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August 9, 2004
Belfonti Associates, LLC Sells Former Donald Trump Property
HAMDEN, CT - Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today the sale by RCM Cincinnati Estates, LLC, a Belfonti-related entity, of the vacant 1,200-unit Huntington Meadows Apartment complex to Allen Temple-Tryed Stone Development, Ltd. for $10 million. The transaction closed on August 9, 2004.
"With support from the City and a new plan for all single-family homes, the site now finally offers real hope of future success for the new owners and the City of Cincinnati," said Belfonti.
The property, located at 1931 Langdon Farm Road in Cincinnati, Ohio, was at one time owned by real estate magnate, Donald Trump. Trump wrote about the property, then called Swifton Commons, in his first book, The Art of the Deal, in a chapter entitled, "The Cincinnati Kid: Prudence Pays."
Originally built in 1953, the apartment complex changed hands many times, and other owners were plagued by consistently high vacancy rates, environmental problems, and, eventually, bankruptcy and foreclosure. History reveals that Belfonti and Trump were the only developers to ever make a profit on the property.
RCM Cincinnati Estates originally purchased a note on the property and then actually acquired title at an open-bid sheriff's auction on April 3, 2003. All 1,200 units were vacant at the time of the acquisition. The total purchase price was $3.6 million.
The original intent of RCM Cincinnati Estates was to totally renovate approximately 600 vacant apartment units, turn them into market-rate housing, and then demolish the other 600 vacant units to make way for single family homes.
The City of Cincinnati initially supported Belfonti's plan but changed course after several community groups adamantly opposed any plan except one that would replace all of the apartment buildings with single-family homes. The redevelopment, called The Villages of Daybreak, is led by the two largest African-American churches in Bond Hill: Allen Temple AME and Tryed Stone Missionary Baptist Church.
"When the City of Cincinnati withdrew its support for our plan, we decided to take our risk off the table and sell the property to one of these community groups for a substantial profit," said Belfonti. "Why fight City Hall? Besides, you can't go broke making a profit."
Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.