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Trump Tower put on debt 'watch list' after occupancy plunged this year: report
This will be fun to watch. A good number of key tenants have moved out and no one wants to be associated with TFG. The lenders are evidently monitoring compliance with loan covenants
Link to tweet
Former President Donald Trump's most prized piece of Manhattan real estate has been put on a debt "watch list" after seeing its occupancy plunge this year.
Bloomberg News reports that 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.
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.
Bloomberg notes that the former president could be facing a series of financial headaches over the next few years thanks not only to the $100 million Trump Tower loan coming due, but other loans as well.
Bloomberg News reports that 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.
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.
Bloomberg notes that the former president could be facing a series of financial headaches over the next few years thanks not only to the $100 million Trump Tower loan coming due, but other loans as well.
34 replies
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The Slobfather was put on the death watch list after plunging from Trump Tower 
ReTHUGs were heading. True it started with Nixon but Palin blew my brains 
The know-nothing of all know-nothings DOES appreciate fabric swatches.
Trump is a moron fixated by fabric swatches.
Trump, the billion-dollar loser — I was his ghostwriter and saw it happen
Charles Leerhson
Yahoo.com, May 9, 2019
EXCERPT...
I tend to see my time with him — the first part of it, anyway, before things started going bad in a hurry — as his “King Midas” period. I never said this to him; if I had, he probably would have thought I was suggesting he enter the muffler business. But there was a stretch of months when everything he touched turned into a deal. The banks seemed to accept the version of him depicted in his first book, “The Art of the Deal,” which we now know from his previous ghostwriter, Tony Schwartz, was entirely invented. They believed it over what they saw on his balance sheets or heard coming out of his mouth, and they never said no to his requests for more money. Often they came up with things he could say yes to before he could think of them himself. As a result, a failing real estate developer who had little idea of what he was doing and less interest in doing it once he’d held the all-important press conference wound up owning three New Jersey hotel-casinos, the Plaza Hotel, the Eastern Airlines Shuttle and a 281-foot yacht.
A real go-getter, right? But Trump’s portfolio did not jibe with what I saw each day — which to a surprisingly large extent was him looking at fabric swatches. Indeed, flipping through fabric swatches seemed at times to be his main occupation. Some days he would do it for hours, then take me in what he always called his “French military helicopter” to Atlantic City — where he looked at more fabric swatches or sometimes small samples of wood paneling. It was true that the carpets and drapes at his properties needed to be refreshed frequently, and the seats on the renamed Trump Shuttle required occasional reupholstering. But the main thing about fabric swatches was that they were within his comfort zone — whereas, for example, the management of hotels and airlines clearly wasn’t. One of his aides once told me that every room at the Plaza could be filled at the “rack rate” (list price) every night, and the revenue still wouldn’t cover the monthly payment of the loan he’d taken out to buy the place. In other words, he’d made a ridiculous deal. Neither he nor the banks had done the math beforehand. Or perhaps Trump knew it because someone had told him, but didn’t want to think about it. The one thing he is above-average at is compartmentalization.
Source:
https://news.yahoo.com/trump-the-billiondollar-loser-his-ghostwriter-recalls-the-king-midas-years-090000640.html
The guy seems to have more of the money laundromat business acumen.
"The one thing he is above-average at is compartmentalization." But he sure does know his fabric swatches! 
