After quite a lot of controversy, construction on the Trump Tower started last year. There was quite a lot of work to do before they could actually start building. Here's the progress as of today. You can see the IBM building in the background. Here's a picture of how the Tower will look when built.
The Trump site says that it will be delivered in 2008 (although wikipedia lists the completion date as 2009), with 98 floors, making it the second largest building in the world. In contrast, the Chrysler Building, which at the time of completion in 1929 was the world's tallest building, has 77 floors. The Chrysler Building was built with an average of 4 floors per week with no worker deaths. So far, it seems that the Trump Tower is not concerned with meeting that pace - but I'll keep you posted.