Ladies and gentlemen, drum roll please. I give you Mei. Mei is a master barber. For twenty years she has trimmed my beard and shaved me every ten days or so and cut my hair every few months. I don’t shave inbetween visits. Mei is the only one who puts razor to my face. Each meeting keeps to the formula; each meeting is a little different. Lately, she has been putting less time into the shaving portion of the ritual but has added more hot towels and more time to the facial and cranial massage. It more than compensates. Frequently, I’ll prepare myself with a little herbal stimulation before the proceedings, lay back in the chair, and let the pampering take me somewhere close to transcendence. Mei works at 40th and Lex in a not-ironically-retro beauty parlor type establishment where the predominate clientele are geriatric ladies getting their hair done by the Russian stylists who are pretty exclusively the staff of the shop. Mei’s clientele are overwhelmingly men.
When I closed my law office my intention was to work as a freelance journalist and I told Mei so. “Do you want a story to write?” she said. “I have a story. About me.” We meet the following week at Bloom’s Deli after her last of the day. Over hamburgers and french fries, she told me a tale of herTaiwanese youth, fraught with Dickensian challenges. She was the third child, the third daughter, and was not a very healthy baby which, together, earned her the contempt of her despotic father. He made it known around their village that he would give Mei away to any taker. While she was still a little girl she was given to another couple who returned her soon after, adding to her father’s anger even more. This was the story she wanted to tell, the life of a child unloved but the story I thought I was more interested was her later life, how she learned her trade and then her version of the immigrant experience in New York City, so I didn’t pursue the child’s tale. In retrospect, her’s is the better story. She lives alone in Elmhurst now, close to her mother and to five of her six siblings. Relations within the very hierarchical family are a constant source of complication in her life. She’s the kind of person who always smiles, is open and chatty but dig a little and you’ll find she always seems to have the blues. She likes her work, though, and her clients. Jolean and I have had dinner with her at her local Taiwanese in Elmhurst. I consider her a friend. If you’d like to make an appointment with her, call the shop at 212-532-0692.

Having worked for thirty years in the highest echelons of the New York City real estate industry, I have a perspective on Donald j. Trump which is, perhaps, not unique but is certainly underreported. I have done deals with Harry Macklowe, Gary Barnett, Steve Ross, Steve Witkoff, Larry Silverstein, Aby Rosen and many other smaller developers in the Manhattan market and I can tell you with certainty that DJT is not only not respected by the development community in New York, he’s not even regarded as a developer. Let’s start with the most important fact – DJT only holds equity in three properties in Manhattan: the retail condominium at Trump Tower on Fifth Avenue, 40 Wall Street (an old FIDI building Trump bought to convert to residential which remains undeveloped and largely unoccupied) and a partial interest in a Sixth Avenue office building. That’s it. All those other buildings which bear the Trump name have been sold by Trump, have been taken by lenders in satisfaction of guarantees Trump lacked the cash to pay, are licensing the Trump name, are managed by Trump or were required to keep the Trump name as a condition of sale. DJT does not have a single penny of ownership in them. Not a penny. And the properties he does own have significant mortgages on them because, as DJT has proudly admitted, he is highly reliant on debt. Not that that’s a bad thing. All development is reliant on debt, usually personally guaranteed or bonded debt, and the most successful developers are admired as risk takers, the swashbucklers of the industry. And they often fail and face foreclosure or bankruptcy but the best ones come back and are even more respected for it. That’s not the DJT story. Every construction project Trump has undertaken was guaranteed by his father Fred. Donald was not taking the risk. Fred was. Fred was very well connected with the Brooklyn democratic machine and City Hall and every one of Trump’s projects benefited by that connection in the form of tax abatements given by the City to encourage the development of housing. Of housing! First the Hyatt Hotel and then Trump Tower were deemed to be housing according to Comptroller, then Mayor, Abe Beame. And during Fred’s lifetime, when Donald had access to his credit line, there were a few successes, including, initially, the Atlantic City casinos. Then came the Taj. It was to be the largest and most luxurious of the Atlantic City casinos. DJT got construction financing, all of which was personally guaranteed and guaranteed by the entities which owned the other casinos. Costs exceeded estimates and the lenders were squeezed into lending new money to protect the old. When the project was finally completed, the debt was too high, and the actual income too low, to support a permanent loan to take out the construction lenders so the Taj defaulted on it’s loans, the lenders called in the guarantees and, in the end, the bankruptcy court left DJT with NOTHING but the aforementioned three properties (and, I believe, Mar-a-Lago) and the Taj, which, despite renegotiation of its debt many times, remains underwater. How, then, does DJT value his worth at $10 billion? He has determined that a bonanza fide purchaser in an arm’s length transaction would pay him $8 billion for the exclusive right to put the Trump name on hotels, residential buildings, golf courses, ties and all the other things DJT is receiving income from. Now, does Trump naming rights have any value whatsoever to someone who is not named Trump? Probably not. Does the current cash flow support a valuation of $8 billion? We won’t know until we see the tax returns, which is undoubtedly why he is so reticent to provide them. Look, DJT’s not worth nothing. He probably has a legitimate balance sheet of a couple of billion which is not chump change. The problem is the outlandish claims he makes for himself. The NYC real estate industry is full of Trumps, loudmouth wheeler dealers trying to make themselves grander, more fabulous than they really are. Dozens of them, many of whom have real assets valued way higher than Trump’s. In the end, Trump has produced not so many successful projects but a whole lot of schadenfreude among the NYC players.
of my blood and zap it so it becomes radioactive, then they inject the blood back into me and do a scan. The scan shows a little blush in the small bowel. The surgical team gets ready to do an angioplasty to correct whatever the condition is but Dr. Horbar decides to try the pillcam first. Meanwhile, through all of this, my hemoglobin is holding steady at 7.2 which indicates there is no active bleed. Remember, this is my second day admitted. I swallow the pillcam
easily, I’ve reached a tipping point. A question that was always answered (subject to the usual guilt restraints) “yes” is now sometimes no. Which will at least have the happy effect that a higher percentage of my flights will not be solo.