All of which reinforces the veracity of the verdict.Trump, An Overview
Property Rich? This is just a tip of what his properties are like:
In 2015, 17 buildings in Manhattan bearing Trump’s name were reported (along with Central Park’s Wollman Rink and the Trump Golf Links golf course in the Bronx). But a number of those have since shed their Trump branding, and it appears his hold on many of the remaining properties is tenuous at best — one licensing-deal expiration away.
Trump International Hotel and Tower
The Columbus Circle building bears his moniker, but he owns little of the space. It is roughly half hotel rooms and half condos. The majority owner is General Electric and Ohio’s Galbreath Company. According to the New York Times, Trump owns the parking garage, the valet booth, room-service kitchens, lobby bathrooms, a restaurant space, and one unit.
Trump Tower – Fifth Avenue
While 40 Wall Street is one of Trump’s largest holdings, he doesn’t own the land it is built upon. He controls and manages the building. If that is confusing, this will help. Trump owns the “ground lease” to the 72-story building, which requires him to pay rent to the landowners—the wealthy Hinneberg family of Germany. Basically, he rents the dirt on a 99-year lease, and at the end of 99 years, the lease expires. Then, the structure becomes the property of the Hinneberg family. Trump no longer controls or receives anything.
His penthouse is the famous 30,000-square-foot ‘mistake’ in his fraud case. The actual square footage is about 10,000 sf.
1290 Avenue of the Americas
Hong Kong investors bailed Trump out of financial trouble by swapping the residential project near Lincoln Center. This left Trump with a 30 percent stake in the 1290 Avenue building that is locked up until 2044, which means he can’t sell it until then (when he’ll be 97 years old). The Hong Kong investors then sold their controlling interest to Vornado. Trump has no control over the building’s management or branding, but his share on paper is one of his company’s biggest assets.
DA Letitia James accuses Trump of conveniently omitting the restrictions of the share — like not being able to sell it for decades — in his financial statements, which falsely portrayed the amount as “cash” that he controlled. James said Trump cherry-picked numbers to create “false and misleading valuations” that made the property appear to be worth $1.5 billion more than it was in reality.
Trump Park Avenue
502 Park Avenue
Trump reportedly owned 23 apartments in this 32-story building as of 2013, which included unsold condos and rental units. In 2011, Ivanka Trump rented one of the unsold penthouses, which included an option to buy it for $8.5 million. But shortly thereafter, the Trump Organization claimed the unit was worth $25 million without disclosing the far cheaper price offered to Ivanka.
Another issue was that 12 of the building’s apartments are rent-stabilized — Don Jr. has reportedly called them “the bane of my existence” — and appraised by a bank at $750,000 in total.
The Trump Organization claimed those apartments were worth as much as $50 million. This creative accounting enabled the Trump Organization to value the building as high as $350 million, James’s lawsuit said. But in reality, it was worth much less — $72.5 million, according to a 2010 valuation.
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I haven't dug through the rest --- it's not worth the tribulation after seeing these.