In New York, the Trump family appears to have decided to sell various outer-borough apartment buildings where the lucrative Trump empire began. The empire was started by Donald Trump’s father, Fred C. Trump, who acquired and developed a massive 6,000-unit property portfolio.
Word on the street is that the Trumps, other than Donald Trump, are selling the real estate empire portion of their holdings, which include two Trump Village buildings, BeacHaven, Westminister, Argyle, Lawrence Gardens and Lawrence Towers. An investment group lead by Ruby Schron is said to be the buyer. The purchase price is said to be $600-million.
Speculators say this move signals an exit from the real estate business for everyone in the Trump family, except for Donald Trump, who is not selling any of his holdings.
Information from Commercial Real Estate News.com was used for this report.