Hotel that launched Trump to Manhattan fame to be torn down
Source: Associated Press
Bernard Condon, Ap Business Writer
Updated 6:10 pm CST, Thursday, February 7, 2019
NEW YORK (AP) — The building that helped Donald Trump make a name for himself in his first big deal in Manhattan is being sold to developers who plan to tear it down.
Developer TF Cornerstone said Thursday that it and a group managing billionaire Michael Dell's money have agreed to buy the Grand Hyatt New York next to Grand Central Terminal and replace it with a mixed-used tower that will include office and retail space and a smaller hotel.
. . .
When Trump struck a deal to buy the Commodore from the bankrupt Penn Central Corp., the city itself was on the verge of bankruptcy and most other developers were not interested.
. . .
"The lobby was so dingy it looked like a welfare hotel," he wrote in "The Art of the Deal," but then his eye caught a hopeful sign. "There were thousands of well-dressed Connecticut and Westchester commuters flooding onto the streets from Grand Central Terminal and the subway stations below. The city was on the verge of bankruptcy, but what I saw was a superb location."
Read more: https://www.chron.com/news/us/article/Hotel-that-launched-Trump-to-Manhattan-fame-to-be-13599270.php
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