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.
Trump partnered with the Hyatt Corp. to buy what was then the Commodore Hotel in the late 1970s in his first splash in Manhattan real estate. He refurbished it into a sleek glass tower and used its success as a stepping stone to his next big gamble a few years later, the Trump Tower on Fifth Avenue.
Trump sold his stake in the Grand Hyatt in 1996.
Neither the White House nor the Trump Organization responded to requests for comment.
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.
As Trump tells it, he realized there was something special about the Commodore after a walk by the hotel early one morning.
“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.”
Eager to make his mark in Manhattan, Trump took the plunge, using guaranteed loans from his father and generous tax abatements from the city.
Within a few years, he transformed the tired, old Commodore into a gleaming, reflective-glass tower. His timing was near perfect, too. He opened the hotel just before the start of 1980s boom and was soon able to rent rooms for as much as $1,100 a night.
In the latest deal, the new building will cover 2 million square feet and include a new Grand Hyatt with 500 rooms. The current hotel has 1,298 rooms.
The deal still requires local and state approval. The land under the Grand Hyatt is owned by the Empire State Development Corp., the state’s business-development arm.
TF Cornerstone’s partner in the deal is MSD Partners, which invests assets owned by Dell and his family. Dell is the founder of Dell Technologies and is estimated by Forbes to be worth $34 billion.
Gallery: Inside Melania Trump’s Extreme Forced Plastic Surgery
Melania Trump has opted for some major cosmetic procedures to stay looking young for the President (especially because Donald Trump reportedly had a scalp reduction to correct balding, and maintains his complexion with heavy-handed spray tans).
There have been so many, despite denials, that it’s often questioned whether FLOTUS is actually Melania Trump, or perhaps a new model that Trump had imported. However, most insiders have claimed that Melania was forced to have these extreme treatments, so much that she looks nothing like the original.
Trump Blames Dead McCain for Healthcare Failures
In a Thursday interview with Fox News’ Sean Hannity Trump attacked late Senator John McCain (R-AZ). He said McCain “did the nation a tremendous disservice” when he voted against a GOP bill that would repeal and replace ObamaCare in 2017.
“He did the Republican Party a tremendous disservice and he did the nation a tremendous disservice, tremendous, and it’s unfortunate,” Trump said, according to The Hill.
“He went thumbs-down at the very last moment and I thought it was a disgraceful thing to do and very, very bad for our country and bad for health care,” Trump continued. “It was done and then John McCain, at the very last moment, late in the evening, went thumbs-down and everybody said, ‘What was that?'”
Trump also criticized McCain for being connected to a dossier of claims about Trump and Russia. Trump also complained about not being thanked for giving McCain the “kind of funeral that he wanted” after the senator died of brain cancer in August 2018.
“I gave him the kind of funeral that he wanted, which as president I had to approve. I don’t care about this, I didn’t get a thank you. That’s OK,” Trump said.
Trump Wants to Take Away Disability Benefits from Happy Veterans
The Social Security Administration once again is floating an extremely ableist proposal: using social media accounts, such as Twitter and Facebook, to monitor people with disabilities who receive disability benefits from the government including the 1.3 million veterans.
It’s not uncommon for veterans to have both Social Security and veterans disability claims going on at the same time.
Alternatively, some veterans receive veterans disability benefits before applying for Social Security disability.
A “service-connected” disability is one that was a result of a disease or injury incurred or aggravated during active military service.
The agency is arguing this is necessary to fight fraud, ensuring that people who “aren’t really disabled” won’t be able to collect benefits. For the disability community, the implications of this proposal are significant — and very scary. If they seem too happy on social media, or show their live is getting better in any way, shape of form, they might lose their benefits.
The government provides many forms of disability benefits. But most people think of Social Security Disability Insurance and Supplemental Security Income when they hear “disability.”
Social Security Disability Insurance is paid to people who worked at some point during their lives. It’s linked to their earnings, with people generally making less than $1,200 in benefits every month.
Social Security disability does not compensate disability claimants based on a partial loss of employability. You are either totally disabled or not disabled under Social Security’s definition of disability.
The SSA hasn’t yet offered specifics on how it might use social media in evaluating disability claims.
But writing for Forbes, Imani Barbarin, who has cerebral palsy and is an advocate for the disabled community, observed that the policy could backfire by mistakenly rejecting people from the program. She noted that such a proposal demonstrates a “fundamental misunderstanding” of disability and how a social media post made by a disabled person could easily be misconstrued.
“Disabled people don’t all function in the same way, and disability is not a set of stereotypes like taking selfies staring longingly at the world. They live lives while managing their energy for the activities they can handle and trying to make those they cannot more accessible,” Barbarin wrote. “Additionally, studies have shown that a majority of social media users show only the good in their lives, not the hardships or difficulties.”