Russians paid $98.4M for units at Trump-branded South Florida condos

Miami /
Mar.March 19, 2017 09:00 AM

President Donald Trump has minimized his business ties to Russia. But a Reuters analysis shows that 63 people with Russian addresses or passports have purchased $98.4 million of property at high-rise condos in South Florida bearing the Trump brand.

No wrongdoing by President Trump or his real estate organization emerged from the Reuters analysis, based on interviews, public documents and corporate records. None of the 63 buyers appears to have a close relationship with Russian president Vladimir Putin.

Alan Garten, chief legal officer of the Trump Organization, told Reuters that the result of its analysis is “an overblown story that is media-created.”

Reuters reported that 63 people with Russian addresses or passports bought 77 units at Trump-branded condominium developments in South Florida, mainly in Sunny Isles Beach.

The buyers acquired 64 units at two condominium developments in Sunny Isles Beach: 44 units at Trump Grande, 18201 Collins Avenue, and 20 units at Trump Towers, 16001 Collins Avenue.

Reuters also reported that Russian buyers acquired 13 units at Trump Hollywood, 2711 South Ocean Drive in Hollywood.

The Trump Organization advertises Trump Grande, Trump Towers and Trump Hollywood on its website.

In 2001, Michael Dezer and his son Gil Dezer reached a licensing agreement with Trump in to put his name on Trump Grande and Trump Towers, which have three condo buildings each.

Gil Dezer told Reuters the developments produced $2 billion in initial sales and Trump got a commission from the sales. He said a confidentiality agreement prevented him from disclosing Trump’s income from the developments.

Garten, the chief legal officer of the Trump Organization, declined to disclose Trump’s income from the Sunny Isles Beach condo projects, which he described as a mix of percentages and flat fees.

Miami developer Edgardo Defortuna said Trump probably collected commissions on the initial sales in a range from one percent to four percent, based on amounts commonly paid on sales of branded condo developments.

If Defortuna is right, Trump collected at least $20 million and as much as $80 million from the initial sales at Trump Grande and Trump Towers. [Reuters] Mike Seemuth


Related Articles

arrow_forward_ios
Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
Coral Gables closing tops Miami-Dade’s weekly condo sales
Coral Gables closing tops Miami-Dade’s weekly condo sales
BH Group’s Isaac Toledano with a 55th floor unit at Jade Signature (Yizhak Toledano, The Carroll Group)
Isaac Toledano pays $15M for Sunny Isles penthouse
Isaac Toledano pays $15M for Sunny Isles penthouse
Jade Signature (Google Maps, Getty)
Jade Signature closing tops Miami-Dade’s weekly condo sales
Jade Signature closing tops Miami-Dade’s weekly condo sales
Regalia at 19575 Collins Avenue Sunny Isles Beach, Armani Residences at 18975 Collins Avenue Sunny Isles Beach, Asia Brickell Key at 900 Brickell Key Blvd, and Muse at 17141 Collins Avenue Sunny Isles Beach (Condo.com)
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Fendi Chateau Ocean Residences at 9349 Collins Avenue Surfside (Google Maps, Getty)
Fendi Château tops Miami-Dade’s weekly condo sales
Fendi Château tops Miami-Dade’s weekly condo sales
Regalia at 19575 Collins Avenue in Sunny Isles Beach (Condo.com, Getty)
Regalia tops Miami-Dade’s weekly condo sales
Regalia tops Miami-Dade’s weekly condo sales
A photo illustration of Residences by Armani Casa in Sunny Isles (RBACMiami.com, Getty Images)
Residences by Armani/Casa tops Miami-Dade’s weekly condo sales
Residences by Armani/Casa tops Miami-Dade’s weekly condo sales
A photo illustration of Asia Brickell Key (Getty Images, Google Maps/Ed Florez)
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
arrow_forward_ios

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

Loading...