NYC golf course with Trump name to cost taxpayers a fortune!

Written by Posted On Monday, 14 April 2014 05:38

Article is from the pages of the Hallmark Abstract Service, New York blog.

Located on the Bronx-side of the Whitestone Bridge and scheduled to open in 2015, it’s reported that the Trump Golf Links at Ferry Point will cost 10 times more than originally projected! 

The course, being built under the supervision of the  New York City Parks Department, has been under construction for about fourteen years, is labeled public, will most likely be priced in the neighborhood of $125 a  round, and will now cost an estimated $236 million when completed (Source: Independent Budget Office).

To give that amount some context the Trump National Golf Club in Los Angeles cost about $260 million and the Liberty National Golf Club in Jersey City at $250 million.

The difference is that the latter two are private and built with private money while the taxpayers are on the hook for the course in the Bronx.

Here are some of the details surrounding the course construction and the projects history:

The city now expects to spend an astonishing $236 million to complete the Ferry Point project by next spring over a former landfill, according to new figures compiled for the Daily News by the Independent Budget Office.

That includes $181.4 million for the 190-acre golf course itself, plus another $54.6 million for 30 acres of adjacent new parkland and a waterfront esplanade, the IBO says. The total is more than 10 times the original cost when construction started in August 2000…

…but years of construction delays and bungled oversight by the Parks Department made matters worse, a 2007 audit by former Controller Bill Thompson found. After the project’s original developer dropped out, Bloomberg opted in early 2012 for Trump, who has a reputation for successfully operating high-end golf courses, to salvage the project.

“We stopped the bleeding and we got the project to the finish line,” Ron Lieberman, Trump’s vice president for management and development, said Thursday.

Lieberman promised to draw major national golf tournaments to New York City.

Many consider this a sweetheart deal for Trump. The Donald must spend only $10 million to build a clubhouse, and he will pay no rent to the city for the first five years, Lieberman acknowledged…‘ (Source)

Also read HAS article and 'Decisions and how we time them (Slideshow)' here!


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Michael Haltman

Hallmark Abstract Service provides title insurance for both residential and commercial real estate transactions in New York State.

Hallmark Abstract President Michael Haltman is also extremely involved with the combat veterans 501(c)(3) Heroes To Heroes Foundation, serving as the Board Chair.

Hallmark Abstract Service

In 2008 we opened our doors focused on two primary goals:

Number one was to be a title insurance company that would provide clients with a superior finished product that completely protects their interests for what will likely be one of the largest transactions of their lifetime.

Number two was to insure that the experience of working with Hallmark Abstract Service was as easy and seamless as possible for all parties involved in the transaction!

From the number of satisfied clients who come back to Hallmark Abstract Service time after time for their title insurance needs, the evidence bears out that we have accomplished these two goals in the past and will maintain our client centric focus far into the future!

Michael Haltman

Post 1984 MBA in Finance from the State University of New York at Albany that concentrated on the tax-exempt market, Michael became a municipal bond analyst at Shearson/Lehman Brothers tasked with following general obligation issuers on the city and state level as well as housing bonds secured by mortgage pools.

This experience at Shearson/Lehman Brothers followed by stints at PaineWebber and Citigroup provided a broad framework and understanding of the real estate and mortgage markets.

As CEO of Exeter Commercial which underwrote and funded commercial mortgage loans as a correspondent lender, title insurance played a critical role in both the underwriting and closing process.

In 2008 recognizing both an opportunity and need, Hallmark Abstract Service was born.

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