A businesswoman whose company touts “access” to China just bought a $15.89 million penthouse from the president of the United States, according to city property records.
Xiao Yan Chen’s purchase at Trump Park Avenue (aka 502 Park Ave.), dated Feb. 21, is the first notable sale at any significant Trump property since he became president.
While Trump has removed himself from the board of directors of Trump Park Avenue LLC, which sold the unit, he remains the owner of the LLC.
Chen’s purchase of the sprawling four-bedroom, 5 1/2-bathroom, 4,164-square-foot condo at the building was first reported by Mother Jones.
Chen, who is known as Angela, currently owns and lives in a fifth-floor Trump Park Avenue unit that she bought for $3.6 million in 2004. The Chinese-American exec is the founder and managing director of Global Alliance Associates (GAA). The firm bills itself as a connector of powerful people who want to do business in China.
“Angela is a current unit owner who has been in the building a long time and wanted more space on a higher floor,” a source told The Post. (The unit she bought, PH28, was never formally on the market.)
Chen, in a brief telephone conversation with The Post, said she was “not comfortable” commenting on her purchase and how it could potentially help her business.
Before founding Global Alliance, Chen helped Prudential Insurance create a private banking group in China, where she managed high-net-worth clients. Before that, she helped set up the China Futures Trading Desk at Merrill Lynch. She is currently a “respected and sought-after advisor on establishing business relationships in China,” according to the GAA website.
Notes the website: “For a highly select clientele, our China Strategy Group facilitates access and establishes critical strategic relationships with the most influential public and private decision makers. We help assure our clients of a smooth and efficient transition into China by putting them in direct contact with key decision makers that can make the transition happen skillfully and efficiently.”
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