"History is a wonderful thing, if only it was true"

Saturday, June 04, 2005

Trump Group Selling West Side Parcel for $1.8 Billion - Top ?

Trump Group Selling West Side Parcel for $1.8 Billion - New York Times:

Did "The Donald" get it right this time?
Contrast the transaction with his claims at the "Learning Annex Real Estate Wealth Expo" that real estate is the biggest and best business.
If the prospects continue to be great - why sell?


"A consortium of Hong Kong investors and Donald J. Trump are selling a stretch of riverfront land and three buildings on the Upper West Side for about $1.8 billion in the largest residential sale in city history and in the latest example of a rocketing housing market.

The Extell Development Corporation and the Carlyle Group have a tentative deal to buy a major swath of developable land at the onetime railroad yard between 59th and 72nd Streets, which has been turned into a luxury enclave known variously as Riverside South and Trump Place, according to real estate executives who have been briefed on the deal. The 77-acre property embraces what will be a 21-acre public park that slopes down to the Hudson River.

The deal comes as the average condominium price in Manhattan has soared to more than $1.2 million and as developable land has become increasingly rare, even as some economists worry that a housing bubble will soon burst."

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