Branching Out
If there is a photo of Trump that would show you the way he branched out of the family empire, this is going to be it. You can see him after his plan to purchase and refurbish the decrepit Commodore Hotel was approved by the New York Board of Estimate. Many would say that this was the opportunity that allowed him to get a footing in the real estate business. Of course, it is not entirely true to say that he ventured out by himself. For one thing, there was the $70 million construction loan guaranteed by his father Fred and the Hyatt Hotel chain. Even though Trump likes to say that he built his company from the ground up, it is probably more accurate to say that he simply continued the family’s success.
Branching Out
Trump Tower Completion
Aside from the finalization of the Commodore Hotel takeover, something big also happened that year. Trump was approved to start the development of Trump Tower! Reports claim that he had undocumented Polish workers demolish the flagship store of the Bonwit Teller retailer. It was a famous building thanks to its art deco style and was marked for preservation by the city of New York. After four years of construction, the building was completed. The last spaces were opened in November 1983. These days, the building is home to both commercial and residential spaces. Among these areas, the most famous ones would have to be the Trump Organization headquarters and Trump’s penthouse.
Trump Tower Completion