The Trump Organization sold $35M of real estate in 2018

The president's company earned $20M alone in the sale of Brooklyn's Starrett City
January 11, 2019 06:15PM

Donald Trump and Starrett City (Credit: Getty Images)

The Trump Organization sold close to $35 million in real estate last year, thanks in large part to the sale of Starrett City, a federally subsidized housing complex in Brooklyn.

A Forbes report detailing President Trump’s real estate holdings found that he still owns an estimated $437 million worth of residential property. After becoming president, Trump stepped back from operating the Trump Organization but retained ownership of the company.

The majority of the proceeds, or $20 million, was generated from the sale of Starrett City to Brooksville Company and Rockpoint Group for $905 million, of which Trump owned a 4 percent stake in the property, according to financial disclosures he made prior to the election.

The president also benefitted from the $11 million sale of 36 units at his Las Vegas Trump Tower, which he owns in a 50-50 partnership with casino mogul Phil Ruffin, according to Forbes.

Other sales reportedly included a warehouse in South Carolina for $4.1 million, three parking spaces at his Chicago Trump International Hotel and Tower for $170,000 and three vacant lots adjacent to a Trump golf course near Los Angeles for $5.6 million. [Forbes] — David Jeans