Businessman Robert Tillis just nabbed the priciest sale at Trump Park Avenue since the developer-turned-president assumed office eight years ago.
But the deal for the apartment at 502 Park Avenue was still only half of what Tillis paid for it in 2016.
An entity linked to the CEO of Imperial Dade and his wife, Meryl, sold the unit for $7.3 million, down significantly from its $14 million purchase price, according to public records. The all-cash deal works out to roughly $1,700 per square foot.
The buyer appears to be an entity linked to the California-based developer Hillcrest Company. The LLC, known as Hillcrest Park Avenue, is registered to the same Sherman Oaks address as the developer.
Hillcrest’s director of acquisitions Ryan Afari said the apartment is not for personal use but will be added to the firm’s portfolio. He described the firm as “long-term holders” focused on purchasing “well-positioned assets in irreplaceable locations.”
“There has been some volatility, frankly, and it hasn’t been as easy for people to offload properties,” Afari said. “There are some who need to get out.” He added that Hillcrest “has been a good option for people who are really serious sellers looking for really serious buyers.”
The Tillises bought the 4,200-square-foot condo from an LLC linked to Donald Trump. The developer kept the unit, among others, for himself, though he never lived in it. The trade came about six months after he sold his 24th-floor penthouse for $21 million.
The couple has been trying to offload the apartment since 2021, when they listed it for $15 million. It endured multiple price cuts, even as they found a tenant, who rented the apartment in 2022 for $52,500 per month for two years, according to the listing broker, Brown Harris Stevens’ Lisa Simonsen.
“With us, [the listing] wasn’t around ‘long’ because immediately we pivoted with the market and rented,” said Simonsen, who took over the listing three years ago when she was with her previous firm, Douglas Elliman.
Simonsen added that what finally got the deal over the finish line was an eagerness to trade.
“Our seller, with the new election and changing of the guard, thought it was a good time to sell,” Simonsen said. “It took a lot of turns in the road to get this deal done.”
Tillis, whose company distributes food packaging and cleaning supplies, bought the apartment during Trump’s first presidential campaign, to which he donated $2,000 six months after the purchase, Forbes reported.
Tillis took out a $10 million mortgage on the property from JPMorgan Chase nine months after his purchase. In 2023, he and Meryl transferred ownership of the unit to an LLC, 502PRKPH27, which lists its address as the Bristol, a condo building at 1100 South Flagler Drive in West Palm Beach.
Corcoran’s Whitney Didier represented the buyer.
Penthouse 27 spans 4,200 square feet and has four bedrooms and five bathrooms. It was renovated about five years ago, though Simonsen said the unit is only “slightly lived in” as it wasn’t the couple’s primary residence. It also features a windowed chef’s kitchen, breakfast nook, fireplace and views overlooking Park Avenue.
Michael Cohen, Trump’s former fixer, and his wife own an apartment on the 10th floor of the Lenox Hill building, a combination of three adjacent units valued at $9 million in 2018. Cohen continues to live in the 122-condo tower despite his hostile break with the president.
Trump purchased the site of the historic Delmonico Hotel for $115 million in 2001 and converted the building into luxury condos in 2004. Amenities in the 32-story building include 24-hour doormen, concierge, laundry services and a fitness center.
Deal prices at Trump-branded condos in Manhattan began falling after the president was elected to serve his first term in 2016, according to analyses by Columbia University economist Stijn Van Nieuwerburgh and City Realty. The price per square foot of units declined 23 percent between 2013 and 2023, while the value of condos at buildings that removed his name from the branding rose 9 percent.
Read more
The Donald sells Trump Park Avenue condo for $14M
“Languishing” 460 Park Ave getting $200M makeover
Milstein heir buys $20M Park Avenue penthouse