Donald Trump has something new to throw ketchup bottles at the wall about. His beloved 40 Wall Street building, you remember the one that he said was the tallest in Manhattan after the World Trade Center towers fell (wrong), is having some severe financial difficulties. It’s not a good sign for any business when the income falls off and the expenses rise. That is a recipe for disaster, no matter who you are. Huffington Post:
Donald Trump’s heavily mortgaged skyscraper at 40 Wall Street is on “lender watch” amid plummeting income and increasing costs, Bloomberg reported Friday.
The vacancy rate at the 72-story building — Trump’s most valuable — jumped to almost 18% in the third quarter of last year, according to a monthly filing on the building’s remaining $126.5 million mortgage, Bloomberg reported.
Expenses, meanwhile, have reportedly risen 11% since the origin of the 2015 mortgage.
Trump has often bragged about the building he acquired in 1995, which was appraised at $540 million in 2015. […]
High-rise office leasing in Manhattan has been dropping for years, which was exacerbated after the outbreak of the COVID-19 pandemic as many companies shut down and employees of surviving firms worked remotely.
That’s a development that may just stay in place. Prime Manhattan real estate has always been insanely expensive and if companies don’t need it, and it’s been proven that they don’t, they might just not go back to using it.
The sublime irony here is that this is yet a personal reason that Trump should have handled the COVID-19 pandemic properly. Had he done so, he might have remained in the White House and he might not have the problems he does right now in New York. At least, some of the problems might not exist. Others he’s been building up for years.
Oh well, Donald. Get the case of bottles, smash them and use the ketchup to paint yourself into a corner. You’re so good at that.
A lot of big-city office buildings are fairly empty any more. But most of them have the sense to lower lease/rental prices.
Trump.Tower NY lost 40%of its value by 2019. His worth is based on the properties, and he likely has a cash flow problem He owes,Vlad’,s oligarchs 450,000,000.