Cohen’s In-Laws Look to Sell Units in Trump World Tower Building
Cohen’s In-Laws Look to Sell Units in Trump World Tower Building
(Bloomberg) -- Relatives of Michael Cohen, President Donald Trump’s longtime personal lawyer, are looking to unload condominium units in a Trump building as he faces down an expensive legal battle.
Fima Shusterman, Cohen’s father-in-law, is trying to sell all three units he owns in Trump World Tower in Manhattan near the U.N., according to two people familiar with the process. Two of the units, including one that Shusterman and his wife Ania live in, are listed for sale on the website for Trump International Realty for a combined $11.2 million.
The Shustermans, who didn’t immediately return a request for comment, bought the units between 2003 and 2005.
Earlier: Cohen Investigators Restore 16 Pages From His Shredder
Cohen is under investigation by federal authorities in Manhattan over a wide range of business activities. He has been racking up extensive legal bills since his properties were raided by the FBI in April.
Documents, cellphones and other records seized in the raid are being reviewed to determine how much is protected by attorney-client privilege. A special master appointed by the court is asking to extend the deadline for that review until June 25. On Friday, the government said that prosecutors had reconstructed 16 pages of shredded documents and large amounts of data from encrypted messaging software like WhatsApp and Signal, as well as a BlackBerry device.
Cohen is parting ways with his lawyers and is expected to hire a criminal defense lawyer with experience with the prosecutors in the Southern District in Manhattan.
Among Cohen’s business troubles is a tax-medallion business that has declined in value. One of his associates is cooperating with authorities putting together a case against Cohen. Cohen and the Shustermans invested side by side in taxi businesses in New York and Chicago.
The Shustermans have been impatient to sell the units and frequently call real estate agents for updates on potential sales, one of the people said. The Trump realty company began listing the units earlier this year.
The Manhattan luxury market has grown sluggish as a glut of new product has come on line. It has been especially difficult to sell older vintage inventory amid all the new available units. The Shustermans have been unwilling to budge on price, the person said.
One three-bedroom unit, 57B, is listed for $6.7 million on the website. The Shustermans purchased it for $3.6 million in 2005.
Another, a two bedroom unit, 42A, is listed for $4.5 million. The Shustermans paid $2.2 million in 2004.
The third unit owned by the family, 43C, was purchased for $1.85 million in 2003. It’s not listed on the Trump realty website, but the people said that it, too, is for sale.
To contact the reporters on this story: Caleb Melby in New York at cmelby@bloomberg.net;Shahien Nasiripour in New York at snasiripour1@bloomberg.net
To contact the editors responsible for this story: Jeffrey D Grocott at jgrocott2@bloomberg.net, David S. Joachim
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