Nothing unusual about taking a building condo to help pay the mortgage. But Donald Trump raised eyebrows last week when he announced plans to convert most of New York City's 84-year-old Plaza Hotel into condominiums to pay off his $300 million loan on the place. He plans to charge an average of $1,600 per sq. ft. for the luxury apartments, or about three times the price of other prime residential buildings in Manhattan -- and most of the apartments won't have kitchens.
Taking the landmark condo could bring the financially humbled developer $750 million, nearly twice what he paid for it...
To continue reading:
or
Log-In
