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Donald Trump Cut His Son an Amazing Deal on Two Apartments

Donald Trump Visits Turnberry Golf ClubDonald Trump Visits Turnberry Golf Club
Eric Trump already owns two units on the building's top floor. Ian MacNicol—Getty Images

This story has been updated to clarify the positioning of the two apartments and its effect on their value.

Donald Trump reportedly sold his son, Eric, two apartments in Manhattan’s most expensive neighborhood at a 72% discount. The units on the two highest floors of 100 Central Park South sold for $350,000 each.

The $700,000 price tag for the two apartments, according to Bloomberg, was well below market rates. In late April, the 500-square-foot apartments were purchased for $700 per square foot, according to New York City records cited by Bloomberg. To give a comparison of the price difference, residential property on the same street facing Central Park sold for a median price of $2,521 per square foot, according to a January report from StreetEasy, a real estate data firm.

Eric Trump is the executive vice president of development and acquisitions at the Trump Organization. According to deeds from the city reviewed by Bloomberg, he was listed as the buyer. Donald Trump, his father, and presumptive GOP presidential nominee, signed for seller Trump CPS.

A person with knowledge of the transactions, who asked not to be identified because they’re private, did note to Fortune that both units face the air shaft of the building and are unrenovated, which reduces their value.

 

Trump CPS, also known as Trump Park East, owns about 15 apartments in the 81-unit building, according to Bloomberg. The building was originally bought in 1981 by Trump. Until the late 1990s, when he finally agreed to sell some of the units at a discounted price, Bloomberg reports he spent much of his time arguing with rent-regulated tenants. The deal in the late ‘90s also allowed some tenants to stay with restricted rent increases.

According to 2013 data from StreetEasy, a three-bedroom apartment in the same building sold for $7,500,000, or about $4,370 per square foot. It is the highest valued sale in the building that is currently listed on the site.

Eric Trump declined to comment for this story, and a representative for the Trump campaign referred Fortune to the Trump Organization.