Trump sues over flip in Israel

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Donald Trump has sued a Miami-based developer over its sale of what was
planned as a 70-story Trump Plaza residential and commercial tower in
Ramat Gan, Israel, near Tel Aviv. As The Real Deal reported
in December, a group led by Brooklyn-based developer Shaya Boymelgreen
bought the site for $80.2 million from Crescent Heights Diamond, which
paid only $44 million for it in April 2007. Trump claims he promoted
the project, which will be Israel’s tallest building, and was supposed
to get a 25 percent share on each unit, plus other royalties on what.
Crescent’s lawyer said Trump “is not entitled to any compensation” and
the suit “is without merit.” Azorim Investment Development and
Construction, controlled by Boymelgreen, plans a similar 70-story
high-rise. It will include 40 floors of commercial space and another 30
floors of luxury housing.

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