Trump jumps 51 spots on the 2019 ForbesBillionaires list
That doesn’t mean his business has been steady. At the heart of the president’s empire, in midtown Manhattan, Trump Tower and neighboring 6 East 57th Street together lost an estimated $64 million in value. Gucci’s lease at Trump Tower expires in seven years, according to a document obtained by. With e-commerce continuing to take customers from brick-and-mortar locations, it’s hard to see how Trump will sign a new agreement as lucrative as his current one.
Nike vacated 6 East 57th Street last year. Fortunately for the president, he is still collecting rent. Jewelry giant Tiffany is covering some of the cost by subleasing from Nike, and the shoe-and-apparel maker’s new landlords are making up the difference, according to a source familiar with the deal.
The value of Trump National Doral Miami, the commander-in-chief’s highest-grossing golf property, dropped an estimated $26 million over the last year.The golf resort, which had previously drawn much of its clientele from the left-leaning Northeast, lost 100,000 booked room nights after Trump won the election, according to a source who knows the business.
There are bright spots in the president’s portfolio. His 30% stakes in two skyscrapers, 1290 Avenue of the Americas in New York City and 555 California Street in San Francisco, are up an estimated $160 million in the last year. Trump owns both buildings alongside publicly traded Vornado Realty Trust. In Las Vegas, the president disclosed a loan tied to the Trump International Hotel shortly before the 2016 election.
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