Penthouse for Putin: Trump Org planned to give Russian prez $50M unit in failed Moscow tower, report says

The stunt was conceived by Russian-born developer Felix Sater

National /
Nov.November 29, 2018 08:02 PM

Vladimir Putin and Michael Cohen (Credit: Getty Images)

The Trump Organization was prepared to offer Russian President Vladimir Putin a $50 million penthouse as part of a marketing stunt to sell units in its proposed Trump Tower Moscow.

Two U.S. law enforcement officials shared details of the penthouse giveaway with BuzzFeed News hours after President Trump’s former personal attorney Michael Cohen pleaded guilty on Thursday to a new criminal charge in connection with his role in negotiations for Trump Tower Moscow. The proposed 100-story tower was never built.

The idea of giving Putin a penthouse came from Russian-born developer Felix Sater, who previously worked on the Trump SoHo hotel and condo, among other Trump licensing deals.

“In Russia, the oligarchs would bend over backwards to live in the same building as Vladimir Putin,” Sater told BuzzFeed. “My idea was to give a $50 million penthouse to Putin and charge $250 million more for the rest of the units. All the oligarchs would line up to live in the same building as Putin.”

Sater said Cohen’s response to his proposition was, “Great idea.”

The law enforcement officials told BuzzFeed that Cohen talked about it with an assistant for Putin’s press secretary, Dmitry Peskov.

Cohen told the court on Thursday that he lied to Congress about negotiations for the Trump Tower Moscow project, which were renewed in summer 2016 amid the Republican primary campaign, to protect the president. Cohen also admitted to downplaying his role.

It is not clear whether Trump knew about the penthouse plan but he told reporters on Thursday that, as he went into the 2016 presidential election, he felt “there was a good chance that I wouldn’t have won… in which case I would have gotten back into the business, and why should I lose lots of opportunities?”

During a panel earlier this fall, Sater described doing business with Trump: “I would show him a deal and he’d say, ‘let’s go,’” he recalled. “The due diligence part was kind of light.” [BuzzFeed] — Erin Hudson


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
arrow_forward_ios

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

Loading...