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?Everything Is Stalling?: Inside a Troubled Trump Project in Uruguay


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The New York Times
SOURCE: https://www.nytimes.com/2019/06/02/business/trump-uruguay-punta-del-este.html
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Summary

Now people involved in the project said they are not sure if or when it will be finished.CreditCreditTali Kimelman for The New York TimesSupported byBy Jesse Drucker and Manuela AndreoniPUNTA DEL ESTE, Uruguay — President Trump’s son Eric traveled in January to Punta del Este, a Uruguayan beach town on a spit of land jutting into the South Atlantic Ocean.He was en route to one of the Trump family company’s most ambitious ongoing development projects — a 25-story, 156-condominium waterfront tower, complete with an indoor tennis court, multiple swimming pools and a rooftop helipad. “We have the best building anywhere in Punta del Este, anywhere in South America.”Instead, the cylindrical high-rise is turning into the latest debacle in the Trump Organization’s far-flung property portfolio — featuring a little-known Argentine real estate firm in a gaudy, hard-partying town that has been a destination for money launderers and tax evaders.If all goes perfectly, Trump Tower Punta del Este will be completed at the end of 2020, about four years behind schedule. As a result, the company is more reliant than ever on long-running international projects, such as the ones in Uruguay, Indonesia and the United Arab Emirates.For a company largely owned by the United States president, this international-focused strategy carries risks.For example, according to four people familiar with his role, a key figure in the early stages of the Punta del Este deal, who also tried to sell condos in the building, is now Argentina’s economics minister. Last year, Uruguay overhauled its anti-money laundering laws, prompted by high-profile incidents including a Mexican drug gang washing money through Punta del Este homes.The Trump Organization hasn’t been accused of wrongdoing in the Punta del Este project.In 2007, the company was dipping its toes into Latin America, including trying to build a golf course and villa development in the Dominican Republic. Local real estate officials said a developer involved in that project — which was derailed by financial problems — introduced the Trumps to two Argentine real estate developers, Moisés Yellati and Felipe Yaryura, to discuss a development in Punta del Este.By late 2011, Mr. Yellati and Mr. Yaryura had assembled a group of investors and bought the land in Punta del Este, according to people familiar with the deal. Mr. Dujovne was involved in the purchase of the land and later tried to sell condos to his contacts in Buenos Aires, according to people familiar with his role.The Trump Organization unveiled the deal in 2012, saying the tower would be finished by 2016.

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