Posted on 09/20/2021 12:44:22 PM PDT by ChicagoConservative27
A $100 million loan on Trump Tower in midtown Manhattan was placed on a watch list Monday as vacancies in the building increase.
Occupancy has decreased to 78.9 percent from 85.9 percent at the end of 2020, Bloomberg News reported, citing Wells Fargo, the master servicer of the loan.
The loan was ultimately moved to the list because of “lower average occupancy,” according to information from Wells Fargo.
(Excerpt) Read more at thehill.com ...
Maybe he’ll sell it & completely wash his hands of NYC.
Trump porn. Bet your butt that’s not the only high-rise in crumbling NYC that has lower occupancy rates.
The only ones getting rich right now are those POS bastards the masters of the universe.... Twitter, Facebook and of course Amazon! All of us will be in the poorhouse in the near future while these @$$es will be raking trillions of dollars into their bank accounts. Oh and add YouTube too.
Trump Tower is a condominium building, not an apartment building. So the “vacancy rate” cited here would seem to apply only to the retail space.
I wonder what average occupancy rates are these days for
commercial buildings. It can’t be all that good for
any of them.
Under “normal” circumstances, I’d expect the Chinese to swoop in and grab lot of properties at discount rates.
On the flip-side, I expect Chinese owners of US real estate to sell US properties to cover their pending real estate crash / bankruptcies over there.
Youtube is owned by Google.
I hope he does. All the things he did for that city and these leftist sc*mbags try to destroy him? Investigate the hell out of him? Excuse me, but the Clintons run their charity from NYC. You know, the “charity” that made $3.6 BILLION in Haitian aid money completely disappear. Any investigations over that? Oh of course not! But Trump must be investigated constantly even though there is not the slightest bit of cause to do so.
What are the overall commercial space vacancy stats? Probably worse!
I agree. However there is the off chance that someone like Giuliani will save NYC from itself
Nobody coming back to work in the office. More comfy in their homes with a mask on.
You forgot the Body Sanitizing Systems ,LOL
Commercial and retail real estate is getting crushed from lockdowns, riots, satellite employment, Amazon and lavish unemployment.
Even here in Florida, where we've had a huge influx of newcomers, the mall that was once upscale is now trash with over 50% vacancy.
Gartner just built a MASSIVE complex right down the road from me. Brand new and looks like something between a Las Vegas Resort and an Ivy League campus. The entire grounds and all the new immaculate, expensive buildings and improvements now stand COMPLETELY EMPTY.
Don't know where all this is going, but it's not good.
I know some folks up there. One place I was told about has less than 50 occupied units, out of hundreds.
Folks that can, are buying houses for cash, with nothing more than some pics from the internet. Sometimes over ask due to bidding. Showing up with nothing more than their clothes, having left furniture and everything else behind, in getting out of NYC as fast as they could.
Homes on Long Island and the surrounding suburbs of NYC will usually get an offer within hours. Some going to contract in a few days.
storefront vacancies in the city are 75% empty in some blocks
Louis Rossmann has some shocking videos on the vacancies and why they are empty, he says it’s
Commercial Mortgage Backed Securities are destroying NYC.
NYC: A documentary of urban decay
https://www.youtube.com/playlist?list=PLkVbIsAWN2lt_n88l7WC2u22TRHKmw8ya
Don't know where all this is going, but it's not good.
I agree. I think we're in the eye of this storm, and the back side is going to get a lot more messy.
The Trump Tower estimated value is $450 Million, plenty of equity in that holding
Almost certainly it isn't. But where's the fun for The Hill in bashing no-names when you can try and bash Trump?
That occupancy rate looks really good compared to what other high-rise building retail space must be.
Has the Trump organization missed any payments?
This article is nothing more than liberal tripe
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