Trump contracted for 40 Wall.

One of Downtown's most unique skyscrapers is now under contract to developer Donald J. Trump, who intends to create a mixed-use commercial and residential property should the Downtown Plan pass through the Albany portals.

Forty Wall has passed through a number of hands in the last ten

The Marcos had purchased the 70-story tower for $70 million in 1982 and it was passed to the Resnicks for $77 million. Kinson had purchased the 80 percent empty building at a Citicorp auction for a reported $9.82 per square foot for the 1.1 million square foot leasehold or about $7 million. The company was going to make it a viable office building and had ambitious plans for indoor waterfalls and atriums. Those plans were both structurally unsound and ambitiously and prohibitively expensive, say real estate executives.

Additionally, the Chinese parent company began having misgivings about the expected cost of the improvements and did not attempt to lease the property while considering its options.

"It's a terrific building and terrific location," said Trump. "It's a beautiful looking building and I think we'll do a beautiful renovation."

Trump will probably use the first 35 floors of the tower base for offices and the slender tower, with the remaining 35 stories of 7,000 to 8,000 square-foot floors, as residences.

Brokers say the price for the option, contingent on the passage of the Downtown incentive plan, was under $5 million for the 70-story property.

The Depression left 40 Wall half-empty at reduced rentals and the property fell into foreclosure. The end of World War II brought new power and vision to Wall Street and the green, pyramid-topped landmark was finally able to attract and maintain a steady and impressive clientele, including firms such as Dewey, Ballantine and Bache & Co. The building was distinguished both architecturally and by the calibre of its tenants.

The lease provisions - originally agreed to in 1967 by then fee owner Metropolitan Life, and henry Loeb, Clifford Michel and George Comfort as tenants - require the property lessees to maintain this standard.

In the 1980s, the property had been leased by the Marcos family. Morgan Guaranty soon vacated 206,044 square feet in a consolidation of its offices and led to some of its current vacancy problems.

It's green topped tower has always been an impressive skyline feature and its superb views of the East River and New York harbor should make it attractive for condominium owners.

Under the Downtown plan incentive package, a converter to apartments must keep the apartments rent-stabilized during the time of receipt of the incentives, unless a co-op or condo plan is created. While there has been speculation as to whether an initial apartment rent of $2,000 would take the units from Division of Housing and Community Renewal control, owner group representatives say there are provisions in the luxury decontrol bills that specifically direct that rental units which obtain incentives remain under stabilization rules.

The property itself is owned by J. Walter Hinneberg. A clause in the ground lease document states that the lessee must expend funds to maintain the building as a first class property. The lease requires the payment of $1.5 million per year until 2010, when the terms will be renegotiated. The lease runs until 2059.

Kinson, a subsidiary of Ocean Voice Industries of Hong Kong, had pledged $25 million for renovations that are still sorely needed. They were going to make it their headquarters.

In 1929, the property was for a brief period the tallest building in the world. The Chrysler Building's rival architect waited until his former partner topped off 40 Wall and then installed a 185 foot spire he had ferreted inside the uptown structure. Both were eclipsed by the Empire State Building two years later. 40 Wall still holds the title of tallest mid-block building.