When Manhattan real estate mogul Michael Davis bought Donald Trump’s childhood home sight-unseen for just under $1.4 million in December, he had high hopes of flipping the Tudor-style residence in Jamaica Estates, Queens. Now, just three months later, the Times tells us that he’s done just that, re-selling it at auction last week for $2.14 million, more than double the neighborhood average. Interestingly, the transaction was facilitated by lawyer Michael Tang who specializes in real estate investments made by overseas Chinese buyers. Tang told the Times in an email that he was unable to disclose the name or any other information about the buyer, whose identity is being shielded behind the newly created LLC “Trump Birth House.”
Donald Trump’s father built the pale yellow Tudor home in 1940, but the family later moved to a larger home nearby on Midland Parkway. It has six bedrooms, mahogany floors, a fireplace in the living room, screened-in patio, finished basement with a bedroom suite, and a five-car driveway leading to a two-car garage.
As 6sqft previously explained:
Restaurateurs Isaac and Claudia Kestenberg bought the home in 2008 for $782,500. After beginning divorce proceedings, they listed it first in July for $1.65 million. They then chopped the price to $1.2 million, but took it off the market shortly thereafter to begin auction discussions. However, in mid-October they pulled it completely in the hopes of garnering more interest.
Initial reports predicted the home could bring in 10 times its worth, but with just a few months into his presidency, the estimates were far off its final $2 million price tag.
The Trump name “has had differing effects on properties around the world,” the Times points out. For example, just last month, a penthouse in the president’s Park Avenue building was sold to a Chinese businesswoman for $15.89 million. But New Yorkers seem to be distancing themselves from the President as much as possible, removing his name from an Upper West Side residential complex and even creating a giant inflatable rat out of his likeness.
In terms of Chinese buyers specifically, a 2015 study showed that 75 percent of Manhattan’s all-cash buyers have Chinese last names. In addition to Chinese investors using NYC real estate as a secure place to stash their cash, the Trump camp has had many personal dealings with the nation in recent months, most notable Kushner Companies’ proposed deal with Chinese company Anbang Insurance Group to take a major stake in their midtown skyscraper 666 Fifth Avenue.
[Via NY Times]
- Mystery investor buys Donald Trump’s childhood home in hopes of flipping it
- Headed for auction, Trump’s childhood home could fetch Queens couple $10M
- After 10 years on the market, Donald Trump’s trust looks to make $35M on lavish penthouse
Photos courtesy of Laffey Fine Homes from a previous listing
Neighborhoods : Jamaica