Former President Donald Trump arrives for his civil business fraud trial at New York Supreme Court, Tuesday, Oct. 17, 2023, in New York. , watching and deploring the case as an employee and an outside appraiser testified that his company essentially put a thumb on the scale when sizing up his properties' value.
“It doesn't make sense,” Larson said of the way the ex-controller reached a $287.6 million value for a prominent Trump-owned retail space in 2013. Trump says his assets were actually undervalued and maintains that disclaimers on his financial statements amounted to telling banks and other recipients not to accept his numbers but to check them out for themselves.
When it came to valuing a storefront formerly known as Niketown, McConney relied on rates of return for a different type of property, rather than for comparable retail space, Larson testified. He also said he appraised a Trump-owned Wall Street building at $540 million in 2015, while McConney valued it at $735.4 million on Trump’s financial statement.
She testified that as she filled out internal spreadsheets documenting the value of a Trump-owned Wall Street office building, longtime former Trump Organization finance chief Allen Weisselberg told her to act as if the skyscraper would be completely leased by a certain date, even if some space was currently vacant. For a Park Avenue residential tower, she was told to project that unsold units “would all sell out” in a certain timeframe.
Trump has repeatedly criticized both the statute and the judge, a Democrat. The ex-president said Tuesday that he had come to like and respect Engoron but believed that Democrats were “pushing him around like a pinball.”
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