A real estate firm run by a former adviser to Donald Trump may end a partnership with the former president.
Vornado Realty Trust, New York City’s largest commercial property owner and manager, is exploring ways to buy Trump’s stake in two towers, sources told The Wall Street Journal. Steven Roth, former Trump adviser during his presidency, is the founder and president of Vornado.
Executives are considering buying 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, according to the Journal.
The 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 approximately US $ 1.8 billion.
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Before running for president, Trump sought to withdraw participation in the two buildings after years of unrequited requests to monetize his participation, reported Daniel Geiger of Insider.
Vornado was not immediately available for comment.
Several prominent business leaders and corporations, including Deutsche Bank, Aon and Cushman & Wakefield, severed relations with the president after years of working with the Trump Organization. Many company decisions came after the January 6 uprising in the United States Capitol building, led by a violent pro-Trump crowd.
New York City Mayor Bill de Blasio has confirmed that New York City will end contracts with the Trump Organization, and the PGA has removed its 2022 championship from Trump’s Bedminster, New Jersey golf club.
Financial reports indicate that Trump’s business was hit during the COVID-19 pandemic, which particularly affected the hospitality and travel sectors. The Trump National Doral Miami gold resort lost $ 33 million in 2020, Insider’s Hayley Cuccinello reported, and the Trump International Hotel in DC lost $ 25.4 million.
Trump, who has debts of up to $ 400 million that will expire in the coming years, has considered charging tickets for rallies and speeches and closing a book contract to profit from his role as former president. The New York Times reported Trump’s outstanding debt using tax documents.