Mr. Cohen financed the purchase by securing a $3.5 million short-term mortgage from the developers, rather than getting financing from a bank, according to public records. While developers occasionally offer to finance purchases in their projects, such developer financing is unusual in Manhattan, real-estate attorneys say. People familiar with the deal said Mr. Cohen would have had trouble securing traditional financing because the unit did not yet meet the city’s legal requirements for occupancy.
People familiar with the transaction said Mr. Cohen had been in a rush to close due to an impending tax event. He’d sold a unit at New York’s Trump World Tower for roughly $3.3 million in October 2017, and needed to reinvest the profits within a fixed time frame to avoid incurring immediate taxes on the sale, they said. Mr. Cohen and his wife personally guaranteed the loan, according to people familiar with the deal. Mr. Cohen didn’t respond to requests for comment.
To: COUNTrecount
I heard that Lanny Davis, his attorney, is creating a legal defense fund for Cohen.
Why in hell is Lanny Davis his attorney? That is beyond idiotic.
2 posted on
08/22/2018 10:07:49 AM PDT by
laplata
(Leftists/Progressives have diseased minds.)
To: COUNTrecount
He might want to think about subletting because I think he and his lawyer just blew a pardon.
To: COUNTrecount
A scumbag deal for a scumbag guy.
4 posted on
08/22/2018 10:10:21 AM PDT by
samtheman
(LetÂ’s elect as many Republicans as possible in 2018)
To: COUNTrecount
Wait... he needs a gofundme?
5 posted on
08/22/2018 10:11:38 AM PDT by
TheZMan
(I am a secessionist.)
To: COUNTrecount
I was a mortgage broker for about 10 years. I could get him a loan with no real problems, and if I could, the big dogs surely can. I wouldn’t mind that commission check.
6 posted on
08/22/2018 10:12:22 AM PDT by
2ndDivisionVet
(You cannot invade the mainland US. There'd be a rifle behind every blade of grass.)
To: COUNTrecount
Well, if you’re gonna commit Arkancide, it might as well be in style.
9 posted on
08/22/2018 10:15:16 AM PDT by
TADSLOS
(1. DonÂ’t Forget Nothing.)
To: COUNTrecount
I’ve been wondering why Cohen folded as he did. But now I’m reading about millions of dollars being moved around. Maybe that’s part of the puzzle.
10 posted on
08/22/2018 10:15:37 AM PDT by
Leaning Right
(I have already previewed or do not wish to preview this composition.)
To: COUNTrecount
Methinks that short term mortgage will soon be in default.
To: COUNTrecount
. He’d sold a unit at New York’s Trump World Tower for roughly $3.3 million in October 2017, and needed to reinvest the profits within a fixed time frame to avoid incurring immediate taxes on the sale Looks like he was doing a 1031 to defer capital gains.
23 posted on
08/22/2018 10:34:28 AM PDT by
AAABEST
(NY/DC/LA media/political industrial complex DELENDA EST)
To: COUNTrecount
Sounds like a payoff for turning on Trump.
24 posted on
08/22/2018 10:35:16 AM PDT by
tennmountainman
("Trust Sessions" Yeah Right")
To: COUNTrecount
Very nice (and roomy) payoff, Michael.
32 posted on
08/22/2018 11:00:15 AM PDT by
moovova
To: COUNTrecount
I guess the check cleared.
33 posted on
08/22/2018 11:08:09 AM PDT by
Kozak
(DIVERSITY+PROXIMITY=CONFLICT)
36 posted on
08/22/2018 11:26:44 AM PDT by
PMAS
(All that is necessary for the triumph of evil is that good men do nothing)
To: COUNTrecount
In related news, Cohen starts GoFundMe account for his legal bills.
38 posted on
08/22/2018 12:12:30 PM PDT by
Mr. K
(No consequence of repealing Obamacare is worse than Obamacare itself.)
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