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Donald Trump Business
It started in the real estate company of his father, Elizabeth Trump and Son, focused on middle – class housing for rent in Brooklyn , Queens and Staten Island . One of his first projects, still in college, was the revitalization of the apartment complex Swifton Village in Cincinnati , in the state of Ohio , his father had bought for 5.7 million dollars in 1962.
The Trump participated in the project with an investment of $ 500,000. In two years, the complex of 1,200 units with a 66 percent unemployment happened to be full. In 1972, it sold for 6.7 million dollars.
In 1971, he moved to Manhattan , where he participated in large real estate projects and used a showy architecture to gain recognition among the public. made plans to acquire and develop the Central Penn for $ 60 million. Then, with the help of a tax deduction of 40 years of the New York bankruptcy pulled the Commodore Hotel Grand Hyatt and created the Trump Organization .
New York City planned to build the Convention Center Jacob K. Javits on a property for which Trump had an option to purchase. This estimated that his company could have completed the project for $ 110 million but the city rejected his offer.
In 1988, he acquired the Taj Mahal Casino in a deal with Merv Griffin and Resorts International . This expansion, both personal and business, increased its debt considerably.
By 1989, some bad business decisions led to the default . Trump financed the construction of a third casino, also called Taj Mahal , especially junk bonds . Although it reinforced their businesses with additional loans and postponed interest payments, by 1991, increasing debt brought him to bankruptcy commercial and close to the staff.
Banks and owners of bonds lost millions of dollars, but opted to restructure debt to avoid losing more money in court. The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in shares, the original owners of the bonds, in exchange for lower interest rates on loans and longer to cancel the debt.
In the late 1990s financial situation he improved. In 2001, he finished the Trump World Tower , a residential building of 72 apartments near the United Nations Headquarters . Also, he began to build the Trump Place , a real estate development with several units along the Hudson River . Trump has properties in the Trump International Hotel and Tower , a building 44 – story mixed – use (hotel andcondominium ) in Columbus Circle . Trump has several hundred thousand square meters in Manhattan .
Trump has developed several real estate projects, such as the Trump International Hotel and Tower in Honolulu , Trump International Hotel and Tower in Chicago , Trump International Hotel and Tower in Toronto , and Trump Tower in Tampa . Meanwhile, Trump Towers Atlanta developed the One in a housing market that has the second largest inventory of such properties unsold.
In 2015, the magazine Forbes estimated had a net worth of 4,100 million dollars. In June 2015, the magazine Business Insider published a financial statement provided by the Trump himself, dated June 30, 2014. According to the document , his fortune is 8,700 million. Of that amount, 3.300 million are “Business real estate licenses, trademarks and brands based development”, described by Business Insider as “basically (implying) that Trump character valued at 3,300 million dollars.”
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