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reasoningdaily · 1 year ago

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Aug. 27, 2016

She seemed like the model tenant. A 33-year-old nurse who was living at the Y.W.C.A. in Harlem, she had come to rent a one-bedroom at the still-unfinished Wilshire Apartments in the Jamaica Estates neighborhood of Queens. She filled out what the rental agent remembers as a “beautiful application.” She did not even want to look at the unit.

There was just one hitch: Maxine Brown was black.

Stanley Leibowitz, the rental agent, talked to his boss, Fred C. Trump.

“I asked him what to do and he says, ‘Take the application and put it in a drawer and leave it there,’” Mr. Leibowitz, now 88, recalled in an interview.

It was late 1963 — just months before President Lyndon B. Johnson signed the landmark Civil Rights Act — and the tall, mustachioed Fred Trump was approaching the apex of his building career. He was about to complete the jewel in the crown of his middle-class housing empire: seven 23-story towers, called Trump Village, spread across nearly 40 acres in Coney Island.

He was also grooming his heir. His son Donald, 17, would soon enroll at Fordham University in the Bronx, living at his parents’ home in Queens and spending much of his free time touring construction sites in his father’s Cadillac, driven by a black chauffeur.

“His father was his idol,” Mr. Leibowitz recalled. “Anytime he would come into the building, Donald would be by his side.”

Over the next decade, as Donald J. Trump assumed an increasingly prominent role in the business, the company’s practice of turning away potential black tenants was painstakingly documented by activists and organizations that viewed equal housing as the next frontier in the civil rights struggle.

The Justice Department undertook its own investigation and, in 1973, sued Trump Management for discriminating against blacks. Both Fred Trump, the company’s chairman, and Donald Trump, its president, were named as defendants. It was front-page news, and for Donald, amounted to his debut in the public eye.

Looking back, Mr. Trump’s response to the lawsuit can be seen as presaging his handling of subsequent challenges, in business and in politics. Rather than quietly trying to settle — as another New York developer had done a couple of years earlier — he turned the lawsuit into a protracted battle, complete with angry denials, character assassination, charges that the government was trying to force him to rent to “welfare recipients” and a $100 million countersuit accusing the Justice Department of defamation.

When it was over, Mr. Trump declared victory, emphasizing that the consent decree he ultimately signed did not include an admission of guilt.

But an investigation by The New York Times — drawing on decades-old files from the New York City Commission on Human Rights, internal Justice Department records, court documents and interviews with tenants, civil rights activists and prosecutors — uncovered a long history of racial bias at his family’s properties, in New York and beyond.

That history has taken on fresh relevance with Mr. Trump arguing that black voters should support him over Hillary Clinton, whom he has called a bigot.

While there is no evidence that Mr. Trump personally set the rental policies at his father’s properties, he was on hand while they were in place, working out of a cubicle in Trump Management’s Brooklyn offices as early as the summer of 1968.

Then and now, Mr. Trump has steadfastly denied any awareness of any discrimination at Trump properties. While Mr. Trump declined to be interviewed for this article, his general counsel, Alan Garten, said in a statement that there was “no merit to the allegations.” And there has been no suggestion of racial bias toward prospective residents in the luxury housing that Mr. Trump focused on as his career took off in Manhattan in the 1980s.

In the past, Mr. Trump has treated the case as a footnote in the narrative of his career. In his memoir “The Art of the Deal,” he dispensed with it in five paragraphs. And while stumping in Ohio, he even singled out his work at one of his father’s properties in Cincinnati, omitting that, at the time, the development was the subject of a separate discrimination lawsuit — one that included claims of racial slurs uttered by a manager whom Mr. Trump had personally praised.

As eager as he was to leave behind the working-class precincts of New York City where Fred Trump had made his fortune, Donald Trump often speaks admiringly of him, recalling what he learned at his father’s side when the Trump name was synonymous with utilitarian housing, not yet with luxury, celebrity, or a polarizing brand of politics.

“My legacy has its roots in my father’s legacy,” he said last year.

Coming Under Scrutiny

Fred Trump got into the housing business when he was in his early 20s, building a single-family home for a neighbor in Queens. During World War II, he constructed housing for shipyard workers and Navy personnel in Norfolk, Va. After the war, he returned to New York, setting his sights on bigger, more ambitious projects, realized with the help of federal government loans.

His establishment as one of the city’s biggest developers was hardly free of controversy: The Senate Banking Committee subpoenaed him in 1954 during an investigation into profiteering off federal housing loans. Under oath, he acknowledged that he had wildly overstated the costs of a development to obtain a larger mortgage from the government.

In 1966, as the investigative journalist Wayne Barrett detailed in “Trump: The Greatest Show on Earth,” a New York legislative committee accused Fred Trump of using state money earmarked for middle-income housing to build a shopping center instead. One lawmaker called Mr. Trump “greedy and grasping.”

By this point, the Trump organization’s business practices were beginning to come under scrutiny from civil rights groups that had received complaints from prospective African-American tenants.

People like Maxine Brown.

Mr. Leibowitz, the rental agent at the Wilshire, remembered Ms. Brown repeatedly inquiring about the apartment. “Finally, she realized what it was all about,” he said.

Ms. Brown’s first instinct was to let the matter go; she was happy enough at the Y.W.C.A. “I had a big room and two meals a day for five dollars a week,” she said in an interview.

But a friend, Mae Wiggins, who had also been denied an apartment at the Wilshire, told her that she ought to have her own place, with a private bathroom and a kitchen. She encouraged Ms. Brown to file a complaint with the New York City Commission on Human Rights, as she was doing.

“We knew there was prejudice in renting,” Ms. Wiggins recalled. “It was rampant in New York. It made me feel really bad, and I wanted to do something to right the wrong.”

Applying for Housing at a Trump Property in the '60s

In the 1960s, Mae Wiggins and her friend Maxine Brown applied for housing at the Wilshire Apartments in the Jamaica Estates neighborhood of Queens, N.Y. Ms. Wiggins recalled her experience.

It was 52 years ago. My friend and I applied for an apartment at the Wilshire in Queens New York. [00:12:20] and we were both told that there were no vacancies. [00:07:06] I realized that there were vacancies because they still had the ad still running. [00:21:51] And I was pretty sure it was because of the color of skin. [00:18:31] We were professional people with good credit rating; no reason to be denied apartments. 14.33 When we first filed a complaint, they sent out testers — a white couple, and they were told that they could that they had a vacancy. [00:21:35] I felt really really angry and hurt. And after that we were told that we could go into the vacant apartments, but I could not go because my mom was sick at that time. I thought it was was worth to fight for both of us. [00:20:59] I have an activist nature as you probably have picked up. Through the years I felt that the Trump Organization was biased, [00:23:41] And I will go to my grave with that thought.

Mr. Leibowitz was called to testify at the commission’s hearing on Ms. Brown’s case. Asked to estimate how many blacks lived in Mr. Trump’s various properties, he remembered replying: “To the best of my knowledge, none.”

After the hearing, Ms. Brown was offered an apartment in the Wilshire, and in the spring of 1964, she moved in. For 10 years, she said, she was the only African-American in the building.

Complaints about the Trump organization’s rental policies continued to mount: By 1967, state investigators found that out of some 3,700 apartments in Trump Village, seven were occupied by African-American families.

Like Ms. Brown, the few minorities who did live in Trump-owned buildings often had to force their way in.

A black woman named Agnes Bunn recalled hearing in early 1970 about a vacant Trump apartment in another part of Queens, from a white friend who lived in the building. But when she went by, she was told there were no vacancies.

“The super came out and stood there until I left the property,” Ms. Bunn said.

Ms. Bunn testified about the experience at a meeting with the New York City Commission on Human Rights in 1970. According to a summary, recovered from the New York City Municipal Archives, she told a Trump lawyer that it was known that no “colored” people were wanted as tenants in the building.

The lawyer concluded that the episode was “all a misunderstanding.” Ms. Bunn and her husband, a Manhattan accountant, soon became the building’s first black tenants.

Unlike the public schools, the housing market could not be desegregated simply by court order. Even after passage of the Fair Housing Act of 1968, which prohibited racial discrimination in housing, developments in white neighborhoods continued to rebuff blacks.

For years, it fell largely to local civil rights groups to highlight the problem by sending white “testers” into apartment complexes after blacks had been turned away.

“Everything was sort of whispers and innuendo and you wanted to try to bring it out into the open,” recalled Phyllis Kirschenbaum, who volunteered for Operation Open City, a housing rights advocacy organization. “I’d walk in with my freckles and red hair and Jewish name and get an apartment immediately.”

The complaints of discrimination were not limited to New York.

In 1969, a young black couple, Haywood and Rennell Cash, sued after being denied a home in Cincinnati at one of the first projects in which Donald Trump, fresh out of college, played an active role.

Mr. Cash was repeatedly rejected by the Trumps’ rental agent, according to court records and notes kept by Housing Opportunities Made Equal of Cincinnati, which sent in white testers posing as a young couple while Mr. Cash waited in the car.

After the agent, Irving Wolper, offered the testers an apartment, they brought in Mr. Cash. Mr. Wolper grew furious, shoving them out of the office and calling the young female tester, Maggie Durham, a “nigger-lover,” according to court records.

“To this day I have not forgotten the fury in his voice and in his face,” Ms. Durham recalled recently, adding that she also remembered him calling her a “traitor to the race.”

The Cashes were ultimately offered an apartment.

At a campaign stop in Ohio recently, Mr. Trump shared warm memories of his time in Cincinnati, calling it one of the early successes of his career. And in “The Art of the Deal,” he praised Mr. Wolper, without using his surname, calling him a “fabulous man” and “an amazing manager.”

“Irving was a classic,” Mr. Trump wrote.

The young Mr. Trump also spent time in Norfolk, helping manage the housing complexes his father built there in the 1940s. Similar complaints of discrimination surfaced at those properties beginning in the mid-1960s, and were documented by Ellis James, an equal housing activist.

“The managers on site were usually not very sophisticated,” Mr. James, now 78, recalled. “Some were dedicated segregationists, but most of them were more concerned with following the policies they were directed to keep.”

Battling the Government

Donald Trump said he had first heard about the lawsuit, which was filed in the fall of 1973, on his car radio.

The government had charged him, his father and their company, Trump Management Inc., with violating the Fair Housing Act.

Another major New York developer, the LeFrak Organization, had been hit with a similar suit a few years earlier. Its founder, Samuel LeFrak, had appeared at a news conference alongside the United States attorney, trumpeting a consent agreement to prohibit discrimination in his buildings by saying it would “make open housing in our cities a reality.” The LeFrak company even offered the equivalent of one month’s rent to help 50 black families move into predominantly white buildings.

Donald Trump took a different approach. He retained Senator Joseph McCarthy’s red-baiting counsel, Roy Cohn, to defend him. Mr. Trump soon called his own news conference — to announce his countersuit against the government.

The government’s lawyers took as their starting point the years of research conducted by civil rights groups at Trump properties.

“We did our own investigation and enlarged the case,” said Elyse Goldweber, who as a young assistant United States attorney worked on the lawsuit, U.S.A. v. Trump.

A former Trump superintendent named Thomas Miranda testified that multiple Trump Management employees had instructed him to attach a separate piece of paper with a big letter “C” on it — for “colored” — to any application filed by a black apartment-seeker.

The Trumps went on the offensive, filing a contempt-of-court charge against one of the prosecutors, accusing her of turning the investigation into a “Gestapo-like interrogation.” The Trumps derided the lawsuit as a pressure tactic to get them to sign a consent decree like the one agreed to by Mr. LeFrak.

The judge dismissed both the countersuit and the contempt-of-court charge. After nearly two years of legal wrangling, the Trumps gave up and signed a consent decree.

As is customary, it did not include an admission of guilt. But it did include pages of stipulations intended to ensure the desegregation of Trump properties.

Equal housing activists celebrated the agreement as more robust than the one signed by Mr. LeFrak. It required that Trump Management provide the New York Urban League with a weekly list of all its vacancies.

This did not stop Mr. Trump from declaring victory. “In the end the government couldn’t prove its case, and we ended up making a minor settlement without admitting any guilt,” he wrote in “The Art of the Deal.”

Only this was not quite the end.

A few years later, the government accused the Trumps of violating the consent decree. “We believe that an underlying pattern of discrimination continues to exist in the Trump Management organization,” a Justice Department lawyer wrote to Mr. Cohn in 1978.

Once again, the government marshaled numerous examples of blacks being denied Trump apartments. But this time, it also identified a pattern of racial steering.

While more black families were now renting in Trump-owned buildings, the government said, many had been confined to a small number of complexes. And tenants in some of these buildings had complained about the conditions, from falling plaster to rusty light fixtures to bloodstained floors.

The Trumps effectively wore the government down. The original consent decree expired before the Justice Department had accumulated enough evidence to press its new case.

The issue was becoming academic, anyway. New York’s white working-class population was shrinking. Shifting demographics would soon make it impractical to turn away black tenants.

By the spring of 1982, when the case was officially closed, Donald Trump’s prized project, Trump Tower, was just months from completion. The rebranding of the Trump name was well underway.

As for Ms. Brown, she still lives in the same apartment in the Wilshire.

Over the years, she has watched the building’s complexion begin to change — along with some of her neighbors’ attitudes toward her. During the 1990s, one man who used to step off the elevator whenever she stepped on suddenly started greeting her warmly.

On a recent afternoon, she reminisced about the unlikely role she played in breaking the color barrier of the Trump real estate empire.

“I just wanted a decent place to live,” she said.

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#‘No Vacancies’ for Blacks: How Donald Trump Got His Start #and Was First Accused of Bias #trump #racism #real estate bias #racial profiling #Black Lives Matter #white supremacy #Youtube

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news24news · 8 years ago

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A Trump Tower Goes Bust in Canada

The failure this week of Trump Toronto showcased a familiar scenario: big promises, glitzy image, a Russian-born financier, aggrieved smaller investors – but few losses for the mogul himself.

The 65-story Trump International Hotel & Tower Toronto has all the glitz and ambition of the luxury-brand businessman with his name in giant letters near its spire. It’s the tallest residential skyscraper in Canada, and probably the fanciest. The hotel’s sleek cream-and-black interiors were inspired by Champagne and caviar. Every room features Italian Bellino linens and Nespresso coffeemakers. Guests can book a Trump Experience outing through the Trump Attache concierge service. Their furry friends are eligible for the Trump Pets program, which “will fill your best Fido’s tummy with gourmet treats, and see them off to sleep on a plush dog bed.”

This Trump-branded and Trump-managed jewel is also, as a business venture, a bust.

On Tuesday, a Canadian bankruptcy judge placed the glass-and-granite building into receivership, just four years after Trump and his children cut the ribbon at its grand opening. Once it’s auctioned off, whether or not Trump is the leader of the free world by then, his name may well vanish from its marquee. Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default. The Trump Toronto is still a posh hotel, and even though nearly two thirds of the tower’s condo units remain unsold, they’re still upscale residences. Still, the saga of the property’s glittering rise and rapid fall is classic Trump, featuring a tsunami of litigation and bitterness, money with a Russian accent, and a financial wreck that probably won’t hit its namesake particularly hard.

Trump has vowed to run the country the way he runs his businesses, and Trump Toronto is yet another reminder that his businesses do not always run smoothly. Even before the bankruptcy, the Trump Organization was already mired in litigation over management issues with the project’s owner, Talon International—led by Alex Shnaider, the steel magnate who is perhaps better known for buying a Formula One racing team and hiring Justin Bieber to sing at his daughter’s Sweet Sixteen. The project also faced lawsuits filed by middle-class investors who claim they were suckered into buying time-share-style units in the hotel with wildly overstated projections of Trump Toronto’s performance. Now it’s in receivership, which will produce new ownership and, quite possibly, a new brand.

Trump Organization spokeswoman Amanda Miller noted that the company still has a long-term deal to manage the Toronto property, no matter who controls it after the auction. “This has been a record year for the hotel, and we look forward to its continued success,” Miller said. “Guests can expect to receive the same superior level of service and quality that is synonymous with our brand around the world.”

But it’s not clear that Trump Toronto will keep its name, much less its management team. Toronto is one of the world’s most multicultural cities, and Trump’s run for the presidency, especially his provocations against immigrants and Muslims, have made his hotel a target for protests. And one insider familiar with the bankruptcy proceedings said that local rivals in the luxury condo and hotel market, notably the Four Seasons and the Ritz Carlton, have dramatically outcompeted the Trump property. Court documents show that even though investors in the hotel units were told the “worst case scenario” for occupancy rates would be 55%, they’ve ranged between 15% and 45%. The average room rate, despite the snazzy crystal sconces and in-mirror bathroom TVs and floor-to-ceiling windows overlooking Lake Ontario, has been nearly $100 below the initial projections.

“The whole business model has been overpromise and underdeliver, and it’s Trump’s name on the thing,” the insider said. “You can’t put all the blame on him and his people. But if they did a terrific job, do you think it would be in bankruptcy?”

Trump first got involved in the project 15 years ago, when he held a press conference with Toronto’s mayor to announce his plan to build a new Ritz Carlton downtown. That plan fell apart when it came out that his development partner was a fugitive who had been convicted of bankruptcy fraud and embezzlement in the U.S. Trump then forged a licensing and management deal with Shnaider and another Russian-Canadian named Val Levitan, whose name comes up a lot in the documents because he had no development experience. Talon pre-sold 85 percent of the units at near-Manhattan prices before the groundbreaking in 2007, but most of the buyers backed out after the global financial crisis ravaged the real estate market, and Levitan was eventually forced out.

It is clear from affidavits in the fraud cases and the bankruptcy case that the buyers have taken a financial beating. A warehouse supervisor named Sarbjit Singh, who was earning about $55,000 a year, testified that he borrowed money from his father, a retired welder, for the deposit on his hotel unit; he never closed on the deal, but he says he still lost $248,000. Se Na Lee, a homemaker who was married to a mortgage underwriter, borrowed money for her deposit from her parents; she did close, and ended up losing $990,000 through December 2014, she says.

A judge later described Talon’s prospectus and other “deceptive documents” as “a trap to these unsurprisingly unwary purchasers,” and ruled that they could sue Trump as well as Talon. The surnames in the court filings reflect the global diversity of the people who put their trust in the Trump brand and the Talon sales representatives: Ayeni, Surani, Yuen, Rhee, Okwuosa, Gupta, Radhakrishman, Varadarasa, Akinkuotu. Some said they were assured that Trump’s involvement would make it easy for them to get mortgages, but banks have shied away, even as the local real estate market has become one of the hottest on the planet.

These problems were already simmering when Trump—along with his children Eric, Donald Jr. and Ivanka, who oversees his worldwide hotel operations—stepped out of a Cadillac Escalade for the hotel’s ribbon-cutting in April 2012. There are snippets of the event on YouTube, where you can see Trump smiling dutifully as he congratulates hotel staffers, accepting a Maple Leafs jersey with his name on the back, and watching a speech by Toronto’s late mayor, Rob Ford, who would later become a household name after a crack-smoking scandal.

By 2015, Trump and Talon were suing each other, with the Trump team alleging a Talon scheme to take over the management, Talon alleging a Trump scheme to devalue the property in order to buy it at a discount, and both sides accusing each other of shoddy financial record-keeping. Talon also disparaged Trump’s performance running the hotel, but the dispute is now in mediation. It probably won’t matter, because Talon is about to lose the property, most likely to JCF Capital, a U.S. investment firm that purchased its $225 million construction loan.

Talon’s attorney, Steven Rukavina, would only say that the company is cooperating with the restructuring, and views the court’s appointment of a receiver as “a positive step forward toward achieving that objective.” JCF declined comment, though it has said in its filings that it intends to honor Trump’s contract if it assumes control of the property.

But Trump’s campaign, with its hostility towards foreigners, progressives, and others, has not played well in Toronto. A city councilor has called for the property to change its name. Hollywood types reportedly blackballed the hotel—along with its 31st-floor restaurant, which is actually called America—during this summer’s Toronto Film Festival. There have been protests outside the building by union workers, women’s groups, and Muslim groups. The Trump brand is under siege, which has delayed the opening of a similar Trump-licensed hotel and condo project in Vancouver until after the election. The colorful mosaic celebrating multiculturalism at the entrance to Trump Toronto, titled A Small Part of Something Larger, now seems to clash with the nominee’s white-backlash message.

Trump has presided over four corporate bankruptcies, and the flurry of lawsuits and countersuits over Trump Toronto’s broken promises is rather typical for a Trump property. But this is Talon’s bankruptcy, not his. The project was built with other people's money; he just got paid for the use of his name and his hotel management team. It’s not clear how much he ever knew about Talon’s high-pressure sales tactics. It’s also not clear how much he ever knew about his Russian-Canadian partner's business activities in Eastern Europe.

“We heard fantastic things about [Shnaider],” Trump told a Forbes reporter by phone from his 2005 honeymoon. “But sometimes people say wonderful things whether they mean them or not.”

Then again, Trump did license his name and his brand to Talon. This isn’t his main concern this week, but he can’t deny all responsibility for the failure of a Trump project, especially when the Trump Organization is running the Trump hotel. The project's partners, investors, and lenders all got a Trump Experience, one that isn't available from the concierge.

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fiemanrealestate · 1 day ago

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JUST LISTED Ka La'i Waikiki Beach #1103 (former Trump Tower Waikiki) 2 bed, 2 bath, 1139 ft.² of living, 73 ft.² lanai offered at $1.599M! As an owner in the building since 2018 and Ka La'i Waikiki Beach association board member, I'm an expert in the building and this particular unit provides a rare opportunity to live in a 5-star hotel with ocean views across the street from the beach for a fraction of the price. Reach out today to see if this might be the right opportunity for you! Priced under tax assessed value! Don't miss this rare opportunity to own in a 5-star hotel in the heart of Waikiki. Be the first to invest in Ka La'i Waikiki Beach (former Trump Tower Waikiki) Hilton’s new luxury LXR Hotels & Resorts. Perfect for owner occupant, 2nd home, long term rental, or hotel pool program. Seller will payoff common area assessment at closing so you get to enjoy a brand new renovated hotel! This large 2 bed 2 bath unit features 1,139 sqft of living and a 73 sqft lanai overlooking the ocean and Fort Derussy Park, fully furnished with upgraded furniture, and lower residential property tax rate. Building amenities include maid service, room service, 3 high-end restaurants, infinity pool & jacuzzi, 24hr fitness center, luxury spa for massage & facials, business center, surfboard & bike storage, and free valet parking for owners. Maintenance fee includes access to all amenities and utilities except electricity. Located across the street from the world famous Waikiki Beach and next to many shopping and dining options. Come take a look today and enjoy this Waikiki resort vacation and executive lifestyle!

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real-estate-hub-2 · 3 days ago

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Trump Tower Noida - Breathtaking Apartments For You All

Trump Tower Noida is an impressive mixed-use development that brings the distinctive luxury associated with the Trump brand to Noida. This recently opened project features a blend of golf courses, high-rise residential towers, exclusive villas, and premium office spaces, catering to individuals who seek a refined lifestyle within a dynamic urban environment. The development epitomizes opulence and elegance, combining architectural grandeur with world-class amenities for residents, businesses, and guests alike.

Trump Tower Upcoming Project In Noida is its sprawling golf courses, which add a serene, green ambiance to the property. Designed with precision and offering an elite golfing experience, these courses serve as both a recreational facility and a scenic backdrop for the community. The villas and high-rise residences are crafted to offer ultimate luxury, with spacious layouts, floor-to-ceiling windows, and high-end finishes. Each residence reflects the sophistication of the Trump brand, featuring interiors that seamlessly blend classic luxury with contemporary style. Residents are treated to breathtaking views of the landscaped surroundings and have access to a host of exclusive amenities, including a spa, fitness center, swimming pools, and private lounges, fostering a community of elite living.

In addition to its residential offerings, Trump Tower Apartments In Noida includes state-of-the-art office spaces designed to meet the needs of modern businesses. The office areas are equipped with cutting-edge technology, flexible layouts, and luxurious common areas that provide both functionality and style, making it a premier location for professionals and corporate establishments. With excellent connectivity to Noida and Delhi, The Project offers a strategic location that appeals to both residential and commercial investors.

Further elevating its appeal, it offers a range of lifestyle amenities that cater to residents’ wellness and entertainment. The development includes exclusive clubhouses, rooftop terraces, landscaped gardens, and gourmet dining options, creating a self-contained community that balances work, leisure, and luxury. Its comprehensive security measures and dedicated parking facilities ensure a safe, convenient, and pleasant living and working environment.

New-Launch Trump Tower Noida stands as a landmark destination, combining premium residential and commercial spaces with unparalleled amenities in a prime location. This project exemplifies the brand’s commitment to excellence, providing a sophisticated, luxurious environment that meets the diverse needs of its residents and professionals alike while setting new standards in the luxury real estate market in Noida.

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meret118 · 28 days ago

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Undocumented Workers Aren’t Raising Home Prices. Undocumented Cash Is.

. . .

But the number of  housing units in the nation has grown faster than the number of households since the turn of the century. Something else is happening here. It is not just a supply problem. And it is not just a demand problem caused by an increase in households, whether they are immigrants or not.

That’s because demand for real estate is not just about the number of people who need homes, it’s also about the amount of money buyers are bringing into the market. People without money cannot push up prices. It’s the people with money — especially those with a lot of money — who drive up prices for everyone else.

The truth is that there are a lot of people buying luxury real estate who have a lot of money. Dirty money. And that money is distorting the market for ordinary homebuyers.

. . .

There has been an enormous influx of dirty money from overseas into high-end residential properties in major cities like New York, Los Angeles and Miami. Some of this money comes from Africa, which has lost more than $600 billion to illicit capital flight since the turn of the century. More comes from Latin America, Asia, Eastern Europe and the Middle East.

The sums are not small. Nearly a decade ago, The New York Times estimated that anonymous shell companies accounted for more than half of all purchases in Manhattan and Los Angeles, nearly half in the San Francisco Bay area and over a third in Miami. Comparable statistics are not available for more recent years, but this suggests that the amount of hidden wealth invested in real estate in Manhattan alone surpasses $100 billion.

Many of these properties sit vacant. They are bought not as places to live but instead as places to park ill-gotten wealth. Sassou Nguesso’s apartment in Trump Tower has been unoccupied since it was purchased in 2014.

These illicit financial flows don’t just hurt the citizens of countries like Congo. The looted money that flows into urban real estate markets pushes up prices for ordinary Americans, from first-time homebuyers who can’t get into the market, to families who can’t afford to “trade up” to a larger home, to tenants whose rents are pushed upward. Dirty money is a major but little-recognized contributor to our current housing crisis.

#Housing

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houssed · 1 month ago

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Panchshil Trump Towers - New Flats in Kalyani Nagar, Pune

Discover the pinnacle of luxury living at Panchshil Trump Towers in Kalyani Nagar, Pune. These exquisite new flats boast top-notch amenities, breathtaking views, and an elite lifestyle designed for discerning residents. Experience sophistication and comfort!

#panchshil trump towers #flats in kalyani nagar #flats in pune

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havenhomes1 · 3 months ago

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The Beach By Maison De Ville

"The Beach at Maison De Ville in Akoya Oxygen - Damac Hills 2 The Beach at Maison DeVille is a collection of towers offering luxurious hotel rooms, suites, residences, and hotel apartments in Akoya Oxygen. The Beach at Maison DeVille by Damac Properties The Beach at Maison DeVille consists of nine towers comprising a range of luxurious hotel rooms, suites, residences, and hotel apartments with access to the stunning resort-style pool, a variety of restaurants, shopping venues, and breathtaking views of the golf course. Amenities:

Covered parking spaces

Access to world-class amenities in Akoya Oxygen

Fully serviced and furnished villas

Trump International Golf Club

Vista Lux in Akoya Oxygen (luxury shopping, hospitality, and entertainment)

Waterfront café

Five-star hotel and suites

Desert-inspired spa resort

Yoga area inspired by natural elements

Dancing fountains around the community

Fresh market

Restaurants

Schools and nurseries"

The_Beach_By_Maison_De_Ville #UAE #Dubai

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realestateguys1 · 2 years ago

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#trump tower #luxury residences #property #marketing #realestate #gurgaon #real estate agent #residential property #trump tower hyderabad #hyderabad real estate

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ronicpatel2222 · 3 months ago

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Pune, a city known for its rich cultural heritage and rapid urban development, has witnessed a real estate boom over the past few decades. As the city expands, several builders have played a pivotal role in shaping its skyline with iconic residential and commercial projects. If you're looking to invest in Pune's real estate, knowing the famous builders in Pune can help you make an informed decision. Here’s a look at the top builders who have made a significant impact on Pune's real estate landscape.

Kumar Builders One of Pune’s most established names, Kumar Builders, has been a pioneer in the real estate industry for over five decades. Known for their commitment to quality and timely delivery, they have developed numerous residential and commercial properties across Pune. Their projects are synonymous with trust and reliability.

Kolte-Patil Developers Kolte-Patil Developers is one of Pune’s leading real estate companies, with a strong presence in both residential and commercial segments. They are known for their innovative designs and sustainable construction practices, making them a top choice among homebuyers and investors.

Godrej Properties A name synonymous with excellence, Godrej Properties brings the legacy of the Godrej Group to Pune’s real estate market. They are known for their cutting-edge architectural designs, premium amenities, and eco-friendly projects. Their developments in Pune have consistently set new benchmarks in luxury living.

Lodha Group Lodha Group is renowned for its high-end luxury projects and has a significant presence in Pune. Their projects are designed to offer a lifestyle of sophistication and comfort, making them a preferred choice among Pune’s elite.

Panchshil Realty Panchshil Realty is a premium real estate developer known for creating some of the most luxurious residential and commercial spaces in Pune. Their projects, such as Trump Towers Pune and Yoo Pune, are examples of opulence and world-class architecture.

Rohan Builders Rohan Builders have made a mark in Pune’s real estate with their unique concept of PLUS Homes (Perfect Ventilation, Lively Light, Utmost Privacy, and Smart Space). Their projects focus on creating spaces that are not only aesthetically pleasing but also functional and comfortable.

Vascon Engineers With a legacy of over 30 years, Vascon Engineers is known for its quality construction and ethical business practices. They have developed a wide range of residential, commercial, and industrial projects across Pune, earning them a strong reputation in the market.

Marvel Realtors Marvel Realtors is one of Pune’s most prominent luxury real estate developers, offering high-end apartments and villas. Their projects are known for their architectural brilliance, state-of-the-art amenities, and attention to detail.

Sobha Limited Sobha Limited is a trusted name in Pune’s real estate market, known for delivering high-quality homes with meticulous attention to detail. Their projects are designed to offer a perfect blend of luxury and functionality, making them a favorite among discerning buyers.

Mittal Brothers Mittal Brothers have carved a niche in Pune’s real estate sector with their focus on quality construction and customer satisfaction. They offer a wide range of residential and commercial projects, catering to different segments of the market. Conclusion

Pune’s real estate market is flourishing, thanks to the efforts of these famous builders who continue to redefine the standards of quality, luxury, and innovation. Whether you’re looking for a luxury apartment, a budget-friendly home, or a commercial space, these builders offer something for everyone. When you choose to invest with one of these top builders, you’re not just buying a property; you’re securing a lifestyle that promises comfort, convenience, and long-term value.

#real estate

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yourpropertyadvisorforreale · 3 months ago

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Ultra Luxury Residential Projects in Gurgaon | Yellow Acres

Gurgaon, often referred to as the Millennium City, has transformed into one of the most sought-after real estate destinations in India. With its modern infrastructure, excellent connectivity, and thriving business environment, it is no surprise that the city has become a hub for ultra-luxury residential projects. Yellow Acres, a premier real estate consultancy firm, specializes in showcasing and selling these exquisite properties, ensuring clients find their dream homes in this dynamic city.

Why Gurgaon?

Gurgaon's rapid development is driven by several factors:

Proximity to Delhi: Being adjacent to the national capital, Gurgaon offers easy access to key government offices, business hubs, and cultural attractions.

World-Class Infrastructure: The city boasts a well-planned network of roads, metro connectivity, and modern amenities that cater to a luxurious lifestyle.

Corporate Hub: Gurgaon is home to numerous multinational companies, making it a prime location for professionals and business executives.

Educational and Healthcare Facilities: The presence of top-tier schools, colleges, and hospitals makes it an ideal place for families.

Entertainment and Leisure: From shopping malls to fine dining restaurants, Gurgaon offers a vibrant lifestyle.

Top Ultra Luxury Residential Projects

1. DLF Camellias

Location: Golf Course Road

Highlights: Known for its opulent design and exclusive amenities, DLF Camellias offers spacious apartments with stunning views of the golf course. The project features a state-of-the-art clubhouse, spa, swimming pool, and multiple sports facilities.

2. M3M Golfestate

Location: Sector 65

Highlights: M3M Golfestate is a lavish residential complex that blends luxury with nature. With a 9-hole golf course, themed gardens, and exquisite interiors, it promises a lifestyle of unparalleled elegance and comfort.

3. Ireo Grand Arch

Location: Sector 58

Highlights: Ireo Grand Arch stands out for its unique architecture and world-class amenities. The apartments are designed to maximize natural light and ventilation, offering residents a serene and eco-friendly living environment.

4. Tata Primanti

Location: Sector 72

Highlights: Tata Primanti offers a mix of apartments, penthouses, and villas. The project is known for its expansive green spaces, high-end amenities, and a focus on sustainable living.

5. Trump Towers

Location: Sector 65

Highlights: A symbol of luxury and sophistication, Trump Towers Gurgaon offers stunning views, impeccable interiors, and top-notch facilities. The project reflects the brand's commitment to excellence and exclusivity.

Yellow Acres: Your Trusted Real Estate Partner

Navigating the ultra-luxury real estate market in Gurgaon can be challenging, but with Yellow Acres, the process becomes seamless and enjoyable. Here's why Yellow Acres stands out:

Expertise and Experience: With years of experience in the real estate market, Yellow Acres provides insightful advice and guidance to help clients make informed decisions.

Tailored Services: Understanding that each client has unique needs, Yellow Acres offers personalized services to ensure the perfect match between clients and properties.

Extensive Network: Yellow Acres has established strong relationships with top developers, ensuring access to the most prestigious and exclusive properties in Gurgaon.

Transparency and Trust: Committed to maintaining the highest standards of integrity and transparency, Yellow Acres ensures a smooth and trustworthy transaction process.

Conclusion

Gurgaon's ultra-luxury residential projects are redefining modern living, offering residents a blend of elegance, comfort, and convenience. Whether you are looking for a serene retreat or a vibrant community, Yellow Acres is your ideal partner in finding the perfect home. Explore the finest properties with Yellow Acres and experience the pinnacle of luxury living in Gurgaon.

#real estate #3 bhk flats #4bhk flats #property #Ultra Luxury Residential Projects in Gurgaon

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newsarticle4u · 4 months ago

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Vijay Mallya Houses: "King of Good Times" Million-Dollar Homes

Introduction

Vijay Mallya, the erstwhile king of Indian liquor and a prominent figure in the world of business and sports, is known for his extravagant lifestyle and substantial real estate holdings. Despite his current legal troubles, Mallya's real estate portfolio remains a topic of fascination. This article delves into the details of Vijay Mallya Houses, his properties, their costs, and the impact of his real estate investments.

Vijay Mallya Mansion: Kingfisher towers, Banglore

Vijay Mallya owns an exceptional 40,000 sq ft penthouse atop a skyscraper in Bangalore. Notably, this penthouse is unique as it is the only mansion situated on the top of a 34-story building.

Resembling the iconic White House, Mallya’s Bangalore residence epitomizes luxury, featuring an infinity pool and a helipad. The penthouse offers panoramic 360-degree views of the city. With an estimated investment exceeding Rs 66 crore, the Skyhouse stands as a symbol of opulence. However, despite its grandeur, the property remains incomplete, making it unlikely that Vijay Mallya resides there.

Sausalito Mansion, California:

Vijay Mallya’s home in Sausalito, California, is regarded as one of the town’s most notable residences, boasting views that extend from Belvedere to the Bay Bridge and San Francisco, according to a 2003 report by SFGate.

Mallya purchased this expansive Mediterranean-style mansion for $1.2 million (Approx 10 Cr). The luxurious home includes seven bedrooms and 12 bathrooms and is the largest single-family home in Sausalito. After defaulting on the property, it is now listed for sale at $16.8 million (Approx 140 Cr). described in listings as an "elegant European palace," stands as the largest single-family home in Sausalito nearly 11,000-square-foot estate

Also read: Inside Antilia: Mukesh Ambani House price, Networth, Address

Vijay Mallya House: London house:

Built in 1823, this historic property is now the residence of Vijay Mallya and his family. Mallya acquired this magnificent estate for a significant amount. A comparable six-bedroom, seven-bathroom house on Cornwall Terrace is currently listed for £25 million ($31 million), providing an insight into the luxurious interiors of Mallya's home.

Mabula Game Lodge

Mabula Game Lodge, celebrated as one of South Africa’s premier private game reserves, encompasses 12,000 hectares of stunning wilderness. Vijay Mallya owns a 99.5% stake in this expansive 25,000-acre estate, having acquired it for $6 million.

Le Grand Jaardin house in France

Vijay Mallya acquired a distinctive luxury estate on the Island of Sainte-Marguerite, the largest among the four Lérins islands, situated about half a mile from the French Riviera town of Cannes. This estate, famously known as Le Grand Jardin or The Grand Garden, stands out as the sole piece of private property in the center of the island. Mallya reportedly purchased this exclusive estate for an impressive $60 million.

Vijay Mallya's Giga - Yacht:

Vijay Mallya was well-known for his lavish gatherings aboard his grand yacht, the Indian Empress. At 95 meters in length, the Indian Empress is the 33rd largest private yacht in the world.

The yacht was first launched in 2000 by Dutch shipyard OCEANCO as Al Mirqab for its original owners, the Qatari Royal Family. Mallya later purchased this luxurious vessel for $93 million.

Also read: Gautam Adani House: Networth, Business and more

Vijay Mallya Houses: Trump Plaza Apartment

In September 2010, Vijay Mallya acquired a penthouse in Trump Plaza for $2.4 million, making it one of the most costly penthouses in New York at the time.

Additionally, Mallya expanded his real estate portfolio by purchasing three separate apartments in Trump Plaza, Manhattan, within a span of just seven months.

Vijay Mallya Houses: Ladywalk Mansion, London

Located in the village of Tewin, Hertfordshire, the Ladywalk mansion was acquired by Vijay Mallya from its previous owner, Anthony Hamilton. In 2015, while owning Formula 1’s Force India, Mallya purchased the property for €11.5 million. The estate is equipped with comprehensive security, including guards and CCTV cameras. It is widely believed that Vijay Mallya currently resides at Ladywalk mansion.

source: loveproperty

Vijay Mallya Houses list: Overview

Property Name

Location

Cost

Kingfisher Towers

Bangalore, India

₹66 Crore (~$8.8 Million)

Sausalito Mansion

Sausalito, California

$1.2 Million (~₹10 Crore)

London House

Cornwall Terrace, London

260 crores (~$31 Million)

Mabula Game Lodge

South Africa

$6 Million

Le Grand Jardin

Sainte-Marguerite, France

$60 Million (Approx 500 Cr)

Indian Empress

Yacht (Details Not Location-Specific)

$100 Million(Apprx 800 cr)

Trump Plaza Apartment

New York, USA

$2.4 Million (20 Cr)

Ladywalk Mansion

Tewin, Hertfordshire, UK

100 Cr (~$12.5 Million)

Frequently Asked Questions:

1: What is the Kingfisher Towers?

A1: Kingfisher Towers is a 40,000 sq ft penthouse located in Bangalore, India. It is perched atop a 34-story building and features an infinity pool and helipad. The property is valued at approximately ₹66 Crore (~$8.8 Million)

2. Where is Le Grand Jardin located and how much did it cost?

A2: Le Grand Jardin is a luxury estate on the Island of Sainte-Marguerite in France, near Cannes. Mallya purchased this unique property for $60 Million.

3. What is the Indian Empress? .

A3: The Indian Empress is a 95-meter yacht, one of the largest private yachts globally. Vijay Mallya bought it for $93 Million

4. What is the Ladywalk Mansion?

A4: Ladywalk Mansion is a property in Tewin, Hertfordshire, UK. Mallya purchased it in 2015 for €11.5 Million (~$12.5 Million). The mansion is heavily secured and is believed to be Mallya’s current residence.

5. What can you tell me about Mabula Game Lodge?

A5: Mabula Game Lodge is a 25,000-acre game reserve in South Africa. Vijay Mallya owns a 99.5% stake in the reserve, which he acquired for $6 Million