Donald Trump was just hit with yet another embarrassing money problem and this one might be the worst yet since it involves his most prized piece of real estate.
According to Bloomberg News, a $100 million loan on Trump Tower in midtown Manhattan has just been placed on a debt watch list as vacancies in the building keep going up… and up… and up. This year alone, occupancy in the building has fallen from 85% to 78%, and tenants keep breaking lease.
Wells Fargo added the 72-floor property to the debt watch list because of “lower average occupancy,” noting that in the first quarter of 2021, it made $7.5 million in revenue. In 2020, total revenue was $33.7 million.
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Recently, it was reported that several tenants, including Marc Fisher, the maker of Ivanka Trump‘s failed shoe line, had fallen behind on rent and vacating early. The Trump Organization actually filed a $1 million lawsuit against Fischer for unpaid rent but the suit was later dropped.
When reached for comment, Eric Trump said, “Trump Tower is one of the most underleveraged commercial buildings in New York City and maintains fantastic cash flow. We are incredibly proud of this building, which has some of the most prestigious tenants in the world and is an icon of the Manhattan skyline.”
But it’s not just Trump Tower that seems to be in peril.
According to the Chicago Sun-Times, the ex-president’s property tax on his Chicago office tower was recently slashed because the building’s commercial space is now 95% vacant. The building’s retail space had its assessed value cut from $19.9 million to $12.5 million.
Then, of course, there’s his namesake hotel in Washington, D.C. that’s been sitting on the market for two years without any interested buyers, despite having the price slashed by a whopping $100 million.
Graham Gremore is the Features Editor and a Staff Writer at Queerty. Follow him on Twitter @grahamgremore.
WSnyder
As Trumps more traditional revenue streams continue to dry up, he’s been shifting his focus to milk money out of his sucker right-wing followers. Remember, the whole Presidential run in ’16 was never about winning, it was about increasing the ‘Brand’. The fact that he started to actually do well in the GOP Primaries as well as fund raising played well on his ego. Then came the money as corporations and foreign money feed into his business as many sought to curry favor as his chances of actually becoming President continued to rise. Now that his ‘Brand’ is highly toxic [post pandemic mishandling while President], the only real ‘income’ he’s seeing is from the ultra right, but they’re not buying his condos or staying at his resorts. They’re putting money into his PAC[s]. So that’s why he’s feeding ‘The Big Lie’, to keep the money coming in. He’s likely not going to run again, he’s more interested in being the King Maker with influence and conning the right into donations, little of which will actually go to the right-wing candidates as most of that money will go into Trump’s pockets.
Chrisk
Kind of like his henchmen Steven Banon getting imprisoned and later pardoned for stealing the cults money to build the wall.
Mr. Stadnick
The trumps believed their own lies and hype and it has come to bite them on the ass.
GrizzleyMichael
HA HA HA HA HA HA LOSER
GayEGO
LMAO!
GayEGO
Ugh! This proves no one wants to be near Trump, let alone his businesses, hotels, apartments!
woodroad34
Remember the grand entrance he made during his campaign of riding down the escalator in Trump Tower…apparently, the escalator stopped quickly and he tumbled his fat a** the rest of the way down. “Urppp! bumpity-bumpity-bump”.
DennisBTR
I hate to state the obvious, but there are plenty of friendly billionaires, banks and hedge funds that will bail Trump out if he needs it.
Trust me history will repeat itself – Chase bailed him out in the early 1990s and they made a lot of money off of that bail out sinde. Others will come to his aid now, assuming he actually needs it.
It’s unfortunate, but it is reality.
G-Man
I don’t think that’s going to happen this time he is so far in debt it will take 100s of millions to get him to stable point. He owes Deustche bank alone $340 million dollars and has a very hefty balloon payment that is coming due near the end of the year.
mateo
I have one word to say about this: GOOD.
SPEEDOSWIMMER
Grifter Con-artist LIAR-in-chief donald-DelusionalMoron-trump
Essie
I don’t know much about finance but, if I remember correctly, at some point in the next 2 or 3 years, there is a big hunk of money due to the banks that the Dumpster is PERSONALLY responsible for. That means that he will probably do some more grifting; get a billionaire to pay off the loan for him; or, more likely in my opinion, he will just file bankruptcy for the 7th time.
Mack
As long as there are fools who believes his every lie, he’ll get money from them. He’s right now running a 4 years con on some of the most ignorant people around.
Fahd
I can’t imagine there are many businesses that fit the profile of generating enough revenue to afford rent in a Trump branded building and at the same time not being competively disadvantaged by being in a Trump branded building. Which high end business wants to be associated with Trump? I guess that explains his 95% vacancy rate in Chicago.
Makes one wonder if selling the building or just taking the Trump name off isn’t the way to go.
spunkfunker
Sending out positive tots and pears!!
Cam
The Trump Tower in NYC is only at 80% capacity and the Tower in Chicago is 95% Vacant?!?!?! It’s not going to end well for that family.
Paulie P
Hey Eric…. Trump Tower is not even close to the Manhattan skyline….No one has ever said while driving down the WSHW, oh look there is Trump Tower.
HenryHawke
Trumps casino empire in Atlantic City failed miserably and one had to be taken down due to lack of maintenance. So have many other of his businesses. Let’s face it. Even in Trumpworld he’s a failed businessman who manages to put everything he touches out of business.
TxCudlr
AAAWWWWWWWW………….THIS sad, unforgettable, happy moment could NOT had happened to THE MOST deserving & better person, EVER, ANY WHERE!!!!!!!!!!! I do NOT feel sorry for him whatsoever. Of ALL of his businesses that he had constructed, he cheated architects, construction crews, hired illegals to do work/finishing working & then refused to pay them, as well as cheating other skilled groups. All this I have heard & read b4. So 1 of 2 things happen; maybe both: either karma has come to visit, or, u reap what u sew. BUH bye, donnie