The Real Deal New York

Category: Donald Trump

  • From left: Trump Bay Street Liz Krueger, Jared Kushner and Donald Trump (Credit: Trump Bay Street and Getty Images)

    When the EB-5 visa program debuted in 1992, members of Congress said it would spur job growth and whip up a significant amount of capital investment from overseas. But despite vigorous support from the real estate industry and a largely supportive Congress, opposition against the program continues to mount. Critics have taken aim at Ponzi-style schemes, murky sources of funding, and vague job creation results as reasons to pull the plug on the dollars-for-visas program.

    Now, there’s another argument you can toss into that anti-EB-5 political salad: the program is a big, beautiful door through which President Donald Trump can both enrich himself and those around him, according to several New York State Democrats. [more]

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  • From the February issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate:

    To read other smart and/or funny sayings, click here for the full feature.

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  • From left: President Barack Obama, Angelique Brunner and President Donald Trump (Credit: Getty Images)

    Just before President Obama left office, the Department of Homeland Security proposed some serious rule changes to the EB-5 visa program, which awards green cards to foreign nationals investing in job-creating U.S. projects. The government currently gives out 10,000 of these visas a year, the overwhelming majority of them to Chinese investors investing in real estate development projects.

    In the wake of a number of scandals related to fraudulent investment activity, dirty money, and skepticism about how many jobs the program really creates, the Obama administration proposed raising the minimum investment threshold to more than double what it is now, shallowing the pool of eligible investors.

    While some advocates of the program have been quiet about what those changes might mean, Angelique Brunner, head of Washington’s EB5 Capital regional centers and spokesperson for the EB-5 Investment Coalition, a major lobbying group, said the proposed rules would spell the end of the program as we know it.  [more]

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  • In Trump we trust

    February 14, 2017 07:00AM By Will Parker

    From left: Donald Jr. and Eric Trump (Credit: Getty Images)

    During a heated press conference right before the inauguration, then President-elect Trump said he was stepping away from his sprawling business empire through a trust agreement with his two adult sons and a longtime company executive, Allen Weisselberg.

    But documents recently obtained by ProPublica showed that only Donald Jr. and Weisselberg were named trustees. Trump’s younger son, Eric was named chairman of the advisory board that’s supposed to work with the trust. And though both sons claim to have equal control over the Trump Organization, corporate lawyers said the structure in place provides little clarity about who’s in charge of the assets held by the trust. [more]

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  • From left: Christian Hinneberg, Donald Trump, 40 Wall Street and Horst Seehofer (Credit: Getty Images)

    A high-level German politician is trying to land a meeting with Donald Trump through Trump’s business partners and was offered a face-to-face in January, according to German media reports. The episode highlights the concern that Trump’s vast business ties could impact his presidency and create conflicts of interest. [more]

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  • Jeff Greene, left and Donald Trump, right

    From the South Florida website:  Billionaire real estate investor Jeff Greene said President Donald Trump’s recent visit and the accompanying traffic hurt his business at Tideline Resort & Spa. A portion of Palm Beach near Mar-a-Lago was effectively closed off by Secret Service while Trump was in town last weekend. And in West Palm Beach, Trump protesters jammed Flagler Drive. [more]

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  • From the February issue: The estimated net worth of Trump’s cabinet is now pegged between $12 and $15 billion — on par with the projected cost of building the Mexico border wall. Four of the new administration members follow in the footsteps of previous Goldman Sachs alumni to join the White House, including Robert Rubin, Stephen Friedman and Henry Paulson, while others hail from different realms of high finance. Here are some of the top names tied to Wall Street and NYC real estate. [more]

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  • Michael Cohen says so

    February 08, 2017 09:00AM By Kathryn Brenzel

    Michael Cohen in Trump Tower

    Gene “The Taxi King” Freidman’s bromance with Michael Cohen began in small claims court in the 1990s. The two men, sparring over a stolen client, had more in common than they knew: They owned rival taxi businesses, but were also both lawyers and came to court prepared to fight.

    What played out in front of the judge was a legal dance better suited to a more intricate case than a $5,000 claim.

    “The judge said, ‘It doesn’t even matter who wins. That was the most incredible bit of lawyering I’ve seen in small claims court,'” Freidman recounted, roughly 20 years later. The two men became close friends, and Cohen helped name Freidman’s oldest son, Dylan, after the Dylan Hotel. Click here to read more.

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  • Pentagon to rent office in Trump Tower

    February 08, 2017 08:30AM

    Trump Tower

    The Department of Defense plans to rent a small space in Trump Tower, but a corruption watchdog says that government payments to the Trump Organization would mix business with politics.

    “The space is necessary for the personnel and equipment who will support the POTUS at his residence in the building,” a Pentagon spokesperson told the Washington Post. [more]

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  • President The U.S. Securities and Exchange Commission seal and Donald Trump (Credit: Getty Images)

    Legal challenges may stand in the way of President Trump’s efforts to scale back Dodd-Frank.

    Trump signed an executive order on Friday requiring the U.S. Treasury Department to roll back the post-crisis package of financial regulations, but the Securities and Exchange Commission might have a difficult time following through on the order. The SEC can’t repeal Dodd-Frank outright since it’s an act of Congress — the agency can only tweak it or create exemptions, according to the Wall Street Journal reported. But even those changes face possible hurdles in the form of judicial review. [more]

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  • Tham Kannalikham and Richard Sammons  (Photo by Sean Zanni/Patrick McMullan via Getty Images)

    So far, Trump’s name hasn’t been plastered to the White House roof. And so far, there seems to be minimal gold being splashed about. But that may soon change. Trump recently announced the name of his White House interior decorator, and it’s left interior design buffs baffled. [more]

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  • (Credit: Getty Images)

    The Mar-a-Lago Club is Trump’s Florida resort and home base outside of Manhattan. The former home to the heiress of Post Cereal, Marjorie Merriweather Post, Trump turned it into a luxury resort in the ’80s. [more]

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  • Brookfield Place

    Donald Trump’s election victory led Brookfield Property Partners to delay a decision on whether to place its U.S. assets into a real estate investment trust. [more]

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  • Steven Mnuchin and President Donald Trump (Credit: Getty Images)

    Continuing his flurry of executive actions since taking office, President Donald Trump is expected to sign an order sharply limiting the Dodd-Frank Act rules today.

    In addition to scaling back the regulatory system, which was put in place in 2010, Trump will also put an end to the so-called fiduciary rule, which requires advisers on retirement accounts to act in the best interest of their clients. [more]

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  • President Donald Trump and his daughter Ivanka Trump (Credit: Getty Images)

    When Donald Trump promised in early January to hand over control of his businesses before becoming president, Trump’s daughter, Ivanka, pledged to do the same thing. [more]

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  • Sam Zell and protesters calling for an end to the travel ban in Washington D.C. (Credit: Getty Images)

    Sam Zell thinks the wave of anti-immigration sentiment is “very dangerous” to the future of United States. [more]

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  • (Illustration: Tavis Coburn)

    From the February issue:  In the weeks since Donald Trump’s unlikely presidential victory, Wall Street has surged and added a lot of zeros to bank account balances.

    The controversial president swept into the White House vowing to deregulate the banking industry and promising a slew of other pro-business policies, including corporate tax cuts. [more]

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  • CREFC’s Lisa Pendergast

    Major stakeholders are split on whether the market has already hit its peak, according to a survey conducted by one of the country’s largest commercial real estate trade groups.

    The report from the Commercial Real Estate Finance Council (CREFC), whose members include giant asset managers like BlackRock and New York developers like Fisher Brothers, noted that 55 percent of respondents at the group’s annual conference concluded that the real estate market has already passed its high point, while another 43 percent said the market is still moving through the middle of the cycle. [more]

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  • Stuart Elliott

    From the February issue: Markets crave stability, but you’d be hard pressed to call the first days of the Trump presidency stable.

    Trump’s core populist appeal — his promises to reverse economic hardship in the working-class heartland — seems to have been lost amid debates over inaugural crowd sizes, thousand-mile border walls and blanket immigrant bans.

    As the outcry over a travel ban targeting Muslim countries continues, and spawns nationwide protests, more business leaders — including some in real estate — have spoken out against Trump’s immigration policies. Of course, some of real estate’s biggest players are staunch supporters and have roles in the administration as well (see page 60). [more]

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  • From left: the Trump Hotel in Washington, D.C. and Tim Horne (Credit: Trump Hotels)

    President Donald Trump has already made most of his critical cabinet and senior official appointments, and many of them are facing closely-watched confirmation hearings on the Senate floor. But there is one obscure appointment that could this time around become as politicized as any: Administrator of the General Services Administration, or GSA. [more]

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