Becoming president may turn out to the worst thing Donald Trump ever did to himself. In addition to multiple lawsuits and criminal investigations, it appears his beloved Trump Tower New York, the one he falsely claimed was the tallest building in the world after the Twin Towers was struck and fell on September 11, 2001, is no longer a desirable place to live.
Trump NY Tower hits debt watch as occupancy fallshttps://t.co/z9fd6eFwnV
— Pandemonium 😷 (@Wolfie057) September 17, 2021
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.” Should Trump default on the loan and file bankruptcy, it would make the seventh bankruptcy for the self-described “world’s greatest businessman.”
‘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.’
— JayF (@d3vot3d2ang3l) September 18, 2021
Some of the businesses located inside Trump Tower NYC may no longer want to be associated with the bombastic, racist, sexist grifter who inexplicably landed himself in the Oval Office, but one that sells Trump branded products may have simply failed to make enough money to survive. Apparently, the Trump brand is no longer a money maker for Ivanka Trump, either.
‘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.’
Occupancy drops in Trump's flagship Fifth Avenue building in Manhattan. https://t.co/cMkPMFEVz4
— HuffPost (@HuffPost) September 18, 2021
Over the next four years, Trump will need to find another way to make money. Several of his businesses are struggling and his net worth has dropped by more than $700 million dollars during his time in office. His is, of course, not the only business struggling after COVID-19 hobbled operations for an extended length of time, but his is the only one owned by the man who could have done something about it before it became the massive pandemic it became in the United States.
According to Bloomberg News:
‘The loan, which matures next year, is just one piece of the more than $590 million of debt held by the Trump Organization that comes due within the next four years. More than half of that is personally guaranteed by Trump.’
— ProgressivePower (@OurProgressive) September 18, 2021