Risks May Make Trump’s Seized Properties Cheap (curbed.com)
Someone who buys a former Trump office tower faces the risk of Trump besmirching their reputation, or even rallying supporters to boycott them. And those interested in the smattering of units he still owns at his branded buildings could face a sort of inverse problem — having to face Trump protesters.
"Time is running out for Donald Trump to come up with nearly a half a billion dollars before the Monday deadline in his fraud case. If he can’t find the cash or secure a bond, which his lawyers say he can’t, the state may make good on its threat to seize some of his properties. That kind of fire sale would mean “textbook irreparable injury” for the former president, his lawyers say, from the “massive, irrecoverable losses.”
"Which is probably true. A flash sale tends to mean bargain basement prices. When the government seized luxury property after a verdict over the 1MDB scandal — wherein a Malaysian government fund was pilfered to pay for bribes, shopping trips, and even to produce Wolf of Wall Street — a study found that two hotels and six homes flipped for 41 percent less than defendants had paid. That’s because the Feds “don’t care about the market” and are “not here to set comps,” Ryan Serhant said at the time. (His client got a bargain on a seized apartment.) Stijn Van Nieuwerburgh, a professor of real estate at Columbia University, agreed: A fire sale “is never a good option” for a property owner, or even for a government seller, if it wants to make the most money with the least paperwork. And these properties — tied to the reputation of a volatile, public persona and caught up in the middle of a legal appeal — are a kind of wasp’s nest that any buyer may not be willing to deal with, except for a bargain, bargain basement price." . . .
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