NEW YORK CITY—Trump Plaza, a 39-story luxury cooperative building at 167 E. 61st St. on Manhattan's Upper East Side, has closed on the purchase of its land ending a 32-year land lease. The purchase price was undisclosed but reportedly was around $190 million.
The tenant shareholders purchased the land together avoiding a pending increase in lease payments. The co-op completed the acquisition by assessment and by refinancing its existing debt and lowering its total interest cost. Balance sheets remain extremely strong.
“This marks a significant new chapter in the history of our building,” says board co-president Marc Cooper. “With this purchase, we have strengthened confidence in our building amongst shareholders, buyers and brokers.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
