Forbes: “One of Donald Trump’s prized properties, the landmark building 40 Wall Street, is 63 stories high but now appears to be underwater. The remaining 35 years on Trump’s leasehold in the Financial District tower is worth about $116 million. That’s $2 million less than the estimated $118 million Trump owes on his mortgage, according to an analysis of loan documents, real-estate records, financial disclosures and appraisals.”
“The building is simply not earning enough money to cover the loan: 40 Wall Street’s annual net operating income has dropped from about $20.7 million in 2018 to $12.8 million last year, as the building’s occupancy rate plummeted from 94.3% in early 2018 to 73.9% in June, thanks in part to the distressed post-pandemic commercial real estate market.”
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