Investigators were also looking for any records related to adult-film star Stormy Daniels and ex-Playboy model Karen McDougal, who both received payments after alleged affairs with Trump.
It is unknown whether Cohen taped conversations between himself and Trump. But two people familiar with Cohen's practices said he recorded both business and political conversations. One associate said Trump knew of Cohen's practice because Cohen would often play him recordings he had made of his conversations with other top Trump advisers.
"It was his standard practice to do it," this person said.
Legal experts said Cohen's taped conversations would be viewed by prosecutors as highly valuable.
"If you are looking for evidence, you can't do any better than people talking on tape," said Nick Akerman, a former Watergate prosecutor.
Such recordings "would be considered a gold mine", said Stephen Gillers, a law professor at New York University who specialises in legal ethics.
"The significance is 9.5 to 10 on a 10-point scale," he added, noting that investigators know "that when people speak on the phone, they are not guarded. They don't imagine that the conversation will surface".
Federal investigators would not automatically get access to any tapes that might have been seized in the raids. First, the recordings would be reviewed by a separate Justice Department team and possibly by a federal judge. The review is designed to protect lawyer-client privilege and to be sure that the conversations turned over are within the terms of the search warrant, legal experts said. They noted that the privilege accorded to attorney-client communications does not apply if the conversation was conducted to further commission of a crime or fraud.
Cohen wanted his business calls on tape so he could use them later as leverage, one person said. He frequently noted that under New York law, only one party had to consent to the taping of a conversation, this person added.
During the 2016 race, Cohen - who did not have a formal role on the campaign - had a reputation among campaign staff as someone to avoid, in part because he was believed to be secretly taping conversations.