What Does Trump Own in New York City, Really? Scrood | Show 18

For decades, Trump has boasted what he owns and what he's worth---10 BILLION DOLLARS!!  But REALLY? What does he own? Is it anywhere near juniors declaration, "My dad built the skyline of New York City."

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Ben Scrood and Elly Stone are the hosts of the Scrood podcast at Scrood FM.

Transcript

Ben 0:00

What does Trump own in New York City? Really?

Elly 0:05

What

Ben 0:05

does he really own? Do you

Elly 0:06

think? Well, like we've been saying, nothing really.

Ben 0:10

Well, we're about to go a little deeper into it here. Now, this is just New York City. This is not Chicago. This is not Arizona. This is not anywhere else in the world. This is just New York City. And I may have missed a couple, but you'll get the gist of it.

Elly 0:27

Yeah. Shoot.

Ben 0:30

What?

Elly 0:31

Shoot.

Ben 0:32

Shoot? The Trump International Hotel and Tower. He owns the service areas. Who really owns the building is GE and the Galbraith company. They hired him in 1996 to glam up the place and make it look a little better. So he basically owns one unit. In the building. He owns a restaurant space. He owns the parking garage and valet booth. He owns, you're going to love this, the room service. kitchen and lobby, and guess what else he owns?

Elly 1:12

The toilet.

Ben 1:13

The bathrooms. No joke. The bathroom. That was a guess. It was the bathroom. That's just crazy.

Elly 1:23

Are they pay bathrooms? Like a toll? Do you put a toll in the toilet before you can flush?

Ben 1:27

Who knows. Who knows. The second one is Trump Tower. He owns retail space and commercial portions of the building in a triplex apartment. Which is basically, this is that 10, 000 square foot apartment that he says is like 30, 000 square feet. 30, 000. Yeah. the next is the Trump building 40 Wall Street. Trump owns the ground lease. Wow. Which the building is on. Trump owns the ground lease, which the building is on. Ooh. He appraises this building at like 530 million dollars in 2013.

Elly 2:06

What's the real appraisal?

Ben 2:07

Well, the real appraisal done the year before was 220 million.

Elly 2:10

Ah, ding, ding, ding, ding, ding, ding, ding.

Ben 2:13

The next one is 1290 Avenue of the Americas. This is another thing. He basically owns 30 percent stake. The thing is, he can't sell it until 2044.

Ethan 2:28

Ben, He'll be DEAD!

Ben 2:32

That's just crazy. So he can't get any money out of it. Aw. but it's listed with the Trump organization on paper. It is the largest asset they have on paper and they claim it as cash, but it really isn't. Next is Nike town. He owns the ground lease again, but Nike moved out. Tiffany and company moved in, but only temporary while they're doing the renovations on their building. And they are ready to move out because the building is

Elly 3:09

done. See ya.

Ben 3:11

The next one, which is number six on the list is the Trump Park and Park East. Now he may own some units in this, but that's pretty much it. Number seven, Trump Plaza. He may own a few units in this one. He leases the retail portions and the garage.

Elly 3:31

Yeah, but you have to remember that even if he owns one or two offices or one or two commercial or. Private residences that are apartments in these buildings. They're all under water

Ben 3:42

There's there's nothing is

Elly 3:43

30 percent is probably underwater. It doesn't matter. He could own a hundred percent It's

Ben 3:47

not what he's on in the buildings and this guy

Elly 3:49

lied about what he owns. Everyone thought he owned Trump Towers We've been saying in our podcast. No, He does not own that

Ben 3:56

that is correct.

Elly 3:57

And he's underwater. We've been saying that for A long time.

Ben 4:00

Now we go to Trump World Tower. He doesn't own it. It's owned by third party condo owners.

Elly 4:07

Ah.

Ben 4:10

Sheesh. Let's go to the next one. The Mayfair. He does not own this property. He just manages it.

Elly 4:17

Yeah, it's a management contract. He likes those.

Ben 4:21

He does the janitorial work.

Elly 4:22

It's easy to rip people off.

Ben 4:24

Rops up. Yeah.

Elly 4:25

And it's easy to, sell your own stuff back to the janitorial company and charge it to the building which he doesn't own. That's right. That's what he does.

Ben 4:35

We'll go to the Trump Palace, the next one. He does not own it. A co op owns it. Which is the owners of the building, the people inside the units. And they had him remove his name because they didn't want his name on the building anymore.

Elly 4:50

Oh, well, then it's not a Russian co op, is it? Well Because they would definitely want his name on the building.

Ben 4:59

The next one is Trump Soho. He never owned it. Guess who owned it? The Russian owned it. He just puts his name on it.

Elly 5:11

Russia? Russia owned it.

Ben 5:14

There's this Russian guy who's part of the mob and they were the ones, yeah.

Elly 5:18

Any Columbians? That's probably going to come in the one in Chicago or something, you never know. Yeah, down in Florida he has some Columbian renters or leasers. Well, we'll get into that another time.

Ben 5:30

Okay, the next on the hit list is, Trump Golf Links, Ferry Point. this is the golf links that had that, like, 100 foot long sign that said Trump Links or whatever it was. He doesn't own it. Yeah, right. The city of New York owns it.

Elly 5:46

How'd that come about?

Ben 5:48

Well, they've always owned it. It was built on a, it was built on a city dump.

Elly 5:53

So, That's appropriate for the Trump name, but how did it come about?

Ben 5:57

Well, the city owns it and what Trump did is he signed a deal to manage it for 20 years. But guess what? 20 years is done. He's no longer part of that. Nice knowing ya. Basically everything that he says he has or had That's all the things he wanted.

Elly 6:21

Deception.

Ben 6:22

Yes. The bottom line is this, since his presidency, any of these units in any of these buildings that boast his name have sold for less money than other luxury properties.

Elly 6:37

Right down the street, huh?

Ben 6:38

Yep.

Elly 6:39

Yeah.

Ben 6:39

Furthermore, the individuals who own the buildings, with his name on it, suffer higher vacancies.

Elly 6:49

Oh, that poor guy.

Ben 6:51

so He puts his name on things.

Elly 6:53

And when he does have a stake, it's borrowed money. It's 30 percent. It's debt ridden He never uses his own money. Because he doesn't have any. He's got a little stashed away, don't get me wrong. But he doesn't have any money, not close to a billion, like I said, I wouldn't be surprised if he doesn't even have a hundred million in liquidity.

Ben 7:12

What he uses as, Currency is his name.

Elly 7:16

Mm hmm.

Ben 7:16

He'll say, I'll tell you what, you know, I'll go into business with you and we can do this and it'll be great and it'll be wonderful and nobody's ever done this before, nobody's ever seen this before and what we'll do is we'll put my name on it.

Elly 7:25

It'll be big.

Ben 7:26

It'll be, it'll be the biggest thing they've ever seen.

Elly 7:29

Huge.

Ben 7:30

But he doesn't put any cash towards anything. And basically he owns, the restaurant space, the parking garage, the lobby. How do you own a lobby? How do you make money off of a lobby? He owns the bathrooms, he owns the valet booth. It said valet booth. He didn't say valet booths, like multiples. It said the valet booth. So I'm guessing like a, you know, like a three foot by three foot by eight foot tall little booth that the valet stands in and it's got you know, a wall with peg hooks on it for all all the keys

Elly 8:09

I never been there. Yeah, well. I can only imagine.

Ben 8:12

It's a real exciting place. I don't think there's enough room for a chair.

Elly 8:17

Oh, does he have a cigarette room too? I

Ben 8:19

don't know. We will get the detail on the other properties around the country and hopefully around the world in another episode..

Elly 8:29

Yeah, you did?

Ben 8:30

This is crazy. Absolutely insanity. What is Letitia James going to get? That's my question.

Elly 8:39

No, the question should be, what does she want? No, she wants nothing

Ben 8:43

Everything for the people of the city of New York. She knows she scrood. But what can she really get?

Elly 8:47

She's scrood. scrood. She's not going to get what he owes New York. And the people that sue him didn't get, they got like 10 cents, 20 cents, 30 cents on the dollar when he ripped off construction workers, contractors, subcontractors, employees, past employees.

Ben 9:05

That's another story.

Elly 9:06

I'm getting revved up. I'm getting revved up. Vroom.

Ben 9:13

Leticia's scrood. Trying to get all the money out of this guy. We started this podcast to fight corrupt politicians and big business. Subscribe free on Spotify, Apple podcast or YouTube@ScroodFM. Share our content and let's take him down. Let's take them down.