In a world where mere millionaires have become a dime a dozen there is a new billionaire in town. Trump's the name, Donald Trump. The town is New York City and he has made his money mainly from Manhattan real estate. Not yet 40, Donald Trump is a major deal maker, a swashbuckler. He takes chances that would make a less daring man shudder. But his critics say that he's doing harm to New York City by helping to make it into a city for the very rich, by driving up prices in his luxury buildings. What he really loves is real estate, for when Trump's the name, real estate's the game and it's mainly here in New York City that he plays it. For example, in Manhattan, he bought both corners of Sixth Avenue and Central Park South, a prime piece that everyone else wanted just across from Central Park. He gobbled up a 100 acres of Manhattan on the shores of the Hudson River, he put up a huge Fifth Avenue moneymaker called Trump Tower and just a few blocks away another one called Trump Plaza. They say he's lammed hungry, money hungry, power hungry. The power is nonsense. I love the creative process. What about the name of Trump city? Trump Tower where we are sitting in? Trump Plaza, Trump castle It sells, Mike. All I know is... That's all it is? ...it has nothing to do with the ego. All I know is it sells. Trump Tower on 5th Avenue. The centerpiece of the Trump Empire. Per square foot the most expensive apartment shops and office space in Manhattan. The cheapest one-bedroom apartment here will run you $800,000. Two bedrooms, a million two. A-nine-room apartment is being advertised for $12 million. Tourists come from around the world to see the rose marble atrium. The list of stores that rents space read like a who's who of shriek and there's a waiting list despite average commercial rent of about a million dollars a year. If Trump Tower is his most prestigious accomplishment. Surely this huge piece of Manhattan Island will be Trump's most ambitious venture. The old Penn Central railroad yards. For now, he calls it Lincoln West. One hundred acres, 14 full blocks along the Hudson River for which he paid a hundred million dollars. This deal makes Trump the largest individual land holder in New York City. All along from 72nd all the way down to 15 heights we are going to have magnificent marinas, shopping, and restaurants, everything all over the Hudson River. Of course, the question is, will Donald Trump be able to develop actually to develop his 100 acre dream of Lincoln West. Others before him have tried and failed. How much trouble is the city giving you? How many are the West Side community people giving you? What's trouble? I've had trouble all my life as far as that's concerned. It gets to be difficult I think politically for the politician to say, "Here comes Donald Trump You want tax abatements, you want special treatment and by large you've gotten special treatment and tax abatements. That's correct. He got very special treatment 10 years ago when New York City was thought to be going bankrupt. Trump, who was then a brash 28-year-old mopped the dilapidated Commodore Hotel on 42nd Street just as it was about to be boarded up. He gutted it, renovated it and opened the Grand Hyatt Hotel in its place, and he convinced the city to give him an unprecedented $40 million tax break. You know why I made a wonderful deal? Because nobody else wanted it. They all thought it was a terrible deal. Ed Koch is Mayor of New York. The city was going in the dumper. Right. The city was going into bankruptcy is what everybody thought and so he took a chance. Well you know, that's what entrepreneurial ability is all about and sometimes you make it, and sometimes you go bust. He's lucky, he's made it. Trump Castle, the latest hotel to open in Atlantic City. He picked it up from the Hilton Corporation, put 325 million just a month before it was set to open and through financial wizardry, he used almost none of his own cash. We'll be number one with the right management. We are number one. Nobody competes with it. The first month they were open, the casino broke the all-time first month Atlantic City, record with a profit of $21 million. This Trump sands is where the gravy is and this is only one of two casinos he has in Atlantic City. The other, Trump Plaza opened a year ago. But this, I know three children and all but this is a mammoth place that you have over here. Ivana and Donald Trump have been married for eight years. She was raised in Czechoslovakia, she used to be a model, an Olympic skier. Trump saw on her the same drive and enthusiasm he has. Today, she is an Executive Vice President of the Trump Organization with a grueling schedule of her own. A few years ago, she convinced him to buy this house in Greenwich Connecticut, so they could take weekend breaks from the city grind, but even in the country, Donald Trump remains a city boy. Ivanka, straighten me out about something. Why does he show up beside his swimming pool, out in the country, dressed as though he's on his way to town to go to work? It's four o'clock of a Sunday afternoon. Well, it's not all like that, Donald dresses casually -- Yes, he does. ...at times not very often, but I always tease him that he's in a-16-piece suit. Like I said, it's probably the part of the image and people think about a businessman, banker. You don't see the banker running around in their jeans, so maybe it is just part of it. Does he relax? Is he working all the time? Well, it's hard. The people which knows us, they know us both. They would say, "They're both crazy."" We really like the same song which probably helps it very much." What kind of thing do you like? Well, in work, that's number one, both of us, and the relaxing, we come here to [Inaudible], And Donald plays tennis, and I do my gardening and children, and enjoying quiet evenings because if you give 10 hours of hard work during the day and you're [Inaudible], and scheming and dealing, at the evening you just want to have your peace. What is it that you're working so hard for? I don't find work to be work. I don't work for ambition sake which is a horrible word in itself because I don't even consider myself ambitious. Why? Wait a minute. What do you mean you're not ambitious? Well, I don't think I'm ambitious. I think I'm somebody that I enjoy so much what he's doing. I don't think it has anything to do with ambition, Mike. Good afternoon the Trump Organization. Ambition, creativity, money whatever. This is where the action is on the 26th floor Trump. I don't give a damn if he buys it or not. But if he's going to buy it... United Parcel try to convince him to take $40 million for a small piece of his Lincoln West project, that 100 acres on the Hudson River and that's almost half what Trump paid for the entire piece. But I don't want to make a big deal out of it. Frankly, I don't want to sell the piece. I mean you know we're talking about like doing a big deal. I really want to make a deal. He talks of millions the way most of us talk of nickels and dimes. His critics say he's one of the culprits who is making New York too much a city for the rich. On the west side, you're talking about building for the rich. That's me, but... Here for the rich, Trump plaza for the rich There are no programs. You don't have any programs. Nothing else you can do. The U.S. government used to give big tax deductions to real estate developers to encourage them to build low and middle income housing. Not so anymore says Trump. I'm talking financing programs for senior citizens for people who are infirm for elderly, for middle income. So in New York City is becoming the city for the rich or the very poor? New York City has been becoming a city of the very rich actually and the poor unfortunately and the middle class are having a hard time and it's a big problem. It's a big problem for New York. Trump lengths the attention you get from crowns from the establishment and from the press. But he is very sensitive about the press. I don't think they portrayed, what I'm really all about necessarily. Worry about that they fail to... I believe they like making me out to be somebody a little bit more sinister than I really am and I don't look at myself necessarily as being sinister. But how can they make Donald Trump, all American Boy? I don't know that they portray Donald Trump as an American Boy. I'm not saying that I am by any means... The all American boy or sinister? [Inaudible] has a touchdown, Mike. Got to get Mike off their subject. You'd like to control everything. You'd like to control this [Inaudible]. You want to control Mrs. Trump. You want to control what's going on there in the field. You want to control... I know I'm not going to control the broadcast. I know I'm not going to control Mrs. Trump. To a minor extent you can wish what you want to happen on the field. I don't want to control anything. Even you would know that that's going through. That's why maybe [Inaudible]. There is one thing Donald Trump has not been able to control but tenants who live in this building at 100 Central Park South. A building Trump bought a few years back. It's filled with rent controlled apartments, occupied by tenants who are now angry because they say that Trump is trying to get them out by hook or crook, like most developers, he wants to evict the tenants, so he can build expensive new apartments and charge a bundle for them. And like most developers, he's having trouble doing it. He want us out, because he wants the building What's wrong with that? What's wrong with it? How about us? Where we'll go? What we're going to do? He's a very arrogant human being who really doesn't care about the lives of people like you see in this room here. He bought the building knowing exactly what this building was earning and exactly what the status of the building was. And yet now Donald would like to wipe out the rent control or rent stabilization laws with one snap of his own golden fingers. And that's not the way this world works. Almost nobody believes that you're going to be able to get those tenants out of there. This is a fight that's going to go on and on and on. Could be, could be. We'll see what happens, Mike. And what they call you arrogant and cruel those tenants over there. Does that get under your skin? No, because you see I think I'm right. And when I think I'm right nothing bothers me, nothing gets too much under my skin. Again, you have multimillionaires living in rent controlled apartments and I think it's just... Not just multimillionaires. Mike, you take a look at the people and don't let them parade with their little dresses that they go out and buy because you happened to be here for $10 so they looked nice and poor. You go look into the people and you go see, you tell me you come back in six months and tell me that they're not very wealthy people. You will be very surprised to find out, the very wealthy people, Mike. He will say there are people here with a lot of money who are taking advantage of him. Well, I know that. And he says, taking advantage, does he mean that they're not able to live up to their lease and if they are living up to their lease and the law is the lease. And the lease if he wants to change the law fine. With respect to his Central Park South property there I'm not crazy about the way he's proceeding. But one has to remember is that no one says he's an angel and where he violates certain rules regulations. We're going to hold him accountable. But on balance I believe he is a big plus for New York City.