Investigators want to find out if the firm Cushman & Wakefield helped the Trump Organization misrepresent the value of their properties.
According to a court filing on Friday, the real estate company complied with two subpoenas for information back in 2019. But the firm has not turned over evidence after getting a subpoena in September last year—or one it received this past February.
Cushman & Wakefield’s willingness to play ball on suspicious valuations for those properties was featured in the AG’s stunningFor example, documents obtained by investigators show that a team of appraisers at Cushman & Wakefield assessed the Trump Organization’s share of the Wall Street tower at $200 million in 2010, then bumped it up to $220 million in 2012.
Material gathered by the AG’s office also shows that Trump’s second son, Eric, hired the real estate firm in June 2015 to appraise the Seven Springs estate. The firm determined that the property was worth $56.5 million shortly before Trump gave away development rights on a huge chunk of that land. The move allowed Trump to take a $21 million tax break.
“The [Office of the Attorney General] has identified evidence that the March 2016 appraisal itself relied on questionable assumptions indicating misrepresentations and significant omissions—such that even the $56.5 million valuation in that appraisal was improperly inflated,” New York government lawyers wrote in court papers in January.The real estate company
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