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Trump's $1.7 Billion Deal Not Yooge Enough
By
Jen Chung
Published Jul 12, 2005
Modified Mar 7, 2008
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By
Jen Chung
Published Jul 12, 2005
Modified Mar 7, 2008
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Donald J. Trump is suing his Asian real estate partners because he think the $1.7 billion deal for his Riverside South development is too low. Yes, Trump is suing the same investors who bailed him out when he didn't have any money to develop the land himself. You know, you'd think the investors, the Hudson Waterfront Associates, would just want a tidy profit, since they purchased the land in 1994 for $100 million! But Trump (and his lawyer, but not George) claim that Henry Cheng "improperly pressured Trump to surrender his rights," as well as allege that Cheng's group didn't report profit to avoid paying taxes. Anyway, here's the Trump Hyperbole for this incident: "This is the most important piece of property in Manhattan [for sale] in one of the hottest real-estate markets in history." Um, Gothamist thought the most important proprety was the West Side Rail Yards!
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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