Donald Trump’s Fifth Avenue tower has reportedly been placed on ‘Debt Watch List’ Because No One Wants To Live There, according to a report from Bloomberg.
Occupancy levels have dropped so significantly that the servicer of the loan Trump has on Trump Tower NYC placed it on a “debt watch list.”
‘WELLS FARGO, WHICH IS THE MASTER SERVICER OF A $100 MILLION LOAN ON THE PROPERTY, PUT OUT DOCUMENTS ON FRIDAY SHOWING THAT TRUMP TOWER’S OCCUPANCY HAS DIPPED BELOW 80 PERCENT THIS YEAR, DOWN FROM THE 86 PERCENT OCCUPANCY RECORDED AT THE END OF 2020.’
multiple tenants fell behind on Trump Tower rents. The Trump Organization sued the maker of Ivanka Trump’s shoe line earlier this year for $US1.5 million in unpaid rent, according to reports.
“THE BIGGEST BLOW TO TRUMP TOWER’S VACANCY CAME EARLIER THIS YEAR WHEN MARC FISHER FOOTWEAR, THE FORMER DESIGNER AND MANUFACTURER OF IVANKA TRUMP’S SHOE LINE, VACATED ITS MASSIVE SHOWROOM THAT OCCUPIED THE ENTIRE 21ST FLOOR OF THE BUILDING.
“THE TRUMP ORGANIZATION WOULD SUBSEQUENTLY SUE MARC FISHER FOR MORE THAN $1 MILLION IN WHAT IT CLAIMED WAS UNPAID RENT, ALTHOUGH THAT CASE HAS APPARENTLY BEEN DROPPED, BLOOMBERG WRITES.”
Several of Trump’s businesses are struggling and his net worth has dropped by more than $700 million dollars during his time in office.