Donald Trump Sells Another Condo at Trump Park Avenue

Six months after selling a New York penthouse for US$21 million, Republican presidential candidate and real-estate developer Donald Trump has sold another condo in the same building for US$14.05 million.

Maybe Donald Trump is trying to distance himself from New York in the run-up to the Iowa caucuses. Maybe he thinks the market has peaked — or the apartment is a loser.

Either way, the developer and Republican presidential candidate is selling another one of his units at the Trump Park Avenue on the Upper East Side.

Trump parted with his 4,200-square-foot sponsor unit, the 27th-floor of the former Delmonico Hotel at Park Avenue and 59th Street, collecting $14 million, the Wall Street Journal reported.

Trump never lived at the unit, renting it out instead, Michelle Griffith of Trump International Realty, who represented both sides in the deal, told the Journal.

He originally listed it in early December at $16.8 million.

The sale wasn’t about raising funds for his presidential campaign, Ivanka Trump of the Trump Organization told the Journal. The apartments’ buyer is unknown.

“We sell units when the market is conducive to selling,” she told the paper.

The 4,192-square-foot (389 square-meter) apartment spanning the entire 27th floor of 502 Park Ave. has a private elevator, four bedrooms and six-and-a-half baths, according to property website StreetEasy. It was listed Dec. 1 for $16.8 million, the site shows. Trump sold a unit on the building’s 24th floor for $21 million in July.

Amanda Miller, a Trump Organization spokeswoman, confirmed that the sale occurred. The billionaire never lived in the condo, according to a Wall Street Journal report on the transaction Wednesday.

 A Bloomberg analysis valued Trump’s net worth at $2.9 billion in July, including $200 million for condominium stock at 502 Park Ave. The analysis valued the 27th-floor apartment at $18 million, based on then-recent sales at the property.

Trump is a leading contender to become the Republican nominee in the race for the U.S. presidency. A Bloomberg Politics/Des Moines Register Iowa Poll releasedWednesday shows Trump and U.S. Senator Ted Cruz locked in a tight race for first place in Iowa, the first state to cast votes in the election.\

The full-floor unit measures about 4,200 square feet, with oak floors, handcrafted Italian brass doorknobs and views of Park Avenue. The unit was renovated before going on the market, Ms. Griffith said.

The 32-story tower, formerly the Delmonico Hotel, is located on Park Avenue at 59th Street.Mr. Trump bought the building in 2001 for $115 million and converted it to condominiums. Another penthouse he owns in the building is listed with Ms. Griffith for $35 million.

The sale isn’t related to political fundraising, said Ivanka Trump, executive vice president of development and acquisitions of the Trump Organization and Mr. Trump’s daughter. “We sell units when the market is conducive to selling,” she said.

Ms. Griffith said she’s sold over $45 million worth of real estate in Trump Park Avenue in the last 12 months. She said it is difficult to tell, however, whether Mr. Trump’s increased visibility due to his campaign has led to more sales at the building. When asked the same question, Ms. Trump said: “The brand has never been stronger.”

This Post Was Last Updated On: February  03, 2016 By Author: Amir Shehzad

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