And Trump Tower, a 58-story mixed-use skyscraper, is also enjoying the boost of a strong real estate recovery. It is on the "Tiffany Corner," next to the flagship Tiffany's store in Midtown Manhattan. Trump opened the tower 30 years ago, and it has become a trademark property and the setting of his NBC television show "The Apprentice."
Trump owns numerous other properties throughout New York, many of which are debt free. He is a joint-venture partner with Vornado Realty (VNO) in two iconic towers -- one in New York City and another in San Francisco.
Meanwhile, as the New York City office market is rumored to be overheating, Trump has been tactically diversifying his empire. His name recognition and overall brand identity have helped him enter new markets.
A few weeks ago I wrote an article for TheStreet concerning Trump's latest golf course development in South Florida. As I wrote, "Trump is orchestrating the transformation of the world-class resort (in Miami) by injecting around $250 million on renovations, excluding the bargain price paid of around $150 million." Trump reopened his redesigned Blue Monster in Doral last week, and once the entire club is open Trump may increase both his net worth and his brand equity.
And a few blocks away from the White House on Pennsylvania Ave. in Washington, D.C., construction is underway on a new Trump luxury hotel project.
How does he develop these luxury properties, despite a struggling economy and the occasional bout of bad press?