The Shark Tank billionaire has drawn scrutiny in recent days for owning a $13.5 million condo in the Trump International Tower in New York. Here’s what he told Forbes about his Manhattan properties.
Read the full story on Forbes: https://www.forbes.com/sites/jemimamcevoy/2024/11/11/mark-cubans-properties-in-trump-international-tower-are-worth-more-than-trumps/
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Read the full story on Forbes: https://www.forbes.com/sites/jemimamcevoy/2024/11/11/mark-cubans-properties-in-trump-international-tower-are-worth-more-than-trumps/
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LifestyleTranscript
00:00Today on Forbes, Mark Cuban's properties in Trump International Tower are worth more than Trump's.
00:07Billionaire investor and Shark Tank star Mark Cuban drew scrutiny in recent days following
00:13reports about his ownership of a 3,700-square-foot condo in the Trump International Tower, which
00:19is located at 1 Central Park West on Manhattan's Upper West Side.
00:23During the presidential election, Cuban was a prominent backer of Vice President Kamala
00:27Harris, appearing at multiple rallies for the Democratic candidate in battleground states.
00:33On November 4th, the day before the election, the New York Post ran the headline, quote,
00:37"'Mark Cuban may not agree with Trump's politics, but he has no problem with him as the landlord
00:42of his $13.5 million condo.'"
00:44Trump, who owns a small chunk of the building, isn't actually Cuban's landlord.
00:50In fact, Cuban owns multiple properties in the Trump International Hotel and Tower, which
00:55are now worth more than Trump's own real estate portfolio in the building.
01:00Cuban spent $13.8 million on his first condo in 2000, some 15 years before Trump announced
01:05he was running for president in the 2016 election.
01:09Cuban then bought another 2,110-square-foot unit on the same floor for $3.3 million the
01:14next year.
01:16Publicly available property records confirm he still owns both apartments, which are worth
01:20a combined $13 million today, per Forbes estimates.
01:25Cuban told Forbes in an email that he, quote, "'looked at selling' his two condos," quote,
01:29"'but the price has dropped significantly over the last eight years.'"
01:34Trump, meanwhile, owns a 460-square-foot unit in the eponymous building that he and other
01:39investors redeveloped in the 1990s.
01:42Trump's is worth around $660,000, a fraction of the price of Cuban's.
01:48Trump also owns about 10,580 square feet of retail space in the building's concourse and
01:53on the first floor, as well as the building's garage.
01:57His commercial interests are worth a combined $4.9 million after debt, per Forbes estimates,
02:03making Trump's total portfolio worth just over $5 million.
02:08Before it was reopened under the Trump name in 1997, the Central Park One Tower spent
02:12more than two decades as the Gulf and Western Building.
02:16Trump reportedly redeveloped it along with the Galbraith Company and General Electric
02:20Investment Corporation, which was the owner of the building, according to a New York Times
02:24article from the time.
02:26In 2019, the Trump Organization was on the verge of rebranding the Trump International
02:30Hotel and Tower without the president's name amid strains on Trump's brand during his 2020
02:36campaign for president.
02:38However, the condo's board ultimately voted to keep the signage.
02:43For full coverage, check out Jemima McAvoy's piece on Forbes.com.
02:48This is Kieran Meadows from Forbes, thanks for tuning in.