Trump sues over flip in Israel

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.