Poughkeepsie Journal from Poughkeepsie, New York • Page 2H

5 2H Poughkoepsle Journal Sunday. October. 25, 1987 The Trump life Continued from page III nlzalldn, Which, once housed the anonymous masses of Brooklyn and Queens, now builds castles in the sky for, ihe' likes of Johnny Carson and Leelacocca. Trump's breakthrougfwas his transformation of the tiifcd old Commodore Hotel into the shiny new Grand. Hyatt Hotel He did this by buying the Commodore from the bankrupt Penn Central Corp.

In 1975 and persuading the city fresh from its'Qwn brush with bankruptcy and desperate for development to grant? its first tax abatement for coijinifercial property. The Hyatt opened just as the city's economy was! reviving. For Trump Tower, a retail office apartment complex on Fifth Avenue, ART .12.3 1.2 Why Trump bailed out NEW YORK (AP) Real estate mogul Donald Trump said last week that he pulled out of the stock market completely over the past four weeks, at a profit of about $200 million, and one reason was government moves to bolster the dollar. Ifi the wake of the market plunge. Trump disclosed that he had sold off his $500 million worth of holdings in Allegis, Holiday, Bally and various other companies.

Hesaid Tuesday that anyone who was "lucky enough to escape the catastrophe of yesterday should remain where he is stay in cash for a while, see where the world is going." "Xhe advice on a larger scale is for country to get smart and to make its so called allies pay for what they're getting from us," he said in a telephone interview. Trump referred to the cost of, defending "some of (he greatest money machines ever built, such as Japan, Saudi Arabia." He said the Federal Reserve was foolish to bolster the dollar at a time when Japan was finally finding it harder to compete with American companies. "That was one of the tipof to get out of the market, he said. "I think the dollar should go down in value another 20 percent from what it was a couple of days ago, not up. The dollar should go down so that our great companies in this country, Caterpillar Tractor, can for the first time in 10 years compete with JT" the Japanese." Trump used the same formula: buy land cheaply from an eager seller before most people know it's for sale; line up backers to share the risk; secure generous tax abatements; monitor each detail of construction; promote the result as "one of the world's great buildings." Trump was an early player In Atlantic City, where he built one casino, Trump Plaza, and bought a second.

Trump's Casffe. In July he bought Resorts International, giving him a third hotel casino and a fourth, the Taj Mahal, under construction. When it opens next year the Taj will be twice as large as any other Atlantic City casino and at least $600 million over its original budget of $200 million. Trump also has been a winner in the stock market, where in the past year he made $122 million buying and selling shares in three companies. Since he claims to have $550 million in ready cash and appears to control about $1 billion in mortgageable real estate, few public companies would be safe if Trump started buying.

As of late, this unreconstructed capitalist has been emerging as a private savior of public works. By 1986, New York City had spent more than six years trying unsuccessfully to rebuild Central Park's Wollman Skating Rink with new techniques. Trump, using methods tried and true, did it in six months, and under budget; he now operates the rink and another in the park. In Atlantic he is scheduled to renovate and operate the state marina, supervise construction of the convention hall and build public housing. What drives Trump? He says he always was determined to avoid domination by his strong willed father, Fred.

Beyond that, his motivation is basic: "I like to build things." The sources of his success are equally elemental: brains, guts and hard work. He also is able to rely on relatives in his organization, including his wife, Ivana, and his brother, Robert, and on loyal, well paid employees. These include Blanche Sprague, who offers this evidence of Trump's attention to detail: "If he's walking through a building and finds a chip in a bathroom tile, he'll stand there until it's replaced. If he finds dust in a corner, hell check there the next time he comes back, because he knows that's where dust collects." ii aHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBw 1 11 lBfafafafafafafaf4BBiflfl BBBBBBBBBBBBBBBBflYarreFTaYaYaYaYaYaYaYaYaYaYaYaYaYaK vLfl 'wSmMMMMMMMMM, 111 ''Lft HaYaYaYaYaYaYaYaYaYaK BBBBBBBBBBBBBBBBBBBr ivIsbbbbbbbbbHbV71 BJllJllJllJllJllJlV 'ildF aBl LvSaVaVaVaVaVaVavFaB? Ov? cbbbbbbbbbbbbIbF 3N bH a i VaVaVaYaYaYaYaYBBBM fBMVi wxvfBBBBBBBBBBBBBfiv BIFaVaFaBBBBBBBBBBBk fBI IB bbbbbbbbbbbbbKiVbb1 Jte bbbbbbbbbbbbbbbbbbbbbbbv BbbI A eaVafaf bbbI )'" IvSHBVtiB VaYaYaYaYaYaYaYaYaYaYaYaYaYsBBl A''HV9V jam bbWv bbbbbbbbbbbbbbbbbbbbbbbB K.tJMBBBBBTaBkS aMBrkJKaaa BBBBBBBBBBBWJYaBBBaNPBl Tin Associated Press Donald Trump traveledto New HampshlreJast week to reassure businessmen in that state that he will not seek the Republican presidential nomination. Trump said he went to the state with the first presidential primary to say the country needs a "tough cookie." Trump can play rough, as evidenced by his unsuccessful suits against a Chicago Tribuae critic for panning one of his designs for the world's tallest building, and against Eddie and.

Julius Trump (no relation Donald) of The Trump Group for using the surname under which they had done business for two decades. To some; TrumpVvery name has come to suggest glamour, luxury and, above all, success. "The. name sells," Trump says. It sells high rollers on his casinos, shoppers on his pricy retail tenants, and the rootless rich on his million dollar apartments.

At Trump Pare, for. Trump says he is getting between $2.5 million and $4 million for three bedroom apartments, facing Central Park. Last year singer Paul Anka paid more than $1 million for an apartment In Trump Tower. Part of the Trump mystiquefhis lifestyle, including three homes worth a total of more than $30 million. The Trumps and their three young children live during the week in a triplex penthouse atop Trump Tower, from which dad rides the elevator 40 stories down to Ms office each morning.

The family weekends at a Greenwich, mansion or at Mar a Lago, the former Palm Beach estate of Marjorie Merriweather Post, which has more than 50 bedrooms, more than 30 baths, three bomb shelters and a nine hole golf course. In October, Trump announced his purchase of what he called "the ultimate a 286 foot yacht with a disco, a helipad, 45 telephones and a swimming pool surrounded by bulletproof glass. And naturally there is the regular table at "21," the stretch limousine, the helicopter, the 727 with two bed rooms.andv a. Trump played himself in the television minlseries 4 "111 Take Manhattan." Coming, in time for Christmas, is his first literary effort: "Trump: The Art of the Deal" In fact, his wife says Trump's Castle has a new advertising theme: "Live the Trump Life!" "It's a great life," says Ivana Trump, a former model who1 is the hotel casino's a year president "It's glamour. It's success.

It's whatever you like." Trump's allure also stems from his reputation as a doer in an: era when local government seems mired in corruption or handcuffed by its own anti corruption measures. Any good developer, free of government contracting rules and to hire whomever he wanted, could have finished Wollman Rink quickly and cheaply, Trump, however, Was shrewd enough to see an opportunity for public relations as well as public service. As if the reality of Donald Trump were not amazing enough, a cloud of hype origin uncertain seems to nave descended around him. Trump, for instance, is commonly, and incorrectly, reported to have graduated first in his college class. Trump says he never made any such claim, but the story rolls on.

Sometimes Trump just gets carried away. Although he has boasted that on "every block, I've got a monument," he has constructed only three buildings in Manhattan. Similarly, Trump's reputation for invincibility is exaggerated. His New' Jersey Generals sank along with the United States Football League, and his for a domed stadium in Queens is stalled. His unsuccessful attempt to evict tenants from a rent controlled building on Central Park South made him look like a1ully.

Although he Is likened to such prodigious builders as Robert Moses and William Zeckendorf Trump Is only the Nation's 17th largest developer, according to Building Design and Construction magazine; he is not even the largest In New York, and Fortune magazine says he Is worth less than at least two of his rivals, Harry Helmsley and Samuel LeFrak. Trump's dreams dwarf even Us achievements, and his biggest dream is Television City, a proposed $5 billion complex of apartments, offices, stores and studio space on the upper West Side of Manhattan. Situated on an old rail yard on the Hudson River, Television City would include the world's tallest building and a dozen 58 story buildings. Together, these towers would. have almost as much space as all the office buildings in downtown Philadelphia.

But almost two years after Trump announced plans for Television City, it still seems a long way off. When Mayor Koch refused to grant the largest tax abatement id city history for the project, Trump called the mayor, to whose campaigns the Trumps had contributed more than $52,000 since 1981, "incompetent" Koch called Trump "piggy, piggy, piggy," and Trump the mayor "a moron" and demanded his resignation. Koch has unilaterally called a halt to the feud, saying that while he dislikes Trump personally, "We want him to build (in the city.) Anything that he wants to do will be considered on the merits." That could doom Television City. Community groups say it would swamp their already crowded streets and subway stations, and environmentalists say the additional vehicles would kill the city's attempts to meet federal air pollution standards. Community who have their own lawyers and design consultants, are particularly opposed to the world's tallest building, which would top Chicago's 1,450 foot Sears Tower and cast a winter shadow a mile and a half To these people, William E.

Geist wrote in The New York Times, Trump seems "a rogue billionaire, loose in the city like some kind of movie monster, unrestrained by the bounds of good taste or by city officials to whom he makes campaign The Trump camp sounds confi dent, however. Blanche Sprague says people who ask if Trump will really build the world's tallest building just don't understand. 'He has decided he's goung to have it. We don't think in any other terms," she says. "We never discuss the world's tallest building as a possibility.

It's a given." 'flft" a. 'I Continued from page III mariy potential buyers held off pur chases for months before the an; nouricement last April, creating pent up demand that analysts say still is running its course. The new PS 2 models arc a quan turn leap in technology from the oldj PCs, coffering a great deal more powerand other features But' while they will run existing MS DOSif software for IBM PCs and cpmpatl ble machines, operating that willtake advantage of many.ofj, the PS 2s advanced features still is unavailable, and is not due until early next year, Analysts believe that that has hurt IBM's sales, because customers reluctant to pay a higher price now for features that are not 'Immediately'Immediately available. "It's all futures and IBM promises," said Bruce M. Lu patkin, an analyst at Hambrecht Si" Quist, a San Francisco brokerage.

IBM, however, insists that sales of the PS 2 line are excellent "Demand is very strong," said a spokesman. "It's certainly exceeding our expee tations." But analysts aren't so sure. They say IBM has offered discounts on" some of the computers in the PS 2 line, an unusual step for such a new machine. In addition, the analysts" say, IBM has been untypically loud2 in boasting about the PS 2's sales:" "They do seem to be doing a little bi too much promoting for a product that's selling so well," Benton said. Said Lupatkin: "It's interesting that IBM claims to have such a high sales rate and such confidence thats their products will be successful, butt at the same time, they're offeringl price discounts." While 1 million computers shipped in six months is an impressive num ber, experts caution that it's a misleading, since IBM counts computers shipped to dealers, not cus tomers.

Many of those computers'' may be sitting in dealers' storage rooms rather than on custpmers' desks, analysts said. Nonetheless and despite the "New Coke" jokes there is little' doubt that the PS 2 will become as much of an industry standard as" its, predecessor, if only because of IBM's clout and reputation. IBM also i said to have taken" advantage of the introduction of the PS 2 to increase its already strong retail sales netJ work through incentive and exclusivity programs With dealers. The Right Rate from Inter County Savings Bank ChirARMf4UElAG just may be the lowest in the Hudson Valley 8.00 lit Hft mm ka.rr: I www UP TO 95 FINANCING On both ARM and fixed mtc mortgages COMPETITIVE RATES AND PdlNTS Just 2 points on fixed. rate mortgages and'g points on ARMs FAST COMMITMENTS Less than five weeks for mosi applications Our dedicated staff of seasoned profcssioimls is tmdy id serve you For morcinfortUalioit rail lli InlerunNiinlnk Mortj Unding Ccnlefficaryou: jNewPalU 914255 6600 Kingstoni4336' 4500r Fishkill 9.14897 2100; I 'Ovpurhanclpffi(cs jMewDurgnmiDW bsw Middletown.914343 0661 Woodstock 914679 2900 Pbrt JervisgHSlPfearJ Biver ,9 14735 6220 I I (W SAVINGS, BANK WEPRKHARPFpRpUpiv1QNEr JMojiialrerfcntatie Kite I y.

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