September, Thursday 19, 2024

Potential losses for Donald Trump: The buildings in New York at stake


PUTBabHfL59ac4u.png

A judge's ruling in a lawsuit filed against Donald Trump and his family by New York Attorney General Letitia James has raised uncertainty about the fate of some of the former president's flagship properties. The ruling orders Mr. Trump's companies to be removed from his control, limiting his ability to do business in New York. The outcome of the ruling is still unclear, but it could potentially result in the Trump Organization having to sell some of its most iconic landmarks. Among the properties that Mr. Trump might lose is Trump Tower, located on Fifth Avenue in Manhattan, which serves as the headquarters for the Trump Organization. The lawsuit alleges that Mr. Trump inflated the value of his penthouse condominium in the tower, among other property valuation discrepancies. Another property at stake is the Trump Building in New York's financial district, which prosecutors claim was overvalued. Additionally, the Trump Organization's Bedford estate in New York's Westchester Country is also accused of being overvalued. The ruling may extend beyond New York properties, potentially affecting Mr. Trump's Mar-a-Lago estate in Palm Beach, Florida. The ruling cited an appraisal that valued Mar-a-Lago significantly lower than what Mr. Trump claimed. Mr. Trump and his son, Eric, have responded to the ruling with criticism, expressing disagreement with the property valuations.