Happy Hour News
Donald Trump’s premier New York City real estate holdings — once the foundation of his fortune and fame — have increasingly become a problem for the former president.
Part of the reason is COVID-19, which has taken a toll on many landlords. Yet the hit to Trump’s New York real estate operations is harder than the rest of the industry has experienced, and it comes after years of financial underperformance by the Trump Organization properties in some of the city’s swankiest neighborhoods.
Indeed, last year marked the fifth year in a row in which the four most prominent Trump-owned buildings in Manhattan, including the Fifth Avenue Trump Tower made famous by “The Apprentice” TV show, missed lenders’ earnings expectations, according to a CBS MoneyWatch review of publicly available documents.
The article goes on to note the 4 properties are all on something called a Debt Watch List —at various banks, with various different names— which is essentially an underperforming property that might not be able to make its mortgage and loan payments.
Lord Damp Nut’s going broke, and what makes it so snarkily delightful is that any debt forgiveness counts as taxable income, which he also cannot afford.