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New York-based King Penguin Properties, which controls property in the United States and Europe, says it is moving away from luxury condo units to focus on multi-family properties.
“Affordable multi-family units present less downside risk that a prolonged period of slow economic growth may present,” managing partner Michael Mikelic said in a press release.
As part of the move, Mikelic says the company is selling the company’s interests in the Trump Place in New York, where Mikelic sat on the board and served as treasurer. In an earlier statement the company said it would invest most of the proceeds into a distressed property fund.
KPP’s other investments include land in Dubrovnik, Croatia earmarked for luxury villas and mixed use property in Yekaterinburg, Russia.
According to press reports, Mikelic has invested in several Trump projects in the past, including the ill-fated Trump development in Baja California, Mexico. Developers of the Baja project licensed Trump’s name, but the project fell apart and buyers lost millions in deposits.
"I've invested with him lots of other places and made millions doing so,” Mikelic told Forbes at the time.
