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A real estate company run by a former adviser to Donald Trump could end a partnership with the ex-president.
Vornado Realty Trust, New York’s largest owner and manager of commercial real estate, is exploring ways to buy out Trump’s stake in two towers, sources told The Wall Street Journal. Steven Roth, a former Trump adviser during his presidency, is the founder and chairman of Vornado.
According to the Journal, executives are reportedly considering buying out the Trump Organization’s stakes in two of the company’s most valuable assets, office buildings on 1290 Avenue of the Americas in Midtown Manhattan and 555 California Street in San Francisco.
Trump Organization owns 30% of the two buildings, an amount estimated at $ 800 million last year. Vornado acquired 70% of the towers in 2007 for around $ 1.8 billion.
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Prior to running for president, Trump had sought to cash the stake in both buildings after years of unshared demands to monetize his stake, Insider’s Daniel Geiger reported.
Vornado was not immediately available for comment.
Several prominent business leaders and corporations, including Deutsche Bank, Aon and Cushman & Wakefield, have severed ties with the president after years of working with the Trump Organization. Many corporate decisions came after the Jan.6 uprising on the U.S. Capitol, led by a violent, pro-Trump mob.
New York Mayor Bill de Blasio has confirmed that New York City will end contracts with the Trump organization, and the PGA has withdrawn its 2022 championship from Trump’s Golf Club in Bedminster, New Jersey.
Financial reports indicate that Trump’s businesses have been hit during the COVID-19 pandemic, which has hit the hospitality and travel industries particularly hard. Trump National Doral Miami Gold Resort lost $ 33 million in 2020, Insider’s Hayley Cuccinello reported, and DC’s Trump International Hotel lost $ 25.4 million.
Trump, who has debts of up to $ 400 million due in the next few years, has reportedly considered charging for tickets to rallies and speeches and entering into a book deal to cash in on his role as former president. The New York Times reported on Trump’s outstanding debt using tax documents.
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