The Government Is Trying To Sell The Trump Tower Condo It Seized From Paul Manafort
The federal government has listed Paul Manafort’s old Trump Tower condominium for sale, after authorities seized the former campaign chairman's luxury real estate portfolio last year.
Manafort was sentenced to a nearly four-year prison term after he pleaded guilty to conspiracy to obstruct justice and defraud the government. Last year, as part of his plea deal, he agreed to hand over millions of dollars worth of real estate to the government.
The seized portfolio also includes a $3M townhouse in Brooklyn at 377 Union St., and a condo in SoHo — which was listed for sale earlier this month, per the New York Post, after reportedly being rented out as an Airbnb. Manafort also handed over a mansion valued at $7.3M in the Water Mill section of the Hamptons.
Manafort paid $3.7M for the Trump Tower apartment in 2006. He took out a $3M mortgage on it in 2015, all of which is still outstanding, according to CNN.
Apart from the fact that the building is awash with security, the building's inextricable relationship to President Donal Trump could be off-putting for some buyers.
Several buildings with the Trump name have sought to shed it, over concerns about its negative connotations. The Trump SoHo hotel in New York was rebranded to The Dominick, for example.
Since the election three years ago, six Upper West Side apartment buildings have removed the Trump name from their exteriors. Trump famously announced the launch of his presidential campaign in the lobby of Trump Tower, and his primary residence before he moved to the White House is the Fifth Avenue skyscraper's penthouse.