The building that helped Donald Trump make a name for himself in his first big deal in Manhattan is being sold to developers who plan to tear it down.
Developer TF Cornerstone says that it and a group managing billionaire Michael Dell's money have agreed to buy the Grand Hyatt New York next to the Grand Central Terminal. They plan to replace it with a building that will include office and retail space and a smaller hotel.
Trump partnered with the Hyatt Corp. to buy what was then the Commodore Hotel in the late 1970s in his first splash in Manhattan real estate. He used his success in that deal as a stepping stone to his next big gamble a few years later, the Trump Tower on Fifth Avenue.
Trump sold the Grand Hyatt in 1996.