AnalysisBanking & Lending

Here’s the Soho condo Manafort allegedly used to launder money

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Lots of news coming out of Washington today in Justice Department special counsel Robert Mueller’s investigation into foreign meddling in the 2016 election: former Trump campaign manager Paul Manafort and his protege Richard Gates have both been indicted on money laundering and conspiracy charges and arrested. Another former Trump adviser also was revealed to have plead guilty to lying to the FBI.

One interesting real estate tidbit among many revealed in the 31-page indictment against Manafort and Gates: Manafort, through a shell company called “MC Soho Holdings, LLC,” is said to have purchased a condo in 2012 with the address 29 Howard St., #4D, New York, NY 10013, located in Manhattan’s upscale Soho neighborhood for “approximately $2,850,000.” The Feds now want to seize it, along with three other properties in New York and Virginia.

Why? The money for this property allegedly came from Cyprus and the indictment states Manafort later applied for a mortgage on the property, “falsely represent[ing]” to the bank that his adult daughter and son-in-law were living there. Oh yeah, and Manafort was also said to be renting out the property on Airbnb for “thousands of dollars a week,” and taking tax breaks for owning a rental property.

Sotheby’s had a nice spread of the 2,150-sq-ft. place until today (they took it down shortly after this article went live), listing it as sold for $2.85 million and advertising its “remarkable open sky and city views looking north up coveted Crosby St. in one of Downtown’s hottest locations.”

But the listed brokerage manager Diane Levine told Inman in a phone call the photos on the listing, which you can see below, were likely very old, and that she did not sell the place to Manafort.

29 Howard St. Unit 4. Credit: Sotheby’s.

Sotheby's 29 Howard listing

Image from Sotheby’s removed listing of 29 Howard St., Apt. 4. Image: Sotheby’s

Sotheby's listing for 29 Howard St. Unit 4 bathroom

Picture of bathroom from since-removed Sotheby’s listing for 29 Howard St., Unit 4. Credit: Sotheby’s

Real estate company Douglas Elliman listed the property for rent at $14,995 per month, noting it was a “very special home has a flexible floor plan allowing for numerous configurations.”

Gain a massive competitive advantage with a modern RE CRM
3 reasons you need to replace your dumb CRM with a smart one READ MORE

Tech and culture website The Verge spotted a link to a Corcoran rental listing that describes the unit as a “stunning one of a kind full-floor 2 bedroom, 2 bath.”

29 Howard St. rental listing photo

29 Howard St. 4th floor rental listing photo. Credit: Corcoran

29 Howard St. rental listing photo

29 Howard St. 4th floor rental listing photo. Credit: Corcoran

29 Howard St. rental listing photo

29 Howard St., 4th floor rental listing photo. Credit: Corcoran

Other features include a “formal living room with a wood-burning fireplace,” a “gallery-like hallway,” an “enormous walk-in closet” in the master bedroom and a “luxurious marble bath with steam shower and deep soaking tub” in the adjoining master bathroom.

We’ve reached out to the Corcoran listing agent and will update when we hear back.

Did you happen to stay in this property when it was an Airbnb? If so, please get in touch with me via email here.

Email Carl Franzen.