Wells Fargo Lender has placed a $100 million personal loan to Donald Trump’s flagship Trump Tower in Manhattan on a watch list. Due to the building’s concerning lower than typical occupancy.
The financial loan’s master servicer, occupancy has declined from 85.9% at the end of the previous calendar year to 78.9% now. According to bank loan data, property revenue was $33.7 million in 2020 and $7.5 million in the first quarter of this year.
During the COVID-19 pandemic, some prominent tenants may have left the building or have seen a considerable reduction in their exorbitant rents. According to a lawsuit filed by the Trump Organization earlier this year, the company that once manufactured footwear for former first daughter Ivanka Trump was $1.4 million in arrears.
Marc Fisher Footwear formerly occupied the entire 22nd floor. And also a portion of the 23rd floor of the formerly fashionable Fifth Avenue high-rise. This has previously served as Trump’s primary apartment and the setting for his reality television series Apprentice.
According to another Trump Business suit, a dodgy business school originally run by Kardashian momager Kris Jenner. This owes over $200,000 rent from back in Oct 2020.
Donald Trump’s Make America Great Again campaign is one steadfast tenant making up some of the difference. Excellent PAC is once again paying an eye-watering $37,561 a month for office space for just three people who normally work from home.
The Washington Post, which first reported on the barely populated room, joked, This may not be the most efficient use of supporters’ money. The 5,490square-foot space on Trump Tower’s 15th floor could comfortably seat 30 employees.
Some of Donald Trump Expenses
Trump has a reputation among many people as a highly successful businessman. He has built this through his reality show Apprentice. However, he has filed for personal bankruptcy several times and has been served with numerous debt-related litigation.
Following the Jan. 6 attack on the US Capitol by Trump supporters, crucial Trump lender Deutsche Lender AG broke ties with him. The former US president has a $125 million mortgage with Deutsche Financial Institution for his golf property in Doral, Florida. This is due in 2023. He also owes the Trump Intercontinental Lodge in Washington, D.C. more than $150 million. The Trump Organization may be on the verge of selling its leasing rights to that structure.