Cohen insisted he has “more than sufficient assets to cover any payment obligations,” according to an affidavit filed in New York State Supreme Court on June 24 as part of a motion to dismiss.
“During my tenure as a business person, I have never failed to make good on my financial obligations or the financial obligations of my businesses,” Cohen said in his sworn statement. “I do not intend to dissipate any of my assets to evade a judgment. Fortress’ allegations to the contrary are flat-out wrong and downright insulting.”
Cohen controls about 12 million square feet of commercial buildings, including eight towers on the eastern side of Midtown. His father and uncles started Cohen Brothers Realty, which built office towers along Third Avenue after the elevated train tracks were demolished in the 1950s. Cohen, a lawyer by training, bought out his family in the 1980s. His towers are the types of aging office buildings that have been particularly hurt since the pandemic upended the world of work.
Cohen’s 600,000 square-foot tower at 805 Third Ave., 92% occupied in 2019, was only 54% leased last year and the building isn’t generating enough cash to make payments on its $275 million mortgage, Moody’s said in a report Monday. 3 E. 54th St. is in foreclosure proceedings after Cohen defaulted on an $85 million loan for the nearly 300,000 square-foot building. Other ailing Cohen-owned properties include the Decoration & Design Building at 979 Third Ave. and 3 Park Ave.
Two emails and a call to Cohen Brothers weren’t returned.
In his affidavit, Cohen said his buildings are worth more than the debt on them, giving him nearly $400 million in equity that he can tap to pay bills. Forbes estimates Cohen’s personal fortune at $1.6 billion, down from $3.7 billion in 2023.
“I have not, nor do I intend to, dissipate my assets to evade a judgment,” he wrote. “To demonstrate that intention and the financial integrity I have shown during my decades-long career, I voluntarily agree to not transfer, sell, or otherwise encumber my substantial ownership interests in the aforementioned NYC properties.”
Cohen said he agreed to transfer his Connecticut residence and yacht to a trust for the benefit of his wife in December 2023 and completed the transaction in May 2024. He made the moves “in consideration of almost 20 years of marriage.” Cohen said he is 72 and his wife, Clodagh, who goes by Clo, is 55.
Fortress contends Cohen’s Connecticut residence is worth about $20 million, while the 220-foot yacht is worth $50 million. Cohen also transferred four 40-foot yachts called “Clo Sea,” “Senseless,” “Sea S Sea,” and “Nonsense,” court documents allege. Fortress said Cohen continues to pay all expenses associated with the Greenwich property and the “maritime assets.”
Fortress also alleged that Cohen illegally transferred real estate in France to a holding company called CSC Family Holding, then transferred the “vast majority” of shares to his wife and children. The assets allegedly transferred include a Provence vineyard and estate, plus a historic movie theater in Paris. Cohen is a member of the Academy of Motion Pictures Arts & Sciences and the Producers Guild of America.
“My impeccable career speaks for itself,” Cohen said in his affidavit.
