Bloomberg News: Schmuck insurance a sign that real estate is improving.

I don’t want to look like Pinch Sulzberger, the Donald says.

An example of a seller that should have used some protection is New York Times Co., Trump said. The newspaper publisher sold its headquarters building at 229 West 43rd Street for $175 million in 2004 to Tishman Speyer Properties LP. Africa Israel Investments Ltd., Israeli billionaire Lev Leviev’s real estate company, bought the 15-story tower three years later for $525 million. Abbe Serphos, a spokeswoman for Times Co., declined to comment.

“I used to call it a chump tax,” said Robert L. Freedman, chairman of New York property broker FirstService Williams. “If I sold too early in the cycle, I wanted some participation in the third party’s upside.”

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