Lawsuit alleges Trump Tower unit was 'poor investment' after plummeting in value

President Donald Trump's flagship building isn't the best investment, alleged Monaco resident Riccardo Grande Stevens, who bought an apartment in Trump Tower in Manhattan.

Stevens purchased the $2.6 million apartment in November of 2015, and the value has been nearly cut in half over the past ten years, according to a lawsuit shared with The Independent.

The apartment has now dropped in value to roughly $1.6 million.

According to Stevens, who is suing the real estate advisor who recommended he purchase the one-bed, one-and-a-half-bath property, it was a "particularly poor investment decision."

The apartment, which boasts 1,058 square feet of living space, is one of 40 investment properties Stevens owns and was purchased thanks to Richard Tayar, originally from Florence, Italy. His brokerage firm website promises they will “transform ownership into an unparalleled experience," the report cited.

“At the time, Mr. Stevens, relying on Mr. Tayar, believed he was investing in properties that were being sold below market value, which would appreciate over time and also generate rental income,” the suit says. “Sadly, it has since come to light that this was not the case.”

There were other properties that Tayar pointed him to despite the fact that "he personally knew that they were fundamentally unsound deals and highly unfavorable investments.”

A study by The New York Times found that between 2013 and 2023, Trump's buildings bearing his name lost approximately 25 percent of their value. The worst drop, however, was from Trump Tower properties. The Independent reported that the price per square foot dropped by 50 percent during the same period.

At the time of the report, Trump's middle son, Eric, denied the accuracy.

Stevens alleges that when he first met Tayar, the agent advised him to build a U.S. real estate portfolio as an investment. He specifically cited New York, which Tayar said he could manage.

“Based upon Mr. Tayar’s purported experience and knowledge, Mr. Stevens decided to pursue a real estate portfolio with Mr. Tayar and Columbus as the property manager,” it continues.

"Due to the unit’s high common charges, it was not well-suited for generating rental income. Nevertheless, Mr. Tayar convinced Mr. Stevens to proceed with the purchase," the filing says. "In addition to receiving commissions on the purchase of all of the respective units, Mr. Tayar and Columbus were also receiving commissions for securing rental tenants for each unit. Therefore, for every unit that was purchased, Mr. Tayar and Columbus received a commission from the sale and an additional commission for obtaining tenants. These payments were on top of his property management fee for managing the real estate portfolio..."

He alleges that Tayar exploited it even further by renting the unit in Trump Tower to himself.

"Upon information and belief, Mr. Tayar has not paid any rent for this unit," it alleges.

The Independent also said that while Stevens' name was on the portfolio account, Tayar held the power of attorney and exercised full control. So, it came as a shock when he was suddenly threatened with foreclosure for unpaid common charges.

“In light of this troubling notice, Mr. Stevens directed counsel to review the portfolio, and the results were shocking,” the complaint continues. “The investigation revealed that Mr. Tayar and Columbus committed fraud because the reports were completely fabricated and did not accurately reflect the true financial condition of the portfolio.”

Stevens said that he should have had over $1.3 million in profits, when the account showed just over $608,000.

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