Time was that Donald Trump at least appeared to be one of the most successful people in the world. Then he became president. Now his financial future is in jeopardy. Along with the numerous legal cases plaguing him (including one from Capitol police officers over the lead-up to Jan. 6), he now has this: Trump Tower, the behemoth that juts out of Fifth Avenue in Midtown Manhattan, is in trouble, too.
As per Bloomberg, a $100 million loan awarded to the jewel in Trump’s real estate crown has been placed on a “watch list” by Wells Fargo, the “master server” of the loan. The reason is “lower than average occupancy.” Since last year, occupancy has dropped from 85.9% at the end of last year to 78.9%, while property revenue fell from
$33.7 million in 2020 and $7.5 million in the first quarter of the year.
Trump Tower’s Fifth Avenue location has, like many office buildings in Manhattan, been devastated by the pandemic, which has led to a surge in at-home working and a possible radical overhaul of office culture. A number of high-end retailers have either left the building or fallen behind on rents. Indeed, one of its better tenants is the Make American Great Political Action Committee, the PAC for Trump’s future political aspirations. They have been making rent, albeit reportedly by using donations from the former president’s supporters. Surely they have no problem forking over their hard-earned cash to help him pay the bills.
(Via Bloomberg)