A 41-story financial office tower at 180 Maiden Lane in New York City was vastly overvalued by its owners in order to get bank loans, according to its current value. “Worth” a $470 million purchase loan in 2015, it was refinanced at a value of just $372 million in 2020, and now is up for a distressed-debt sale known as a “short sale,” and may bring just a small fraction of that latter “value,” according to an article for the “The Real Deal” real estate news site on Jan. 9, 2024.
It’s one of many such cases of, shall we say, severely false valuations—but since the name “Trump” doesn’t appear on any of these other towers, New York prosecutor Letitia James and Judge Arthur Engeron don’t seem to notice.
