Trump Tower put on debt 'watch list' after occupancy plunged this year: report

Trump Tower put on debt 'watch list' after occupancy plunged this year: report
Trump Tower entrance on 5th Avenue in New York City, Ajay Suresh
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Former President Donald Trump's most prized piece of Manhattan real estate has been put on a debt "watch list" after seeing its occupancy plunge this year.

Bloomberg News reports that 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.

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.

Bloomberg notes that the former president could be facing a series of financial headaches over the next few years thanks not only to the $100 million Trump Tower loan coming due, but other loans as well.

"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," the publication writes. "More than half of that is personally guaranteed by Trump."

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