After a price chop to $18,500/month, Michael Cohen’s Tribeca condo goes into contract

November 29, 2018

After dropping its price from $25,000 to $18,500 a month on November 12th, Michael Cohen’s ill-fated Tribeca condo went into contract on Tuesday, 6sqft uncovered. The timing could not be more perfect for Trump’s former personal lawyer, who pled guilty today in federal court to lying about previous dealings with Russia. Cohen bought the condo at 111 Murray Street for $6.7 million in July but promptly put it on the rental market in August. Apparently, he bought the apartment as an “investment” when he faced pressure to defer the taxes on the $3.3 million sale he made last year on his Trump World Tower apartment. As we explained. “by closing on a new unit, he was able to take part in the 1031 exchange that allows investors to roll proceeds from one transaction over to another.”

Cohen’s condo purchase was surprising at the time, considering he had just gotten done putting his $9 million Trump Park Avenue apartment on the market as collateral against a bank loan. As we previously reported, “The building was developed by Fisher Brothers, Witkoff, and New Valley, the latter two of whom are headed up by long-time Trump confidantes Steve Witkoff and Howard Lorber. The two developers gave Cohen a $3.5 million short-term mortgage, instead of a traditional bank loan, after federal investigators have supposedly all but bankrupted him.”

Considering his actual motives for buying the place, it’s safe to say he never actually lived in it, so the new tenant can probably hold off on burning sage. The place is on the 19th floor of the 792-foot-high tower and has four bedrooms, 10-foot ceilings with floor-to-ceiling windows, oak floors, and a private elevator landing.

[Listing: 111 Murray Street, 19 West by Lauren MussJohn Credaroli III, and John Giannone of Douglas Elliman]


Listing images courtesy of Douglas Elliman

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