HOUSE_OVERSIGHT_020439.jpg
995 KB
Extraction Summary
7
People
2
Organizations
6
Locations
4
Events
5
Relationships
0
Quotes
Document Information
Type:
Financial/investigative report
File Size:
995 KB
Summary
This document details the financial activities of Michael Cohen and his family, focusing on their Park Avenue home. It describes how the property, purchased for $5 million in 2005, was placed in a trust and later leveraged for a $500,000 line of credit in 2016. The report also highlights the financial influence of Cohen's in-laws, Fima and Ania Shusterman, who built a taxi empire and have engaged in significant financial transactions, including a $20 million loan.
People (7)
| Name | Role | Context |
|---|---|---|
| Cohen | Property Owner |
Implied to be Michael Cohen. Owner of a Park Avenue home purchased in 2005. His taxi business was expanded with help ...
|
| Laura Cohen | Trustee |
Cohen's wife. In her role as a trustee for the entity holding their Park Avenue home, she took out a $500,000 home-eq...
|
| Fima Shusterman | In-law / Business Owner |
Cohen's in-law who, with his wife Ania, emigrated from Ukraine, built a taxi empire, helped Cohen expand his own taxi...
|
| Ania Shusterman | In-law / Business Owner |
Cohen's in-law who, with her husband Fima, emigrated from Ukraine, built a taxi empire, helped Cohen expand his own t...
|
| Semyon Shtayner | Business Owner |
A Ukrainian individual in the taxi business who, with Yasya Shtayner, received a $20 million loan from the Shustermans.
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| Yasya Shtayner | Business Owner |
A Ukrainian individual in the taxi business who, with Semyon Shtayner, received a $20 million loan from the Shustermans.
|
| Richard Kahn | Associate |
Individual associated with HBRK Associates Inc. at 575 Lexington Avenue. Contact information is provided but redacted.
|
Organizations (2)
| Name | Type | Context |
|---|---|---|
| First Republic Bank |
Provided a $500,000 home-equity line of credit to Laura Cohen in February 2016 against the Park Avenue property.
|
|
| HBRK Associates Inc. |
Company associated with Richard Kahn, located at 575 Lexington Avenue.
|
Timeline (4 events)
2005
February 2016
Laura Cohen, as trustee, took out a $500,000 home-equity line of credit against the Park Avenue property from First Republic Bank.
Park Avenue, New York
Over decades
Fima and Ania Shusterman built their taxi empire and helped Cohen expand his.
New York and Chicago
late 2015
The Cohens moved their Park Avenue property into a trust to limit tax exposure for their heirs.
Park Avenue, New York
Locations (6)
| Location | Context |
|---|---|
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Relationships (5)
The document refers to them as 'the Cohens'.
Document states Fima is one of 'Cohen's in-laws' and that the Shustermans were 'helping Cohen expand his [taxi empire]'.
Document states Ania is one of 'Cohen's in-laws' and that the Shustermans were 'helping Cohen expand his [taxi empire]'.
Document refers to them as 'the couple'.
Fima and Ania Shusterman
→
Lender-Borrower
→
Semyon and Yasya Shtayner
The document states 'the couple have lent $20 million to another Ukranian couple... Semyon and Yasya Shtayner'.
Full Extracted Text
Complete text extracted from the document (1,595 characters)
Park Avenue
One property that may prove harder to extract cash from:
Cohen's palatial Park Avenue home. Purchased for $5 million in
2005, the sprawling 10th-floor unit used to be three separate
apartments and has four bedrooms. It could be worth $8 million
or more, based on comparable sales.
In late 2015, the Cohens moved the property into a type of
trust designed to limit tax exposure when transferring property
to heirs. The trust structure has tax consequences for typical
mortgages, but those could be dodged if the Cohens took out an
interest-only loan.
In February 2016, Laura Cohen, in her role as a trustee of
the new entity, did just that, taking out a revolving $500,000
home-equity line of credit against the property from First
Republic Bank. It was the first time the family had borrowed
against the property since a loan of more than $2 million 11
years earlier when they bought it, property records show.
Cohen's palatial Park Avenue home. Purchased for $5 million in
2005, the sprawling 10th-floor unit used to be three separate
apartments and has four bedrooms. It could be worth $8 million
or more, based on comparable sales.
In late 2015, the Cohens moved the property into a type of
trust designed to limit tax exposure when transferring property
to heirs. The trust structure has tax consequences for typical
mortgages, but those could be dodged if the Cohens took out an
interest-only loan.
In February 2016, Laura Cohen, in her role as a trustee of
the new entity, did just that, taking out a revolving $500,000
home-equity line of credit against the property from First
Republic Bank. It was the first time the family had borrowed
against the property since a loan of more than $2 million 11
years earlier when they bought it, property records show.
There are also Cohen's in-laws, who may pitch in to a
legal-defense effort. Fima and Ania Shusterman, who haven't
responded to requests for comment, emigrated from Ukraine and
built their own taxi empire over decades while helping Cohen
expand his across New York and Chicago. They own three units in
Trump World Tower. In an indication of their willingness to help
those close to them, the couple have lent $20 million to another
Ukranian couple in the taxi business, Semyon and Yasya Shtayner
and their companies.
legal-defense effort. Fima and Ania Shusterman, who haven't
responded to requests for comment, emigrated from Ukraine and
built their own taxi empire over decades while helping Cohen
expand his across New York and Chicago. They own three units in
Trump World Tower. In an indication of their willingness to help
those close to them, the couple have lent $20 million to another
Ukranian couple in the taxi business, Semyon and Yasya Shtayner
and their companies.
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York. NY 10022
tel [REDACTED]
fax [REDACTED]
cell [REDACTED]
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York. NY 10022
tel [REDACTED]
fax [REDACTED]
cell [REDACTED]
HOUSE_OVERSIGHT_020439
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