A source very close to the deal tells GlobeSt.com interest in the property was intense, with a dozen serious offers on the table until the list of contenders was narrowed to four. In addition to Trump, keen bidders included Aby Rosen and Michael Fuchs; Alan B. Friedberg; and Izak Senbahar and Simon Elias.

Located on the northwest corner of Park Avenue and 59th Street, the Delmonico was owned by local real estate legend Sarah Korein until her death three years ago. The hotel is controlled by Korein's estate and has been run by her daughter, managing partner Elysabeth Kleinhans and general manager Joseph Kaminski since 1991. Kleinhans reportedly plans to turn the small building she owns next to the hotel into a not-for-profit theater when the Kaplan Deli's lease there expires in April.

Though his bid for the 32-story hotel was reportedly not the highest of the final four--reports say Friedberg bid $118 million--Trump's willingness to put substantial cash into the deal before taking title is said to have put him over the top with the Korein family, who were represented by New York commercial real estate firm Sonnenblick-Goldman Co. Details of Trump's financing for the 502 Park Ave. property have not been released and published reports indicate that the developer has yet to firm up the necessary funding. GlobeSt.com's source says the deal will close early in first quarter 2002.