The Real Deal New York

Trump Plaza loan recipients sell unit for $5.6M

Schoemans were asked to pay $3M when their co-op bought the building's land-lease

October 16, 2015 10:36AM

Trump Plaza

Trump Plaza at 167 East 61st Street

Michael and Diane Schoeman, squeezed by the Trump Plaza’s land-lease buyout, have quit the building.

The pair sold their unit at the co-op, located at 167 East 61st Street, earning $5.6 million, a bit below the $6 million asking price.

The Schoemans were part of a small number of Trump Plaza residents who couldn’t pay their share or take a mortgage when the co-op decided to buy the building’s land-lease for $190 million late last year.The couple, whose share was assessed at $2.8 million, received a “support loan” from the co-op, at 5 percent interest, to be paid back when the Schoeman’s sold the unit, the New York Post reported.

Behind the story:

Trump Organization
Ryan Serhant

The couple, who are the first owners to resolve their support loan, will have to swallow the $1.5 million they spent renovating the building, according to the New York Times.

Nest Seekers Internationals’ Ryan Serhant, Kaptan Unugur and Linda Ho had the listing. [NYP]Ariel Stulberg