Trump Tower Apartment Lawsuit: 'Particularly Poor' Investment Decision
A $2.6 million apartment in Trump Tower has been described as a "particularly poor investment decision" in a multimillion-dollar lawsuit filed by Monaco-based financier Riccardo Grande Stevens. The lawsuit alleges the property has shed nearly half its value over the past decade, and Stevens is now suing the real estate advisor who recommended the purchase.
The Controversial Purchase
According to legal documents obtained by The Independent, Stevens purchased the 47th-floor unit in November 2015, exactly six months after Donald Trump descended the building's "golden escalator" to announce his presidential candidacy. The one-bedroom, two-bathroom apartment spans approximately 1,000 square feet in Midtown Manhattan.
Stevens, 65, acquired roughly 40 investment properties under the guidance of Richard Tayar, a Florence native whose New York City brokerage firm Columbus International promises to "transform ownership into an unparalleled experience." However, the complaint specifically identifies the Trump Tower purchase as especially ill-advised among all investments.
Allegations of Misrepresentation
The lawsuit contends that Tayar steered Stevens into fundamentally unsound deals despite knowing they were unfavorable investments. "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 complaint states. "Sadly, it has since come to light that this was not the case."
According to the legal filing, Tayar had a financial incentive to convince Stevens to purchase properties because he received commissions on each sale, regardless of their long-term viability.
Trump Brand Depreciation
The lawsuit emerges against a backdrop of declining values in Trump-branded properties. A New York Times study published in 2024 revealed that prices in Trump-branded buildings dropped by nearly 25 percent between 2013 and 2023. Apartments in Trump Tower performed worst of all, with CityRealty data showing the average price per square foot collapsing by nearly 50 percent during that same period.
Real estate economist Stijn Van Nieuwerburgh told the Times that removing the Trump name from a building "removes the loss associated" with it, though Eric Trump disputed these findings at the time.
Financial Mismanagement Claims
The complaint details extensive allegations of financial mismanagement beyond the Trump Tower purchase. Stevens was paying Tayar $104,000 annually in property management fees to oversee his portfolio, yet the lawsuit claims Tayar failed to secure tenants for the Trump Tower apartment and instead moved in himself without paying rent.
More seriously, the complaint alleges Tayar provided "inaccurate and fraudulent reports" showing the portfolio was profitable while actually failing to pay required expenses. Approximately 28 units had liens filed against them for unpaid common charges, with some delinquencies dating back to 2022, and two units were in active foreclosure proceedings.
The Financial Fallout
According to the lawsuit, the Trump Tower apartment originally purchased for $2.65 million is now worth approximately $1.6 million, representing a loss of about 40 percent. The complaint estimates that had Tayar properly managed the properties, Stevens would have realized $1,322,507.44 in profits.
Instead, as of October 2025, the account balance stood at just $608,334.96, from which Stevens was required to pay $455,189.31 in outstanding property taxes that Tayar had allegedly represented as already paid.
Legal Action and Background
Stevens, an Italian national and son of the late Franzo Grande Stevens (personal attorney to Fiat magnate Gianni Agnelli), estimates his total losses at "no less than" $3 million. He is seeking this amount from Tayar plus pre-judgment and post-judgment interest, attorneys' fees, and court costs.
The lawsuit, filed in Manhattan County Supreme Court, claims the unpaid common charges, taxes, and loss of rental income amount to $2 million "at minimum." Stevens's attorneys, Adam Leitman Bailey and Danny Ramrattan, have declined to comment on the case, as has Tayar, who did not respond to requests for comment.
Stevens, described on his website as a financier and avid footwear collector with more than 700 pairs of shoes, first met Tayar when the 45-year-old licensed real estate agent suggested establishing a U.S. real estate portfolio mainly in New York. The complaint alleges Tayar's brokerage team boasted of maintaining an "elite property management division" offering "white-glove" service, but failed to deliver on these promises.
