But the ruling by a Manhattan judge could see the former president lose his grip on the real estate world he’s been synonymous with since the late 1970s, dealing a major blow to the Trump Organization — and representing a significant ego bruising for Trump himself.
In the early 1990s, the real estate market was in freefall and several of Trump’s business ventures — including the Trump Taj Mahal in Atlantic City and the Plaza Hotel in New York — had recently gone belly-up, which put the Queens native deeply in debt.
Licensing the Trump name became a way to boost his global profile, and bank account, without taking on the usual risks of a commercial real estate developer.
Donald Trump, who was temporarily banned from being CEO of his namesake company Friday, spent decades growing the family business in part by slapping his last name on the city’s most iconic buildings. Steven Hirsch for NY PostTrump’s New York empire is more of a combination of naming rights, retail space and a few buildings he owns outright. New York Post
By attaching his name to a building project, Trump could collect a hefty payday while avoiding any liability.
The responsibility instead would fall to the project’s developer, who in turn received the benefit of being associated with a famous name.
Such licensing deals have resulted in an extensive portfolio of luxury hotels and golf courses around the world that bear Trump’s moniker — and pay him for the privilege to do so.
But by far the most of these deals were in the US, with 14 Trump-branded properties generating revenue from licensing or management deals, according to the Washington Post.
Here’s the latest coverage of Donald Trump’s $355M civil fraud trial ruling
Licensing is a big moneymaker for the Trump Org, netting them some $59 million in revenue between 2015-2016 alone, the outlet wrote.
Over the decades, the Trump name has been splashed on everything from wine and steaks to board games and golf courses.
But his favorite prize has always been high-end real estate, particularly in Manhattan.
Trump famously plastered his name on buildings all over Gotham, in many cases on buildings he didn’t actually own.
Licensing the Trump name became a way to boost his global profile, and bank account, without taking on the usual risks of a commercial real estate developer. AFP via Getty Images
A Washington Post analysis of Trump’s properties conducted soon after he took office for his first term in the White House found that although his name adorned 17 properties in Manhattan at the time, he only actually owned five of them.
Following his ascent to the presidency, Trump’s name appearing on buildings in some cases became politically fraught.
In November 2016, days after defeating Hillary Clinton for the presidency, work crews removed the golden “TRUMP PLACE” lettering from a trio of luxury high-rises on the Upper West Side after a condo board vote.
The next year would see his name scrubbed from the Trump SoHo Hotel, which was rebranded as The Dominick.
By attaching his name to a building project, Trump could collect a hefty payday while avoiding any liability. Christopher Sadowski
By February 2019, Trump’s name had vanished from all six Trump Place condo buildings, according to the Washington Post.
But on Friday, Manhattan Supreme Court Justice Arthur Engoron may have delivered the 2024 GOP frontrunner’s real estate empire its worst news yet.
Trump has been barred from doing business in New York for three years and slapped with more than $355 million in fines following an 11-week trial over state Attorney General Leticia James’ fraud lawsuit against him, his two eldest sons, the Trump Org and others.
With the mogul’s future in New York uncertain, some of the iconic buildings around Manhattan that he either owns or has a financial stake in include:
The responsibility instead would fall to the project’s developer, who in turn received the benefit of being associated with a famous name. AP
Trump Tower
725 Fifth Avenue
Built in 1983, the 58-story Trump Tower is the headquarters of the Trump Org, and the site where the former commander-in-chief kicked off his 2016 presidential campaign with a famous descent down the building’s golden escalator.
The 257,000 square-foot mixed-use building also includes a 60-foot waterfall.
The Trump Building
40 Wall Street
Briefly the tallest building in the world, 40 Wall Street, also known as The Trump Building, was built in 1930 and has been owned by a wealthy German family, the Hinnebergs, since 1982.
Trump technically doesn’t own the 72-story structure itself, his company owns the ground lease, which it purchased in 1995.
So although his organization rents out space in the Depression-era skyscraper, he is technically only the landlord.
Such licensing deals have resulted in an extensive portfolio of luxury hotels and golf courses around the world that bear Trump’s moniker — and pay him for the privilege to do so. Christopher Sadowski
Trump International Hotel and Tower
One Central Park West
Trump owns key portions of this glitzy part-hotel, part-condo complex in Columbus Circle, but not the whole building, according to the New York Times.
His ownership stake includes the parking garage, room-service kitchens, valet booth, lobby bathrooms, a restaurant space and a single unit.
The rest is actually owned by GE and Ohio-based The Galbreath Company, who collaborated with Trump in the 1990s to develop the tower.
1290 Avenue of the Americas (Sixth Avenue)
The stunning 43-story office tower at 1290 Sixth Avenue, which straddles 51st and 52nd Streets in Manhattan, was built in 1964 and underwent a significant restoration project in 2013.
Trump owns a 30% profit share in the building, which will last through 2044, which he obtained in a settlement agreement after a lengthy court battle with a consortium of wealthy Hong Kong businessmen.
The consortium had bailed him out of a failed attempt to develop a lot near Lincoln Center after the bottom fell out of the real estate market in 1994.
Trump Park Avenue
502 Park Avenue
Trump Park Avenue on the Upper East Side is a luxury condo complex with 120 units.
The 32-story building was built in 1929, and has been called home by a who’s who of both Hollywood royalty (Lucille Ball, Ed Sullivan) and Trump associates (Jared Kushner and Ivanka Trump, Michael Cohen).
It was previously a string of hotels, and is said to be the location where Bob Dylan introduced The Beatles to cannabis in 1964.
Trump purchased the hotel in 2001 for $115 million.
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
