New York AG to Cushman: Comply in Trump probe

Real estate services company insists it is cooperating

New York /
Apr.April 11, 2022 05:17 PM
From left: Donald Trump, Cushman & Wakefield's Brett White and Letitia James with 40 Wall Street (Getty)

From left: Donald Trump, Cushman & Wakefield’s Brett White and Letitia James with 40 Wall Street (Getty)

New York Attorney General Letitia James has had enough of real estate services giant Cushman & Wakefield.

James went to state court last week to compel Cushman to comply with her subpoenas for her civil inquiry into Donald Trump, Bisnow reported. Cushman did business with the former president prior to the Jan. 6 attack on the Capitol last year.

According to James, Cushman did appraisals for several Trump properties, including 40 Wall Street in Manhattan and the Seven Springs estate in Westchester County, which are part of her civil probe into whether the Trump Organization misstated real estate values for tax purposes or more favorable loan terms.

James wants to know if Cushman’s appraisals were misleading or fraudulent, according to Bisnow. According to the filing, Cushman has withheld hundreds of documents and instructed four witnesses not to answer questions based on “meritless” assertions of privilege by the Trump Organization.

The real estate services giant claims otherwise.

“Any suggestion that Cushman & Wakefield has not responded in good faith to the attorney general’s investigation is fundamentally untrue,” Cushman said in a statement. “We stand behind our appraisers and our work.”

Earlier this year, James’ office filed detailed allegations about the case, claiming investigators “uncovered significant evidence” suggesting misleading or fraudulent asset valuations were used to woo lenders, insurers and the IRS. Six properties were named, including the Trump Tower triplex.

James alleged that when Trump sought to refinance 40 Wall Street in 2015, his statement of financial condition estimated a $735 million valuation of the property, but one lender valued it at only $257 million.

Trump and the Trump Organization have fought the allegations, both in court and on social media.

Meanwhile, the criminal investigation into Trump continues, the Manhattan DA recently announced, despite chatter the investigation was winding down after two prosecutors leading it resigned.

Trump recently scored a victory on the links after a judge ruled the city’s grounds for kicking his company out of its management role at the Trump Golf Links at Ferry Point were flawed.

After the ruling, the ex-president’s son Eric Trump said the company would continue to run the course.

[Bisnow] — Holden Walter-Warner





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