Donald Trump Post-Presidential Real Estate Moves

[David Goldsmith]

Trump Lists Palm Beach Mansion Near Mar-a-Lago for $49M

Former President Donald Trump is looking to sell a beachfront mansion across the street from his Mar-a-Lago resort for $49 million.

therealdeal.com

Trump lists beachfront mansion next to Mar-a-Lago for $49M​

Former president listed the property as an asset in a financial disclosure form​

Former President Donald Trump is looking to sell a beachfront mansion across the street from his Mar-a-Lago resort for $49 million.
The property previously belonged to his sister, Maryanne Trump Barry, a retired federal judge. She sold the eight-bedroom, 8,270-square-foot mansion at 1125 South Ocean Boulevard in 2018 to a company controlled by Donald Trump Jr. and Eric Trump for $18.5 million.

The former president later listed the property as an asset in financial disclosure statements, according to the Palm Beach Daily News, which first reported the listing.

Barry, 81, is a former judge of the United States Court of Appeals for the Third Circuit. In 2004, she paid $11.5 million for the Palm Beach home, which was built in 1956.

Lawrence Moens of Lawrence A. Moens Associates has the new listing. The two-story beach house comes with a membership to Mar-a-Lago. It was built in 1956 on a nearly half-acre lot.

Trump International Realty listed the home for rent in 2018, asking $100,000 a month, according to the Palm Beach Daily News. It features a pool, library and balcony overlooking the ocean.
Luxury home sales in Palm Beach have soared since the summer. Last month, private equity titan Scott Shleifer paid more than $120 million for an oceanfront mansion in Palm Beach, setting a record for residential sales in Florida and marking one of the most expensive home sales in the U.S.

Moens, a top broker in Palm Beach, represented the seller in that deal. That property was also once part of a larger estate that Donald Trump owned.
Beauty mogul Sydell Miller recently sold a vacant 1.7-acre lot at 1440 South Ocean Boulevard in Palm Beach for $42 million.

 

[David Goldsmith]

Trump Organization Sues Marc Fisher for Unpaid Rent

The Trump Organization is suing shoe designer Marc Fisher over $1.5 million in rent at Trump Tower on Fifth Avenue in Manhattan.

therealdeal.com

Trump Org sues Marc Fisher for $1.5M in rent​

Shoe designer leased Trump Tower space in 2015​

The Trump Organization is taking shoe designer Marc Fisher to court for allegedly skipping rent payments at Trump Tower.
The former president’s company claims Marc Fisher owes $1.47 million under a 2015 lease at the building, where it had inked a deal to occupy the 21st floor and part of the 22nd floor.

The Trump Organization claims Marc Fisher hasn’t paid its monthly rent of $144,936 since November, said the suit, first reported by Bloomberg News. The footwear company leases a total of 28,387 square feet of space, court documents show.

Marc Fisher did not immediately comment on the suit. The company was the third-largest tenant at Trump Tower as of July 2019, behind Gucci and the Trump Organization itself.

Gucci recently extended its lease at Trump Tower beyond 2026. In exchange, the luxury retailer reportedly received a reduction in rent.
But with retailers rethinking brick-and-mortar stores, the Trump Organization is facing retail vacancies elsewhere in its portfolio. Tiffany & Co. does not plan to extend its 74,000-square-foot lease at 6 East 57th Street, where it moved during a $250 million renovation of its flagship on Fifth Avenue.

During the fourth quarter, the retail availability for upper Fifth Avenue was 23 percent, according to Cushman & Wakefield. And a survey on foot by The Real Deal found 32 vacant storefronts on Fifth Avenue between 42nd and 59th streets.
Meanwhile, Manhattan District Attorney Cyrus Vance’s investigation into the Trump Organization appears to be ramping up. Vance’s office has obtained the former president’s tax returns and recently subpoenaed the New York City Tax Commission, seeking documents the Trump Organization filed in an effort to lower tax assessments for its portfolio, including Trump Tower.

 

[David Goldsmith]

Gucci Extends Lease at Trump Tower in NYC

While other tenants of Trump’s properties are looking to distance themselves from the business dealings of the controversial former president, the

www.businessoffashion.com

Gucci Extends Lease at Trump Tower in NYC
While other tenants of Trump’s properties are looking to distance themselves from the business dealings of the controversial former president, the Kering brand cut a deal to extend its lease beyond the original 2026 end date at the bottom of Trump Tower on Fifth Avenue in Manhattan. The New York Times reported that Gucci’s rent was reduced when it agreed to stick with the building, where the brand is the largest commercial tenant.
Its continued presence is good news for Trump’s business, as other tenants plan to exit amid an already soft market brought on by the pandemic. Tiffany & Co., currently around the corner at another Trump property, will leave that space in 2022 after completing renovations on its flagship location, according to Bloomberg.

 

[David Goldsmith]

Trump Org’s 6 East 57th Street Has Looming Retail Vacancy

The Trump Organization will have to deal with a large retail vacancy coming up at 6 East 57th Street

therealdeal.com

Trump Org has big retail vacancy looming​

Wharton, SL Green won’t renew lease at 6 E. 57th St. as Tiffany & Co. sets to depart​

The Trump Organization is looking at filling a large retail vacancy near its namesake Fifth Avenue tower at a time when empty storefronts are abundant across Manhattan.
The space at 6 East 57th Street is currently controlled by Wharton Properties and SL Green Realty, which took over the lease in 2016 when the two investors struck a deal to relocate Nike from the location to a new flagship at 650 Fifth Avenue.

The East 57th Street lease expires next year, and Wharton and SL Green will not be extending the deal, Bloomberg reported. That leaves the Trump Organization with the difficult task of finding a tenant for the 74,000-square-foot space.

Trump Organization executive vice president Eric Trump declined to comment to Bloomberg, as did representatives for Wharton and SL Green.
The 6 East 57th Street location, which the Trump Org controls under a long-term ground lease, is currently occupied by Tiffany & Co., which is planning on moving out by the middle of next year when it’s done renovating its store on Fifth Avenue.

Ruth Colp-Haber, president of the brokerage Wharton Property Advisors (no relation to Wharton Properties), said it’s a difficult time to lease any retail or office space in New York, and on top of that some tenants don’t want to do deals in Trump buildings.
The 57th Street property, she said, is “a Triple-A location. The building itself, the spaces are really nice, it’s a lot of glass and steel, it’s extremely nice spaces. But for some users there’s definitely a stigma.”