Ivanka Trump

Ivanka Trump appeared on CNN’s “Piers Morgan Tonight” program last night, where she briefly discussed the current economic climate, and of course, Barack Obama’s presidency (see the video after the jump). [more]

From left: Robert Knakal and Jeff Sutton From the December issue: Sometimes, the Penn is mightier than the sword — at least when it comes to New York City’s real estate elite. The roster of “Wharton Mafia” — those who have graduated from the real estate program at the Wharton Business School at the University of Pennsylvania — is long and illustrious.

The school — which now has a center named for billionaire investor Sam Zell and his late business partner — has churned out heavyweight grads like Donald Trump, Ivanka Trump, William Mack, Richard Mack, Jeff Sutton, Andrew Isikoff, Jeff Blau, Robert Knakal, Andrew Mathias, David Brause and Ara Hovnanian.

The schooling can prove professionally transformative. For every heir like Trump or Mack who gains some polish, there are others with fewer — if any — connections who gain the New York real estate world partly through Wharton. [more]

Ivanka Trump expressed some interest in Rat Island, which will be put up for auction at the beginning of October, the Wall Street Journal reported. At the New Yorkers for Children Gala, she said that she had more time for other opportunities now that her first daughter is born. She had not heard of Rat Island, which is off the Bronx’s City Island, until a reporter inquired about it.

“Rat Island sounds really interesting,” she said, when she was asked whether she’d buy it and develop it under the Trump banner. “But there’s not a lot that’s undiscovered in the tri-state area. So when there is, there’s usually a reason why it’s undiscovered.” [more]

Jared Kushner

For Jared Kushner, the 30-year-old owner of the New York Observer and 666 Fifth Avenue, 2011 will be a defining year, according to the New York Times. Personally, Kushner’s wife, Ivanka Trump, is pregnant and poised to give birth to his first son. Professionally, Kushner is working to modify the loans on the $1.8 billion purchase of 666 Fifth Avenue he and his company, Kushner Companies, made at the height of the bubble, and to ensure that the Observer remains relevant through its third editor-in-chief in two years. Kushner, the story notes, was born into real estate through his father Charles. He began making deals of his own as an undergraduate at Harvard University buying apartment buildings throughout Boston. [more]

Jared Kushner at 666 Fifth Avenue

Despite a recent wave of high-priced, high-profile retail deals, Jared Kushner’s 666 Fifth Avenue is proving no different than many other over-leveraged Manhattan buildings purchased at the height of the real estate market: it’s now running low on cash. According to the Wall Street Journal, Kushner, who led his family’s record $1.8 billion purchase of the office and retail tower in early 2007, is negotiating with lenders to recapitalize the property in exchange for a modification of its $1.22 billion mortgage. The building is now around $3.5 million-per-month short on its debt service payments, and its reserve fund has dwindled to just $10 million, sources said. Comments

Ivanka Trump and Jared Kushner

Ivanka Trump may have made headlines in the past for her show-stopping modeling career and lavish upbringing, but the Trump Organization executive vice president is focused today on making a name for herself in the real estate world, she said in a recent interview with Crain’s. The heiress and wife of fellow real estate scion Jared Kushner — who owns the New York Observer — said “real estate is still [her] primary focus,” despite a growing presence in the worlds of fashion and jewelry. She said her work in hotels is one of her proudest accomplishments. [more]

It is sometimes challenging for Ivanka Trump to balance her role as vice president of development and acquisitions at Trump International, as well as being the co-founder of Trump Hotel Collection. But, the 29-year-old entrepreneur, who just launched her own shoe line, is taking it all in the stride. “I’ve seen some people really crater under the pressure and long shadow — either trying to distance themselves from the parent so much that instead of using the advantages at their disposal, they just become unproductive, or they get totally paralyzed and do nothing because of fear of failure,” she told the Financial Times. As the daughter of The Donald, Ivanka shares her father’s passions. “My father wanted to stop developing property and start acquiring, and we thought: How can we grow?” she said. “Hotels seemed a logical opportunity… We saw room to be a strong operator that had a background as an owner and builder.” There are now five hotels in the portfolio, with two openings in Panama and Toronto set for next year. Still, “my focus is not to grow my personal brand, but the Trump Organization,” she added. [Financial Times]

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J-Vanka hits the set of “Gossip Girl” with Matthew Settle (“Rufus Humphrey”) and Kelly Rutherford (“Lily Bass”)

Real estate power couple Jared Kushner and Ivanka Trump made a cameo on the CW’s “Gossip Girl” last night, when the shows’ stars were said to convene at a New York Observer party at the Boom Boom Room. (Kushner, an executive at his father’s Kushner Companies, owns the Observer). Some of the main characters are intended to be New York real estate moguls, with a portfolio including the Empire Hotel. In fact, it’s not the first time Trump has been mentioned on the show — in the show’s third season, supposed real estate scion Chuck Bass noted that, “sleeping with the enemy is hot. Why do you think I have the whole Ivanka thing?” In a later interview with People Magazine, Trump confessed to being a fan of the show. “I have a ‘thing’ for Chuck Bass myself,” she said. Stay tuned for a video clip of the J-Vanka cameo when it becomes available, but for now, check out a snapshot of the real life couple on the set, above.

TRD

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From the September issue: “Sold” means “sold” — except when it doesn’t. That’s the argument behind a new lawsuit involving the Trump Soho. The condo-hotel development, which has endured fickle buyers, community backlash and an unforgiving sales market, now faces a lawsuit that brings one central question to light: What does “sold” really mean? The suit, filed Aug. 2 in U.S. District Court, pits 15 buyers against Trump Soho developers and marketers, both past and present. The plaintiffs claim that the Trump Soho team misled them in the press — and in person — by reporting inflated sales figures, which they say lowered the value of their investments. The plaintiffs are backing up their claims by pointing to an amendment to declare the condo-hotel development’s offering plan effective, filed with the attorney general’s office this spring. The amendment was filed with 15 percent of the building’s 391 units in contract. So, if there were 50 percent or more units “sold” (as the buyers say was reported in the press), the plaintiffs ask: “Why weren’t they included in the amendment?”

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Donald Trump, Alex Sapir and Trump Soho

Trump Soho, the recently opened condominium-hotel in Lower Manhattan,
has received another $20 million in financing after restructuring its
mortgage loan with iStar Financial, according to newl [more]