Trump’s Stake in Housing Complex Spurs Lawsuit Over Sale
Owners of Starrett City are trying to offload the massive Brooklyn housing complex – which President Trump has a small stake in – for less than fair-market value in a deal “riven with conflicts of interest,” according to investors who are suing to stop the $850 million sale.
The group of plaintiffs, including heirs of late real-estate investor Disque D. Deane and San Francisco-based investment firm Belveron Partners who collectively own a 15.4 percent limited partnership in the more than 5,881-unit complex, accuse the owners of being driven by conflicts of interest and refusing to turn over information about the “below-market” sale. The owners “determined this past summer to pursue an expedited sale through what they euphemistically called a ‘targeted and customized marketing process,’ directed by a conflicted broker, and entertained only a single offer,” their lawsuit, filed Thursday in Manhattan Supreme Court, alleged. ...