Former U.S. President Donald Trump.

Cushman & Wakefield did not always follow “internal quality control practices” when appraising properties for Donald Trump, a Manhattan judge found Thursday.
The rebuke is buried in an order that requires C&W turn over additional appraisals to NY AG Letitia James.
C&W had fought the subpoena, saying ‘thousands’ of clients’ confidentiality could be compromised.

Appraisal giant Cushman & Wakefield did not always follow its own “internal quality control practices” when appraising properties for Donald Trump, a Manhattan judge has found.

“This Court has reviewed numerous documents in camera,” meaning in private, the judge wrote, “demonstrating that C&W was not consistent in adhering to its internal quality control practices when conducting appraisals on behalf of the Trump Organization.”

The rebuke is included — almost as an aside — toward the end of a court order released on Thursday. The order requires that C&W turn over stacks of additional appraisals to New York Attorney General Letitia James’ probe of Trump’s business.

The firm has until May 27 to turn over appraisals not only for Trump properties but for other properties “comparable” to the Trump assets they have valued.

Read the judge’s order here.

Thursday’s written ruling expands on what the judge, New York State Supreme Court Justice Arthur Engoron, had ruled from the bench on Monday, when he found that C&W must comply with James’ recently-expanded subpoena.

The AG “has an independent investigate interest in determining whether there was a pattern and practice at C&W of failing to adhere to its internal quality control practices,” Engoron wrote.

C&W had fought the expanded subpoena, saying it could potentially require them to turn over “thousands” of “utterly irrelevant” appraisals for clients whose confidentiality rights would then be compromised.

But Engoron, who is presiding over a host of subpoena squabbles in the AG’s Trump probe, said that the additional appraisals James wants are very relevant.

James’ office “has satisfied its burden of demonstrating that the materials sought from C&W are not “utterly irrelevant to its inquiry,” the judge wrote. 

He quotes from one of James’ own arguments, which had said, “It is plainly germane to an inquiry into choices related to key appraisal variables, whether the same appraisers made similar or different choices for other clients in comparable circumstances.” 

The judge continued, “For example, although appraisals of adjacent buildings on the same date will be completely different based on their respective sizes, ages, condition, occupancies, the assumptions for the rate of …read more

Source:: Business Insider


Cushman & Wakefield cut ‘quality control’ corners for Donald Trump, a Manhattan judge ruled Thursday.

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