Donald Trump is apparently plotting his return to politics in hopes to get elected as president in 2024, but he may want to shift his focus to his real-estate challenges. According to data from banking giant Wells Fargo, a $100 million loan on Trump Tower in New York City has been placed on a debt watch list. Bloomberg reported the finding on September 17, revealing the decision was made in an effort to “lower average occupancy.”
Wells Fargo, the master servicer of the loan, stated occupancy in Trump’s Fifth Avenue building dipped to 78.9% from 85.9% over the last year, bringing the income to a total of $7.5 million in the first quarter of 2021. This is a significant drop in comparison to the tower’s 2020 real-estate income of $33.7 million.
Trump’s real-estate woes and money don’t stop there. As Insider reported, the Trump Organization sued the maker of Ivanka Trump’s shoe line for $1.5 million earlier in 2020 over claims of unpaid rent. Trump’s financial problems have also led to Illinois where a property tax on his Chicago office tower was reduced by $300,000. This was after the building’s value was reduced by almost 37%. As the Chicago Sun-Times reported, the space was worth $12.5 million, down from $19.9 million, as most of the building has “remained vacant and left unfinished.”