New York AG asks judge to compel Cushman & Wakefield to comply with subpoenas in Trump civil case

Bestinau got that-

Letitia James says the Trump organization has inflated real estate values.

The New York Attorney General’s office on Friday asked a judge to compel Cushman & Wakefield to comply with subpoenas issued in connection with the civil investigation into former President Donald Trump.

The motion to coerce followed two subpoenas, one last February and another in September last year, seeking documents and records related to several Trump properties: 40 Wall Street, a Manhattan skyscraper; Seven Springs, an estate in Westchester, New York; and Trump National Golf Club in Los Angeles.

Cushman & Wakefield has handled the appraisals of those properties, which have been investigated by the attorney general’s office for possible manipulation as the Trump Organization sought tax breaks and favorable loan terms.

Trump and The Trump Organization have denied any allegation. ABC News has reached out to both for comment on the attorney general’s new request.

Cushman & Wakefield, which has not been charged with any wrongdoing, complied with a subpoena issued early in the investigation but said the two more recent subpoenas were too broad and amounted to harassment of the company.

“Cushman & Wakefield’s work for the Trump Organization is important to our ongoing investigation into Donald J. Trump and the Trump Organization’s financial practices,” Attorney General Letitia James said in a statement. “There should be no doubt that information about Cushman’s assessment work for the Trump Organization is relevant to our efforts and that Cushman — like any other party — cannot resist a lawful subpoena because no one is above the law.”

In a statement to ABC News, Cushman & Wakefield wrote: “Any suggestion that Cushman & Wakefield did not respond in good faith to the Attorney General’s investigation is fundamentally false. The Attorney General’s documents do not accurately reflect Cushman’s responses. & Wakefield back on past subpoenas and inquiries. We stand behind our appraisers and our work.”

The commercial brokerage, which also handled office rent at several Trump properties, severed ties with Trump after the Jan. 6 riots in the US Capitol, saying in a statement at the time: “Cushman & Wakefield has made the decision to no longer do business do with the Trump organization.”

The Trump Organization bought Seven Springs, the 212-acre estate in Mount Kisco, New York, in 1995, hoping to develop a golf course and, when it was rejected, luxury homes.

In 2004, the Trump Organization valued the property at $80 million; in 2007 they valued it at $200 million; and in 2012, they valued it at $291 million, based on the claim that the property was earmarked for nine homes with an estimated profit of $161 million, the attorney general’s office said.

Two separate professional appraisers valued the lots supposedly being developed at a fraction of the prices used in the Trump Statement of Financial Condition, the attorney general’s office said.

The attorney general’s office has also raised questions about the true value of Trump’s leasehold interest in 40 Wall Street. External appraisals conducted by Cushman & Wakefield in 2010-2012 for Capital One, which had a $160 million mortgage on the building, valued the Trump Organization’s stake in the property at between $200 million and $220 million.

According to the Attorney General’s office, Trump’s financial statements for the same period indicated that 40 Wall Street had a valuation of $601.8 million in 2010, $524.7 million in 2011, $527.2 million in 2012 and $530.7 million in 2013. Those values ​​were between two and three times as much as recorded in the three consecutive assessments.

Leave a Comment