Wall Street Journal: “Donald Trump’s prized Manhattan office tower at 40 Wall St. is getting swept up by the worst storm to hit the office market since the global financial crisis.”
“His investment in the landmark 63-story tower, less than a block away from the New York Stock Exchange, has long been considered one of his shrewdest deals. Trump paid less than $5 million for a long-term lease on the tower in 1995, when New York’s commercial-property market was struggling. Within a few years, the property soared many times in value as the market rebounded. It is possibly his most valuable single piece of property. But like thousands of other U.S. office buildings, 40 Wall is now under duress because of weakening office demand. The tower’s vacancy rate has risen to 21%, compared with about 5% in 2015.”
