Newsday from New York, New York • 59

I 1 3800 59 A 3700 -3600 10-DAY DOW TREND Yesterday 372614 Up: 922 NEWSDAY MARKETUNE Call 1-900-448-2442 for late prices Instructions are on page 62 BUSINESS NY Boost for West Side Plan Colony believes would be about $35 a square foot annually Thus a 1000-square-foot apartment would rent for about $2900 a month Weiss said such rents would be enough to pay for construction of the buildings and the coMt of amenities that Trump promised the city in exchange for land-use approvals that were granted late last year The amenities include an expensive waterfront park Anne Kazel a publicist for Colony said the company believes the firming luxury-apartment market would allow the project to demand the $35-a-foot rents Richard Kahan who has led urban design work on the project raid that engineering concerns dictate that the first four buildings would gn up in the middle of the development which would stretch from 59th By David Ileniy STAFF WRITER Donald Trump may have found a way out from under the oppressive debt thwarting his massive Riverside South luxury housing project on the Upper West Side Meanwhile Trump won a round in his battle with the Pritzker family of Chicago over the future of the Grand Hyatt Hotel on 42nd Street Chase Manhattan Corp and a syndicate of banks have tentatively agreed to sell $250 million of debt they hold on the abandoned railroad yards for between $80 million and $100 million the Wall Street Journal reported yesterday Chase officials declined to comment on the report However Colony Capital Inc a Los Angeles-based buyer of distressed real estate confirmed that it is proposing to buy the debt Reducing the debt and placing it with a single investor should make it easier for Trump to finance the first four-building phase of the apartment project The Journal quoted Trump as saying anticipate starting construction within the next 12 months on four apartment buildings with 1500 rental units" The banks have conditioned the agreement on being able to reach final terms by the end of the year the Journal said Andrew Weiss project director said they are going to work things out and make a deal" About 300 of the 1500 apartments would be reserved for low-income families The low-income units should allow the project to qualify for federal mortgage guarantees and the right to issue tax-exempt bonds to finance the buildings Weiss said The other 1200 units would be rented at market rates which Please see DONALD on Next Page The Clinton Balance Sheet Since Bill Clinton was elected president in November 1992 the economy has benefited from a decline in the unemployment rate but the decade-long problem of stagnant wages remains Success May Return To Haunt Clinton His budget cuts could hinder programs not enough to pass a budget or even to have a trade agreement" Clinton said then world is changing so fast that we must have aggressive targeted attempts to create the high-wage jobs of the On that score critics charge the president has failed to do enough think Clinton has not yet addressed the core issue of his campaign that most Americans are working harder and earning less" said Jeff Faux president of the Economic Policy Institute a liberal think tank in Washington And early signs are that it get any easier from here on In the budget battle Clinton agreed to a freeze on non mandatory spending not even allowing for inflationary increases in programs such as crime fighting road building and national defense That has set off a scramble for dollars among cabinet secretaries that is more fierce than at any other time in memory most officials say spending caps are very Please see CLINTON on Page 61 By Jill Dutt WASHINGTON BUREAU Washington In a year marked by fervor over federal spending and budget cutting President Bill Clinton may have eiyoyed too much success Sure interest rates remain low unemployment has started to fall and housing starts are picking up The overall economic trends have been kind to Clinton as he bolstered his credibility with financial markets and corporate chiefs through his management of federal spending But the promises Clinton made in August to ensure congressional approval of his five-year budget plan have put him in a fiscal straijacket that threatens his promised revisions to job training welfare education and even health care These reforms were a centerpiece of his election campaign and remain closest to his heart aides say The president himself Bet a higher standard for his success than just being a super budget-cutter when he articulated his economic vision to a joint session of Congress last February is Average bos rtf wage for soRtupmisoryf I MB workers adjusted for inflatios $800 725 1987 1989 1991 1993 1983 1985 SOURCE: Buaau of Labor Statute Nowaday Idmia Mi KtHinry Burger King Opts for Uniworld Group By Harry Berkowitz STAFF WRITER Burger King which has been having trouble selecting an ad agency to replace the one it dumped in October has at least picked one to fill in while it decides on a long-term choice And the interim pick is an unusual one The fast-food chain has assigned Uniworld Group a New York-based agency that specializes in marketing to blacks and other ethnic groups to create its main television ads for the next few months Uniworld has worked for Burger King for the past decade but only in creating ads that are aimed especially at blacks or that are part of the mix of ads in campaigns created by the main ad agency Burger King also uses Sosa Bromley Aguilar Associates for its Hispanic-oriented ads The main ad agency was the giant until Ethnic-oriented ad agency will serve for short term Burger King decided to drop it in October Burger King also uses the giant Saatchi Saatchi for its Club ads but since that agency is being considered to replace the company did not want to bias the review process by naming it as the interim agency sources said A decision is expected by late January For Uniworld which is one of the biggest ethnic-oriented ad agencies in the United States the assignment is a chance to work on assignments worth several times its normal billings of under $15 million for Burger King and to get extra exposure for its work It is not among the agencies being considered for the top job on the $180 million account Other Uniwnrld clients include Eastman Kodak and Lincoln-Mercury Ethnic agencies are often frustrated by the dominance of the mainstream agencies especially at a time when mainstream agencies are competing even for small ethnic-oriented accounts Burger King has changed not only its ad agencies but also its slogans and its marketing approaches several times in the last few years and recently has emphasized its value menu The company also mid that Sidney Feltenstcin the Burger King executive vice president who had been leading the review of agencies is leaving the company Paul Clayton vice president of advertising is taking over that responsibility The company said Feltenstein's departure wan agreed by him and James Adamson who was named chief executive officer in July a i 5 I.