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Here’s what Trump owns in the Hudson Valley and in NY
Trump can’t obtain appeal bond in New York fraud case
According to a New York court filing, Trump isn’t able to secure a $454 million bond as he appeals a civil business fraud judgement against him.
Wibbitz – Politics
Entering Monday, March 25 deadline, former President Donald Trump hadn’t been able to get a bond in his civil fraud case to shield his assets while he appeals a $454 million judgment, his lawyers told an appeals court in New York.
The $454 million is a civil judgment against Trump for overstating his net worth and the value of his real estate properties to dupe investors and lenders.
Already, New York Attorney General Letitia James had notified Westchester County of the civil court award. Trump owns Seven Springs, “one of the most prestigious private estates,” according to its website, as well as a golf course, Trump National Golf Club, in that county.
On Monday, a New York appeals court ruled that the former president has 10 days to reach a bond of $175 million.
Seven Springs spans across three towns: Bedford, New Castle and North Castle. A 2016 appraisal put the property’s value at $56.5 million.
The notification, which occurred March 6, was registered against Trump, the Trump Organization, and two of his children. It does not mean that seizures are imminent, but is a procedural step should James seek to seize them.
More: AG James finds Trump’s valuations suspect at Trump National and Seven Springs in Westchester
James has pledged to pursue Trump’s assets if he can’t post a bond or deposit to cover the judgment.
“We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day,” James told ABC News last month, referring to the Trump Building in Manhattan.
However, Trump’s lawyers have argued, “Obtaining such cash through a ‘fire sale’ of real estate holdings would inevitably result in massive, irrecoverable losses — textbook irreparable injury.”
As well, Mother Jones, citing a New York Times article, said that the valuation of condominiums in Trump-branded buildings have gone down in value as compared to those in buildings that retained the name, which increased.
“This analysis cleanly identifies that it is the Trump brand that is responsible for the value deterioration. Removing the Trump name from the building removes the loss associated with the name,” said Stijn Van Nieuwerburgh, a Columbia University real estate professor, to the New York Times.
Related: Trump real-estate brand in Westchester collides with 45th president’s political world
Trump also owns in the Hudson Valley the Trump National Golf Club, Hudson Valley, in Hopewell Junction, in Dutchess County.
Other Trump-owned properties, even partially, in New York, include:
Trump International Hotel and Tower
Trump International Hotel and Tower, 1 Central Park West. According to Curbed, which cites a New York Times article, General Electric and Ohio’s Galbreath Company owns the majority of the property but Trump owns the parking garage, the valet booth, room-service kitchens, lobby bathrooms, a restaurant space, and one unit.
Trump Tower
Trump Tower, 725 Fifth Avenue. Trump owns an apartment here while the Trump Organization owns the retail and commercial portions. Newsweek cited a 2017 Forbes valuation of the building at $371 million.
The Trump Building
The Trump Building, 40 Wall Street. The Trump organization owns the ground lease, which means it has a leasehold interest in the building and the land, paying rent to the owner. A 2012 bank appraisal valued the building at $220 million. If the valuation still holds today — Trump put the value at $530 million in 2013, according to James’ lawsuit — that’s a little less than half of the $454 million bond sought.
1290 Avenue of the Americas
1290 Avenue of the Americas: Trump owns a 30 percent stake in the building, although that can’t be sold until 2044.
That 30 percent, however was worth about $640 million in 2016, says 6sqft, citing a Bloomberg article.
Trump Park Avenue
Trump Park Avenue, 502 Park Avenue. According to the Attorney General’s office, the Trump Organization in 2020 received an appraisal with a value of $84.5 million. Trump or the organization owns unsold residential condominium units here.
4-8 East 57th Street
4-8 East 57th Street. Known as “Niketown,” as the retail space was leased to Nike for many years, Trump owns the ground lease but not the land.
Trump Parc and Trump Parc East
Trump Parc and Trump Parc East, 100-106 Central Park South.
Previous Reuters and USA Today stories were used in this reporting.
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