Donald Trump must have breathed a sigh of relief as 1995 drew to a close.
The epic crash of New York City (NYC) real estate, which had battered Trump’s investments and left many of his fellow real estate investors clinging to any lifeline of solvency, was finally over. Prices of New York City real estate, which had fallen in each of the previous five years, had finally started to rise.
Apartment rental prices fell by 15 percent during the slump that had begun in 1988. The prices of co-ops and condos were down by nearly twice that much. Manhattan homes fell by 32.9 percent between 1989 and 1996, according to a study by the Furman Center for Real Estate & Urban Policy. In Chelsea and Hell’s Kitchen — that westside stretch where Trump had invested so much in a plan to turn an old railyard into a new neighborhood — home prices fell 40.4 percent.
The giant Canadian real estate company Olympia & York had declared bankruptcy. At one point, it had been the largest landlord in New York. By 1992, it had fired its bankers from J.P. Morgan and hired Felix G. Rohatyn, the guy who had saved New York City itself from the brink of bankruptcy in the 1970s. In the end, it would be swallowed up by its creditors, vanishing into the ash heap of history.
Yet according to the New York Times story detailing glimpses at Trump’s finances from “tax transcripts” of his filings from 1985 to 1994, Trump’s personal financial losses during the New York City real estate crisis somehow mark him as a failure rather than someone who persevered through an economic storm.
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4 comments:
NYT is despicable. Publishing that story is disgraceful. They wouldn't do that to a democrat.
Well of course the times left that out, the truth is not interesting. I believe during the campaign Hillary brought up the fact that Trump "lost a billion"...old news folks. I was in the corporate world for 42 years and that is how business survives; beat the competition, market a viable product, and take advantage of all the tools available, including tax write offs and full use of operating loss carry forwards. CEOs and CFOs are paid big bucks to know all of this.
of course they did they support and follow satanic ideals ..the father of all lies and deception
FUnny. You guys claim it was all due to crash. Trump claims it was all due to legal tax evasion. Which one is it?
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