Michael Cohen sells stakes in two buildings, pleads guilty on federal charges

Trump fixer pleads guilty to multiple counts of fraud and campaign finance violations Tuesday

New York /
Aug.August 21, 2018 04:48 PM

Michael Cohen and 133 Avenue D

UPDATED, 3:05 p.m. Aug. 22: Michael Cohen, the beleaguered former personal attorney to President Trump, sold stakes in two apartment buildings in the East Village and Upper East Side totaling $12.9 million, records filed with the city Tuesday and Wednesday show.

133 Avenue D (Credit: Streeteasy)

Cohen, who is also the former deputy national finance chair of the Republican National Committee, pleaded guilty to felony counts of fraud and campaign finance violations on Tuesday. The charges included failing to report $4.1 million in income to the Internal Revenue Service between years 2012 and 2016, including $100,000 in brokerage commissions, Deputy US Attorney Robert Khuzami said.

At 133 Avenue D, Cohen  sold four stakes to his joint venture partner in the building, Vintage Group, for $4 million, according to the filings. He sold four stakes at 330 East 63rd Street to Vintage for $8.9 million.

Vintage Group’s Eric Nelson did not immediately return a call seeking comment. Cohen did not immediately respond to an email seeking comment.

330 East 63rd Street (Credit: Google Maps)

It’s the latest real estate maneuver for the embattled Cohen, who last week put a luxury apartment he owned up for $25,000-a-month rent in the face of mounting legal fees and possible criminal penalties.

Bloomberg previously reported that 133 Avenue D — which has 20 apartments as well as retail — had $5 million in untapped equity that Cohen could potentially borrow against if he were strapped for funds.

Cohen and Vintage Group purchased the building for $10.5 million in 2015. It’s not clear what percentage of it Cohen owned and how much the value has changed overtime, however.

In 2015, Cohen bought the 92-unit 330 East 63rd Street for $58 million.

Clarification: This story was updated multiple times to account for new filings with the city’s Department of Finance.


Related Articles

arrow_forward_ios
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
Urban Commons puts FiDi hotel into bankruptcy
Urban Commons puts FiDi hotel into bankruptcy
(Illustration by The Real Deal; Getty)
Multifamily faces stricter emission caps
Multifamily faces stricter emission caps
Amir Korangy, Michael Shvo and Jeff Greene
Michael Shvo and Jeff Greene talk distress, opportunities in office
Michael Shvo and Jeff Greene talk distress, opportunities in office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...