Real Estate Portfolio ¦ New York
With its enormous size and central location, the General Motors Building is one of the most prominent structures in Manhattan. The 50- story building occupies an entire city block, stretching between Fifth and Madison Avenues and between 58th and 59th Streets. In 1998, Mr. Trump teamed up with insurance company Conseco and purchased the General Motors Building for $878 million. His mission was to add the Trump touch to the white marble-plated skyscraper. First, he changed the name of the 31-year-old tower to the ''General Motors Building at Trump International Plaza" and branded the building with his name in four-foot golden letters. Then he ventured to recreate the plaza, working with Leclere Associates Architects and Thomas Balsley Associates. Prior to Mr. Trump's acquisition, the GM Building was accompanied by an unfrequented and desolate sunken plaza, carpeted in artificial grass and full of empty real estate space, Trump raised the plaza and adorned it with two breathtaking 65- foot long fountains and a gorgeous, marble sitting area and steps. The new square attracted CBS's "The Early Show", which continues filming there today, and made the General Motors Building a New York City tourist and pedestrian center. Other prominent tenants of the building include F.A.O. Schwartz, Estee Lauder, York Capital, and Weil Gotshal & Manges. In 2003, Mr. Trump sold his interest in the building to Conseco, which then sold it to Macklowe Properties for a real estate record of $1.4 billion.