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In ‘Little Moscow,’ Russians helped Donald Trump’s brand survive the recession

Real estate agents say investors from the former Soviet Union are drawn to his brand and image.

Washington Post

By Tom Hamburger

November 4, 2016

The first of three identical 45-story Trump-branded condo buildings opened in this oceanfront city at a seemingly terrible time, just as the recession was dawning and the real estate market was starting to crumble.Many other projects in South Florida floundered in the lead-up to the national housing collapse of 2008. But the Trump buildings were among those that survived, in part because the developers were able to turn to another business source seemingly immune to the factors dragging down the U.S. market: wealthy Russians looking to move their money out of the volatile post-Soviet economy.

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“You never find out what kind of business they’re in,” Gorban said. “All I knew was that the checks came, they closed, and life was good.”

Gurowitz and Gorban said that their client had purchased the penthouse and a second unit in the building.

“To really sum it up, in all fairness, why do the Russians come here? For the weather, for the lifestyle and because it’s a good place to bury their money,” Gorban said.

Alice Crites contributed to this report.

Tom Hamburger has covered the White House, Congress and regulatory agencies, with a focus on money and politics. He joined The Post national staff in early 2012. His work has received numerous awards, including the Pulitzer Prize in 2018 for stories with other Post reporters on Russian connections to the Trump campaign and transition.

Source: In ‘Little Moscow,’ Russians helped Donald Trump’s brand survive the recession

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