ump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the

renovation of the derelict Commodore Hotel, adjacent to Grand Central Terminal. The financing was
facilitated by a $400 million city property tax abatement arranged by Fred Trump,[51] who also,
jointly with Hyatt, guaranteed a $70 million in bank construction financing.[52] The hotel reopened
in 1980 as the Grand Hyatt Hotel,[53] and that same year, Trump obtained rights to develop Trump
Tower, a mixed-use skyscraper in Midtown Manhattan.[54] The building houses the headquarters of
the Trump Corporation and Trump's PAC and was Trump's primary residence until 2019.[55][56]

In 1988, Trump acquired the Plaza Hotel in Manhattan with a loan of $425 million (equivalent to
$974 million in 2021)[33] from a consortium of banks. Two years later, the hotel filed for bankruptcy
protection, and a reorganization plan was approved in 1992.[57] In 1995, Trump sold the Plaza Hotel
along with most of his properties to pay down his debts, including personally guaranteed loans,
allowing him to avoid personal insolvency.[58][59]

In 1996, Trump acquired the mostly vacant 71-story skyscraper at 40 Wall Street, later rebranded as
the Trump Building, and renovated it.[60] In the early 1990s, Trump won the right to develop a 70-
acre (28 ha) tract in the Lincoln Square neighborhood near the Hudson River. Struggling with debt
from other ventures in 1994, Trump sold most of his interest in the project to Asian investors, who
were able to finance completion of the project, Riverside South.[61]

Mar-a-Lago