The mortgage on former President Donald Trump’s tower at 40 Wall St. in Manhattan was placed on a lender watchlist because of rising vacancies and costs.
The vacancy rate at the 72-story building, Trump’s most valuable skyscraper, climbed to almost 18% as of last year’s third quarter, and expenses rose 11% since the mortgage’s 2015 origination, according to a monthly filing on the loan, which has a current balance of $126.5 million. The servicer, Wells Fargo & Co., “has reached out to the borrower for a status of leasing developments” and plans to improve the property’s performance, according to the filing.
Trump acquired the building in 1995 in what his firm describes as “one of the great real estate deals of all time.” The property was appraised at $540 million in 2015. Major tenants include Country-Wide Insurance Co., engineering firm Thornton Tomasetti and coworking provider Jay Suites.
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