Page 5 of 5 FirstFirst 12345
Results 61 to 65 of 65

Thread: 40 Wall Street - Trump Building - Financial District - by H. Craig Severance

  1. #61
    Fearless Photog RoldanTTLB's Avatar
    Join Date
    May 2009
    Location
    Broomfield, CO
    Posts
    2,910

    Default

    Surprisingly small (maybe 3-4k sqft). The stairs, as you can see, are over on the east edge of the building up the middle from what I can tell. Only 3 elevators go to the top floors (although it's a bank of far more in the lobby). I will go higher next time, but ran into some obstructions I didn't have time to navigate. Floors 55-60 (at least) are vacant right now. All of them have nearly 360 degree views with the stairs and elevator blocking the middle of due east (but there are windows on that side, as you can see from the set).

  2. #62
    NYC Aficionado from Oz Merry's Avatar
    Join Date
    Oct 2002
    Location
    Australia
    Posts
    7,476

    Default

    40 Wall Fortunes Rise Again

    By LAURA KUSISTO



    Donald Trump has avoided what could have been a big problem for one of his most valuable office buildings in New York, partly by taking advantage of the downtown's transformation away from being a citadel for the financial industry.

    In 2009, with the city in the depths of the downturn, Mr. Trump was facing a daunting 600,000 square feet of leases expiring in 40 Wall St., the landmark 1.3 million square-foot tower. The Trump Organization succeeded in leasing most of the empty space partly by reaching out to nontraditional Wall Street tenants such as Huron Consulting, the Harry Fox Agency, Duane Reade's corporate offices and engineering firms Weidlinger Associates and Leslie E. Robertson Associates.

    Trump's Dealmaking Pushes Building Value to $400M

    Meanwhile, the Trump Organization was aggressive in giving tenants what they wanted: low rents and incentive packages. "We had to bend a little bit more, and we could steal a tenant when we were in competition with a better building," said Jeffrey Lichtenberg, of Cushman & Wakefield, the landlord's agent.

    About 200,000 square feet of space remains unoccupied, but the flurry of deals in the past six months marks the latest chapter in the story of 40 Wall, one of Mr. Trump's most successful investments. He purchased the Art Deco skyscraper for less than $10 million about 15 years ago, when the city was struggling in the recession of the early 1990s.

    Today the 72-story property is worth at least $400 million, according to experts who based their assessment on recent sales of other downtown buildings.

    At the same time, the new leases at 40 Wall reflect the metamorphosis of downtown. Creative and professional services tenants took more than 4.2 million square feet of new space downtown between 2005 and the first half of 2011, according to a report by the Downtown Alliance. In contrast, financial services tenants took just 1.6 million square of new office space. "We used to be much more reliant on Wall Street, but now it's more architecture firms, engineering firms," says Donald Trump Jr., 34 years old, who is overseeing the leasing of the building for his father.

    Located just down Wall Street from the New York Stock Exchange, 40 Wall has seen both good times and bad times over the decades and has had several colorful owners.
    The skyscraper was completed in 1930 in just 11 months, in a race to build the world's tallest building. It was quickly surpassed by the Chrysler Building. During the go-go days of the 1970s, it was full of white-shoe investment and law firms.

    In the 1980s, 40 Wall became embroiled in a famous real-estate battle as one of four properties that had been secretly purchased by former Philippine President Ferdinand Marcos. For years after Mr. Marcos's 1986 ouster, a court battle raged over who owned the building.

    By the early 1990s, that battle had been resolved. But 40 Wall fell on hard times with dozens of floors being abandoned and the property falling into disrepair. It enabled Mr. Trump to swoop in at a price that today brings tears to his competitors' eyes.

    The low price also enabled Mr. Trump to stay competitive over the decades. During the late 1990s, Mr. Trump poured $35 million into renovating it and quickly landed a new batch of elite financial services tenants, including Bear Stearns, American Express Co. and CNA Financial Corp. Starting rents averaged $28 per square foot.

    Lately, rather than hold out for high rents, the Trumps have aggressively made deals. While recent asking rents are in the $33- to $50-a-square-foot range, actual starting rents have differed little from a decade ago: $27 per square foot, according to multiple people familiar with the matter.

    "They acted more aggressively than other landlords with similar product," says Michael Cohen, president of Colliers International Tri-State, who represented SS&C Technologies Inc., a software provider to the financial services industry, in a recent 12,000-square-foot deal.

    http://online.wsj.com/article/SB1000...googlenews_wsj

  3. #63
    Senior Member Bob's Avatar
    Join Date
    Jun 2004
    Location
    Fairfax, VA
    Posts
    926

    Default

    Glad to see this building is being fully used. It's a beauty.

  4. #64

    Default

    Quote Originally Posted by Bob View Post
    Glad to see this building is being fully used. It's a beauty.
    No kidding, you beat me to it. I'm not a fan of Trump, but he certainly has done justice to this building. I can only hope AIG gets the same kind of treatment in the coming decade.

  5. #65

    Default


    jbnycphoto

    This building could use some crown LED lighting.

Page 5 of 5 FirstFirst 12345

Similar Threads

  1. Does Donald Trump have a size problem?
    By Edward in forum New York Real Estate
    Replies: 7
    Last Post: January 24th, 2017, 06:12 PM
  2. Winter Garden of World Financial Center - Recent pictures
    By Edward in forum New York City Guide For Visitors
    Replies: 166
    Last Post: August 31st, 2016, 12:04 PM
  3. 60 Wall Street sold for half a billion dollars
    By Edward in forum New York Real Estate
    Replies: 30
    Last Post: February 6th, 2012, 12:28 PM
  4. Trump sues for $1B over GM building buy
    By Edward in forum New York Real Estate
    Replies: 7
    Last Post: July 23rd, 2008, 11:06 AM
  5. A triplex in Trump International for sale
    By noharmony in forum New York Real Estate
    Replies: 7
    Last Post: March 18th, 2005, 08:49 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software