Donald Trump Tricks Real Estate Brokers

Donald Trump Sued by Real Estate Brokers

By SAMUEL MAULL
Associated Press Writer

December 14, 2005

NEW YORK -- Donald Trump faces a lawsuit by three real estate brokers who say he still owes them $1.3 million from the profitable sale of land and apartments he owned in Manhattan.

The lawsuit centers on Trump's sale of 77 acres of riverfront and three buildings to the Extell Development Corp. and the Carlyle Group for $1.8 billion in October. Parties to the deal said it was the biggest residential sale in the city's history.

Trump said Wednesday that he does not owe the brokers any money -- yet.

"The agreement is very clear," Trump said. "I only pay them when I get paid. We haven't gotten the money yet. For her to bring a lawsuit against me is insane."

Barbara Corcoran, founder and principal of one of the city's major real estate firms, and two of her firm's brokers claim they have a contract that called for Trump to pay them $4 million in commissions.

The brokers' lawyer, Richard C. Seltzer, said Trump has paid his clients -- Corcoran, Carrie Chiang and Susan Cara-Madden -- only $2.7 million. The lawsuit asks that the remaining money be paid immediately.

Trump lawyer Jason Greenblatt said there was no date when the payment to the brokers was due.

The 77-acre parcel stretches from 59th Street to 72nd Street on Manhattan's Upper West Side, along the Hudson River. The area is known as Riverside South or Trump Place.