Following the case study presentation is an explanation of
each principle, along with examples of how Trump used them, and
how small investors can do likewise.

INVESTING CASE STUDY

TRUMP’S 40 WALL STREET BUILDING

In 1994, 40 Wall Street was a huge old building in downtown Man-
hattan that nobody wanted. It had over one million square feet of
space in a great location, but over the years had been totally mis-
managed. To make matters worse, the building was almost entirely
vacant and in a state of total disrepair.
Built in the 1920s, it was once the tallest building in the world and
had been a renowned New York landmark. When Trump got interested

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