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In April 1984, after Armour spent several months devising a financial solution, The Bank of New York provided an $81 million loan to the project. The Bank of New York foreclosed on The Plaza in January 1986, as Armour Development owed the bank nearly $94 million in loans and interest. Construction on the second tower progressed at a rate of one new floor every three days. Armour was only able to sell approximately six units in the property. At the end of March 1986, businessman Donald Trump and Chrysler chairman Lee Iacocca toured the property as prospective buyers.
Pounds, Marcia (October 20, 1986). “Plaza Plans To Trump Other Condos”. Barron, James (April 29, 1991). “63 Trump Condos: the Art of the Bargain”. Pounds, Marcia H. (May 10, 1988). “Pampered Plaza Store Will Cater To The Select Few In Trump’s Tower”. Nease, Jack (September 12, 1990). “It’s Time For Trump To Share The Hearth”. Fleischer, Joan (October 27, 1990). “Debt Load Motivates Trump: Deal Maker Is Now On The Selling End”. Fleischer, Joan (September 13, 1990). “Auctioneer In Running To Aid Trump”. The New York Times. Caughron, Chele (March 24, 1991). “Trump To Auction Condos: 70 Units Up For Bid At Trump Plaza”.
Intracoastal Waterway in West Palm Beach, Florida. Although sales increased because of the Trump name, 50 percent of the units remained unsold as of 1990. The remaining units were auctioned. Construction of the project, originally known as The Plaza, began in 1981. After several construction delays, The Plaza opened in October 1985, although Robert Armour had only minimal success in selling the condominium units. Trump intended to sell the property’s remaining 120 units within a year and a half. The property was developed by Robert Armour and Michael Guider through their company, Armour Guider Development Corporation. In 1986, the property was foreclosed and then sold to businessman Donald Trump, who renovated and renamed it as Trump Plaza later that year.
A total of 63 units were ultimately put up for sale at the auction. After suspicions of a permanent removal of the name, residents voted 95 to 74 to restore the lettering. Trump and Marine Midland Bank had agreed to split the profits. Each of the units sold, for a combined total of $15.8 million. The five-foot-high letters spelling out the Trump Plaza name atop the buildings were removed beginning in 1993, for maintenance. Trump then volunteered to pay for the cost of having the signs restored. 700,000 to Morry Weiss, the president of American Greetings.
Trump Towers (Sunny Isles Beach), also located in Florida. Clough, Alexandra (May 5, 2021). “Trump Plaza renamed ‘The Plaza’ as condo owners pivot to original name of West Palm Beach complex”. The Palm Beach Post. Massie, Graeme (May 6, 2021). “Florida condo complex votes to strip Trump from its name”. Kolody, Tracy (March 22, 1991). “Trump Plaza Auction Set For April 28”. Sun-Sentinel. Doup, Liz (June 26, 1990). “Trumped Up?”. Kolody, Tracy (December 26, 1988). “Trump Plaza Towers Over Other Condos In Luxury Market”.
