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Trump Appoints New Head Of Trump City Project

November 13, 1990 GMT

NEW YORK (AP) _ Donald Trump Monday named a new chief for the Trump City project, a Manhattan office, retail and housing development that has been stalled for five years.

Barbara Res, 41, a 10-year veteran of the Trump Organization, will take over the project.

She said Trump wanted to signal that ″we are very much going forward with it and putting it in high gear.″

Res oversaw the construction of Trump Tower and is directing the $1 billion redevelopment of the Ambassador Hotel in Los Angeles.

Trump bought the land for the $5 billion project on Manhattan’s West Side in 1985 for $100 million. Trump plans the world’s largest building, luxury apartments and a shopping mall for the 76-acre parcel, an unused rail yard.

The plan has been held up, in part, by activists who oppose the project for environmental reasons.

Res replaces Anthony B. Gliedman, 48, who announced last week he was leaving Trump to become chief executive of New York-based Amrep Corp., which builds moderate-priced housing in New Mexico and Florida.

NEW YORK (AP) - Donald Trump Monday named a new chief for the Trump City project, a Manhattan office, retail and housing development that has been stalled for five years.

Barbara Res, 41, a 10-year veteran of the Trump Organization, will take over the project.

She said Trump wanted to signal that ″we are very much going forward with it and putting it in high gear.″

Res oversaw the construction of Trump Tower and is directing the $1 billion redevelopment of the Ambassador Hotel in Los Angeles.

Trump bought the land for the $5 billion project on Manhattan’s West Side in 1985 for $100 million. Trump plans the world’s largest building, luxury apartments and a shopping mall for the 76-acre parcel, an unused rail yard.

The plan has been held up, in part, by activists who oppose the project for environmental reasons.

Res replaces Anthony B. Giledman, 48, who announced last week he was leaving Trump to become chief executive of New York-based Amrep Corp., which builds moderate-priced housing in New Mexico and Florida.

Res said in a telephone interview she can’t predict when the project might get started.

″Unfortunately, we’ve had this project around a long time. I could have given you a date three years ago and we’d be past it already,″ she said.

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Stephen Bollenbach, Trump Organization’s chief financial officer, said Monday there aren’t any payments currently due on the loan for the property.

The Trump Organization is supposed to pay $47 million in interest Nov. 15 on $675 worth of bonds sold to finance the Taj Mahal hotel and casino in Atlantic City, N.J.

Last month, Trump unveiled a financial restructuring proposal, and warned bondholders that the Taj Mahal might be forced into bankruptcy court if the plan is turned down.

The restructuring would give bondholders a nearly 20 percent equity stake in the billion-dollar Taj Mahal in return for changes in the terms of the junk bonds.

The plan called for the interest rate on the bonds to be lowered to 9 percent from their current 14 percent. It also calls for the Nov. 15 payment to be met by issuing additional bonds.

Wilbur Ross, a bondholder representative, rejected the plan, saying the offer was too low.