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Trump Park Avenue LLC, a unit of President Trump’s company, sued Faisal bin Abdul Majeed al-Saud in February claiming the Saudi prince signed a lease on the Manhattan condo at 502 Park Avenue in 2013 but hasn’t paid rent since January 2017. Bloomberg reports that according to a complaint filed in New York State Supreme Court, the Trump Organization says the defendant agreed in June 2014 to extend his lease through June 2019. The defendant, on the other hand, says the landlord failed to comply with lease’s terms and is asking the judge to toss out a lawsuit seeking almost $2 million in unpaid rent, claiming that he gave back the keys to the penthouse last year.
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, Wed, September 27, 2017
After months of being on the market, the Manhattan pad of President Donald Trump’s daughter and advisor Ivanka Trump just won’t rent, despite three substantial price chops. The first daughter first purchased the two-bedroom, two bathroom condo at 502 Park Avenue in 2004 for $1.5 million. Upon her father’s election, Ivanka listed the apartment at Trump Park Avenue in November for $15,000 per month. In February, the price dropped to $13,000 per month. On Tuesday, the asking price was $10,450 per month, a 30 percent price cut since the presidential election, according to Bloomberg.
The penthouse at Trump Park Avenue has been on and off the market for an entire decade, first listing for $45 million in 2007, and now returning for $35 million. As LL NYC reports, the President transferred ownership of the 6,278-square-foot apartment in January to the Donald J. Trump Revocable Trust, of which he’s the exclusive beneficiary. The massive duplex is as ornate as you’d expect from Trump, complete with 22 arched windows, custom tray ceilings with intricate moldings and dripping crystal chandeliers, bathrooms bathed in marble, and two large terraces with panoramic views.
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When you have $1.4 billion in assets, $21 million is a drop in the bucket, but the Wall Street Journal reports that’s what Donald Trump just got for the sale of his penthouse in his namesake building Trump Park Avenue. The apartment is not too exciting, but it does boast 6,200 square feet, ten-foot ceilings, five bedrooms, seven-and-a-half bathrooms, and a private elevator.
Trump bought the full-floor penthouse in 2002, when his company converted the Upper East Side building to condos, but never lived there. It first hit the market back in 2013 for $35 million and most recently got a price chop to $24.99 million.
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It looks like Trump Park Avenue‘s Penthouse 31/32 is still looking for a buyer, a year and a half after a chopping $10 million off of its $45 million asking price. This 6,278-square-foot duplex has such a storied past on the market, you practically need an ESPN commentator to narrate it Kentucky Derby style. It made its first showing in 2007, asking $45 million. It raised the price to $51 million in 2008, after renovations. It returned in 2009, after another hiatus, asking a much lower $31 million. Then it disappeared for a few years before reappearing in 2013 with its original price tag of $45 million. Three months later it slashed $10 million off the price, landing at $35 million. Will this lavish home ever find the perfect owner with the perfect wallet?
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