By virtue of this article I predict that Trump’s revenues will drop further.
2
"...The hotel was only filling about half of its 643 rooms on an average night, far below its competitors, internal company records shared with the tax assessor show."
Trump has been known to lie about occupancy rates to tax assessors.
5
GOP, consider this as a model. Have a candidate besides Trump as president and then you all can benefit from well-run entities he doesn’t spoil.
You know, perhaps if some Dems, independents and woke republicans all vote for Bloomberg (or most Dem candidates) we could have by 2021 gun control to make our schools safe, proven climate risk management, better schools, equitable tax policies and results to help all Americans.
And 2024 we can have very progressive change. 2 step process Dems. Otherwise we are about to have 8 years of Trumpian mismanagement and scandal. Don’t be a 2016 Bernie Bro and spite us by your imperfect Dem candidate.
I assume Trump's money laundering income is a separate line item, is that correct?
7
Yes. Good for Trump. Bailed out in NYC by a Saudi Prince, an uncle of MBS, when one investment went bust, by Russian mafia laundering money through other buildings, able to hang onto 30% holding in return for the Trump name and write off money lost by other investors. Creating a myth, having a successful reality tv show, born into a family universally amenable to a tax hustle (even the judge!) to shield income and avoid liability. Hurrah for grifters.
8
Thanks for the story--now all of the Trump lovers can go spend their stolen money there.
4
This piece discredits the narrative Trump sought office for personal financial gain or is profiting from it now. His kids aren't profiting as Hunter Biden though blatant nepotism. Democrats have tried mightily to tarnish his brand with success. He knew this from the start, unlike previous Democrat Presidents who somehow greatly increased their wealth through holding office Trump is likely to lose a $billion or more..
1
There is not much doubt that being President is a net loss to the Trump organization and has been a disaster for the Trump brand of hotels and condos. The office building revenue is simply a reflection of market conditions and is not brand dependent.
2
Trump is without a doubt Now the Most Vetted person in the History of the World.....He has been doing Big Business since he was born one would have to be naive , ignorant , or Brainwashed to think someone who does not do things according to law could not have a Criminal Charge against him....Let's be fair where is the Biden and Son Ukraine story that is still Unfolding?
2
Californians have hated BofA since long before trump, and we will hate them after trump. That said, I was still surprised they sold out 30% of 555 Cal.
I see. If you were drinking a $100 “Benjamin” at the President of the US’ hotel, you would be afraid to post a selfie on Facebook. But would you be afraid to show the receipt to a Trump judge?
Are we talking about fear, exactly, in the above article?
This is what happens when yourself is your business and your business is peddling yourself. When your narcissism takes you to an industry of Identity Commerce and your bullying, your childish tyranny, your downright meanness cements you in place, it would take a surgical personality transplant to get you out. The Trumps can tinker at the edges all they want. But unless and until Donald Trump sells his real estate off for the parts, all he has stamped his name on becomes a referendum for not just his presidency and policies but also for the awful brand of personal behavior permeating his political stool pigeons.
4
Property values fluctuate. Tenants come and go. In some years hotel/hospitality outperform, in others it’s office. And when the property tax bill comes, you protest it. This is all standard operating procedure, and had the NYT took a quote from a real estate professional on the matter, he/she would tell you as much.
Aside from Eric Trump’s ‘killin it’ line, there’s nothing newsworthy here.
No " emoluments" problem there. Good golly when is that con man, fraud going to be gone? 2020 or 2024? The country can not stand as it is now if he gets another term. 4 more years of chaos, ignorance, national security malfeasance, grifting, racism and last but not least, a continuing reality tv show, should cement the country's fall from democracy. The re-election of that man will cement the tacit approval of caged children. The subservience to a small little thug, putin, and the murderer from Saudi Arabia, will continue unabashedly and shamelessly. Yeah 4 more years.
3
Now you know why Howard Schultz took a pass at running for President, even though he is the ONLY Democrat who would have a legit chance to going toe to toe with DJT.
He knows the Left would destroy Starbucks. IT would become so toxic that the mere act of sitting in the drivethrough to order a latte would bring scorn and ridicule unseen in American history, just as it is at a Trump Hotel or bar/restaurant.
The irony of all this is watching the Progressive Left/AltLEft/Antifa using Fascist tactics to destroy their opponents..while calling their opponents Fascists for merely being alive.
And you wonder why Trump won..and will win again?
The rest of the country thinks you people are nuts. You're unhinged and unworthy of having an equal voice at the voting booth.
I despise Trump but I despise what Democrats are doing to this country 10x worse than Trump.
For what Trump is doing is what the people sent him to DC to do and it will be gone after 5 years..whereas what the D's are doing will hurt our nation for lifetime.
Looks like the Times found a sly way to out Trump’s lesser known properties that don’t flaunt his branding. I hope they revisit in a year to check the effect on those buildings’ revenues. Their tennants may start feeling the weight of the scarlet T on their mastheads.
1
And the NYT should thank President Trump for all he has done for America, kept his political promises and helped the NYt's sagging finances a little.
My former firm moved to 40 Wall Street about 8 years ago as the rents were quite reasonable, even considering Downtown is usually lower than Midtown. The name on the building was meaningless then, a bit of expected vanity but it was a well run building in good condition. Nowadays the security guards spend most of their time turning away tourists who want to walk inside and have their pictures taken. Unlike residents in Trump-branded condos, who have fought to remove the name from their homes, office workers generally don't seem to care.
1
Criminal Trump other than taking my tax money for his personal gain which will stop on November 3 2020 will never see a cent from me from any of his real estate holdings.
21
I would not stay at anything with the despicable Trump name on it. Trump family is clearly using the office of the president to promote their family businesses, including Ivanka and her husband getting multimillion dollar favors from China, hotel stays and money from Russians and Saudis, etc.
13
Trump’s real estate “empire” is crumbling. No one wants to stay at his branded resorts, even when he discounts rates by 50%+. This resort downturn for Trump will bleed into his other products as more customers recoil from his extremist behavior and policies. When Trump leaves presidency, not even the foreign lobbyists will be staying at his properties. I predict Trump will do what he’s always done- turn to corruption to financially save himself, just as he attempted with G7 Doral and many other examples.
12
I wonder if the NYTimes, by naming the more anonymous and successful Trump buildings, has extended to them the curse that seems to be haunting some of his named and more-characteristic properties.
3
The authors state:
"His highest profile hotel properties have become battlefields in the partisan wars that have pushed down occupancy and enmeshed them in constitutional issues about the ability of a president to own and run a business while in office."
Once again, the New York Times depicts opposition to Trump as merely "partisan". This is patently false. People do not boycott Trump properties because he is GOP. They boycott Trump because he is is corrupt and criminal, gratuitously cruel, near-treasonous, sexist, racist, and, incompetent. He is endangering national security and colluding with hostile foreign powers to destabilize international relations for his own benefit. On top of that, his presidency may have been stolen. But hey, I guess even mentioning all that is "partisan", right?
10
I'd like to know how much money Trump and his grifting family have made off of his manipulation of the stock market. And, I also include cabinet members and Mar-A-Lago and FOX kitchen cabinets in that.
I bet it's a bundle. Who is looking into this? So many times Trump's statements or tweeting seems laser focused on shifting the market.
7
I propose the Trumps slap their platinum family name on every single property with a share in its revenues. Which is just the way they've always wanted and seen as bragging rights.
And that way, we'll know every last one to stay away from.
4
Two words. Emoluments Clause.
6
This simply shows that location, location, location is very important in real estate. It appears that the people running the Vornado buildings know what they are doing. I doubt that the Trump organization, as a 30 percent owner, has much say in the operation of the Vornado buildings.
9
@Bruce S Hong Kong money, private venture capital, off shore entities leveraging deferred tax liability for bargain prices, assumption of Trump's debt and a 30% stake for the lads to pretend to manage - https://www.forbes.com/2007/03/19/trump-vornado-hudsondale-eop-pf-guru-in_ps_0319realestateintelligence_inl.html#1d6283795203
1
Like that lady's jacket said: "I really don't care. Do u?". NYT just let us know when his the tax returns are released. Also ignored, the extremely dubious dealings in his Panama property; pretty unsavory. Maybe another time....yawn. oh, sleep tight and don't let the bed bugs bite at Doral, seriously.
7
Suggested correction: “... national database of the financial health of buildings backed by commercial mortgage backed securities.”
The commercial mortgage backed securities are backed by (mortgages on) the buildings, not the other way around.
4
How much of the golf course money came from the government - you & me- for Secret Service?
8
He should have been impeached for attempting to award a federal contract to himself for the G7 summit. The fact that he backed down does not mean a crime was not committed, anymore than the failure of the Zelensky shakedown. He's getting emoluments out the wazoo, but because of timidity in confronting right-wing tyrants, we're going to scratch our heads and act very uncertain about the ethics of the massive grift.
8
I would guessestimate that the Trump corporation is worthless outside of its very valuable commercial real estate properties.
The article implies that 30 percent of the company's gross revenue is received from these properties which would be 170 million in cash flow. Most of that should be ebitda. 40 Wall has 42 million in revenue and an estimated value of 540 million. Rule of thumb might be that all those Class A buildings that the Trumps have ownerships stakes in are probably in that range which would place his commercial real estate portfolio with an enterprise value of 2 -2.5 billion. But then the question is how much money does he owe on his portfolio? Subtract that and we have a pretty good ball park figure of the value of Trump International. Add Trump's personal real estate assets, including his gigantic penthouse in Trump Tower in Manhattan, and several other estates, throw in the and I think we have pretty good idea how much money Trump has (2-3 billion).
We also have a pretty accurate picture of Trump's skill set. He is an expert value buyer of real estate and skilled promoter of his real estate brand. Otherwise, he apparently is a terrible manager who invests in very risky businesses such as golf courses and over priced hotels. His wealth and lifestyle are a throwback to F. Scott Fitzgerald's novels. He admires sleazy dictators because apparently those are the people, the rentier elites, who most resemble himself and his family.
9
@Yankelnevich 2007 Forbes article suggests the structure of the sale by Hudson Waterfront (Hong Kong mid 90's buyers of Donald's debt) to Vornado may not yet be generating actual cash for Trump: "The Donald may not feel that way, because he's seeing no cash. Although his limited partnership ostensibly controls 30% of the properties, it is still held by the sole general partnership that Vornado is buying. And that partnership is not required to make a distribution until 2044"
2
"Different filings by the Trump Organization examined by The Times often show differing revenue amounts for the same buildings,"
Probably says it all about The Grifter Family.
12
My large employer was considering holding a weekend training at a Trump hotel in 2020 and staff including middle management raised so much h... it backed off.
We weren’t having it. BTW we received only a modest $500 bonus from Trump’s tax cut.
16
@Liz
Good for you all.
Not only would I not want to visit, I also would not want to work or live there. If a Trump property of any sort has the Trump name stamped on even a single cocktail napkin, one book of matches or on a leasing contract, I could not bring myself to imbibe, lease or bed down.
To me, it would merely make me a voter of another sort.
12
Nothing new to see here, folks. Rich is rich. Move along.
2
And the beat goes on.
How do you know?
@Robin Johns What any Trump-lover should ask whenever Don the Con says anything.
1
Ok so the people has turned away from trump but business are turning to him and paying higher rates. Sounds a little fishy to me. I even wonder if any of those new offices have furniture in them and who are the lessees. Putin probably has a corner office overlooking central park.
9
I find it very difficult to believe that Trump is as capable as a real estate owner or developer as this column suggests. Am reading "Annomonous." The picture there is a paranoid man with serious dementia with little memory and no leadership ability except for striking fear in people.
7
If Pete Buttigieg had demonstrated the acumen to amass such a business empire I'd then have a valid reason to vote for him beyond simply because he was whip smart and gay. Business for Trump is down not because of management but rather petty personal revenge from supposedly enlightened liberals.
4
Trump properties are doing poorly, not because of liberals seeking revenge, but rather because his bullying behavior, corrupt moral values, unethical business practices, lack of understanding of American government, insensitivity to others, inability to read,write, and speak coherently, and general lack of intelligence and ability are damaging our country. Two-thirds of voters want him gone, and if driving his businesses bankrupt is the way to do it, then so be it. I wish protesters would also start picketing his office buildings and the other Trump-owned properties that don’t bear his name. Time is running out for our democracy.
11
@John Doe if Pete’s dad was a grifter who handed over the family fortune and cheaters playbook to him, then he may well have massed a fortune. I also bet he would have grown the fortune rather than shrink it like Trump the bone-spurred fake business man did.
9
@John Doe
Interesting you should use the term "petty professional revenge" against Trump's political opponent. That phrase describes the very essence of his presidency. (Can you say "the Bidens" or "Ukraine"?) His petty extortionism and revenge are also his brand of policy, populist politics and above all, his personality. And that's why even a whiff of Trump floating about one of his properties would repel millions of Americans -- and likely quite a few foreigners, as well.
8
It is a blue state red state thing. The blue state properties are carrying Trump while his red state properties drag him down. It is the country in microcosm.
5
I would hope that the cash flow is being very carefully audited. Also, who are the other investors in these buildings and the shell corps that are writing the checks to DJT? This sounds like a great way to shovel dough to the big dog.
28
@Greg
I believe the The Trump Organization is family-owned with no outside investors. So when you say "that the cash flow is being very carefully audited" there is no one to account to other than the Trumps as owners. Donald Trump, as head of the company before he became president of the US, never had to account to anyone in his running of it, such as an independent board of directors or outside investors and owners. Hence, he did what he wanted to do in running the company and never managed a huge employees as a CEO of a large public company, which is why he thinks he can do what he wants as president of the US with no accountability to anyone. There is a big difference in being president of a family-company and president of the US.
7
So, if New Yorkers (and San Franciscans) were to organize and picket outside of these office towers around the clock...
34
@Eric C.
nobody would care, but they would all probably get fired from their jobs at Starbucks
6
It’s worked at his hotels.
2
It wouldn’t be to hard to find out what NY buildings he has partial ownership in
17
True, but this article should have linked to a comprehensive list. Come on NYTimes! Do your job.
8
A very dated lifestyle and a lack of sense of place. Gold and marble have a 70s kitsch vibe.
When I am in NYC or DC I always seek out trump properties to go the bathroom.
26
We have a draft dodger in the white house, guarded by a SS guard, we have children in cages, we have Jared in charge of everything but nothing. Some how much money Trump makes on his buildings doesn't really matter. Trump is a factor of corruption and downright EVIL.
One day his devoted followers will realize that Trump has brought this country into a third world status and he is laughing all the way to the bank. He has attacked everything that is decent for his own bank account. Trump is an agent of Russia and all that is corrupt
Register, vote attend town hall meetings and READ the real newspapers not the fake news. The people need to force the end of this nightmare.
38
@Tony
And we have 2 of the top 3 democratic candidates who want to turn the country into a socialist state. Just like Europe. Is that what you want?
4
Trump wants to silence his critics, just like dictators do. Is that what you want?
5
Sounds good to me.
Boycott companies with offices in Trump towers.
31
The photo of the Trump sons is scary.
17
A little background is in order here. 555 California, formerly the Bank of America headquarters and tower, in San Francisco, displays a large ebony sculpture on its exterior plaza. It is roughly the size of a VW bug, and was always affectionately known by locals as the “banker’s heart”. I hereby propose that it henceforth be dubbed “Trump’s rump”—that is, 30% of it. Happy Boxing Day!
19
So that’s how the Russians are laundering their cash these days, great reporting NYT!
34
The upside for people who have had it up to here with Trump, if he had any hotels in the red states he'd be raking it in bigly.
5
@Leigh : Donnie, Junior and Eric, the Other One tried, in partnership with some rich Indian guy, to build a chain of motels for the Rally Set called Scion. These were to be built in the Southern states, at least the first few of them. They hit trouble immediately and nothing has come of it.
5
Whether it's bad mouthing Trump properties or bringing us the fake news of the day like hands up don't shoot, the Covington kids, Trump / Russia collusion, the walls are closing in, obstruction etc. you can bet the NYTs will have Trump hating or fake news on page one every day. I am sure they are warming up their keyboards right now to bring us more fake news in 2020.
7
@P McGrath First thought-this publication reports the facts, not fake nonsense or tin-foil hat theories that are propagated by other media outlets, such as Trump’s go to comedy channel;
Second, if you have so much disdain for this publication an believe it traffics in fake news, why are you here?
1
@P McGrath
How can the news we see about Trump be “fake” as you put it? We all see and hear what he does and says. Remember when Sean Spicer said every statement put out by Trump is an official presidential statement? Some of us Americans have morals and integrity. We don’t like what we see and hear from Donald Trump. There is nothing fake about what the news is reporting. Go back to your FOX or OANN and believe the rhetoric they put out for you. You are one of the 40% that worship Trump and are gullible enough to believe everything he says is right. Thank God the majority of we Americans are smart enough to know better.
1
It could be that Trump enterprises run better without the Donald as the CEO. And certainly America will do better without him as the CEO.Trump’s business skills and deal making skills are way over rated. Trump lacks the ability to really make America great again. It is all smoke and mirrors and self generated hype.
22
Obviously, commercial rents and long term leases are less flexible than tourists looking for a night or two in nyc or Florida. This article insults readers intelligence. The key will be as the commercial leases come due, in nyc, are the building’s modern and updated? That’s more important in a nyc real estate market.
8
That makes sense. The office market is overheated and all physical assets are an albatross. Trump is over extended in the physical market generally. An economic bubble is covering his losses. That's why intelligent business typically avoids owning anything tangible. You want to be "light" on things you can't easily sell. That or your business portfolio better be very diverse.
The only good reasons to stay heavy in tangible assets are money laundering, tax avoidance, and asset appreciation. You're gambling the property will become more valuable over time even if the actual building loses money now. Meanwhile you're depreciating the physical building in accordance with tax breaks. Who cares if Doral loses money if you're saving money overall on the back end?
Trump is also vain. His hotels/resorts are something of a PR expense to the Trump brand.
The business model is extremely risky though. What happens when businesses won't pay $90 a square foot for office space in Tribeca. It'll happen at exactly the same time people won't book rooms in Trump's hotels even at discounted rates. You need the cash to sustain operations or you're leveraging debt to outlast the storm.
Not many lenders are eager to loan Trump money. He has a tendency to declare bankruptcy. I'm sensing the Trump organization is either corrupt, a house of cards, or both.
15
“It’s either corrupt, a house of cards or both”
Exactly. What is he hiding, if all is so “perfect”, that he won’t reveal his tax returns? He is the last person I would want as president; no experience, no heart, a cheater, a liar, uninspiring. He doesn’t READ! He doesn’t talk to us he shouts AT us. He isn’t a good thinker. It appears that he has no personal friends. He badmouths everyone, including our allies, young people doing good, war heroes dead and alive.
History will show that the voters didn’t make a mistake, the Electoral College did, for Mr Trump LOST the popular vote. I think we need to DUMP TRUMP, “Dump the Electoral College” and go back to counting paper ballots.
7
Re “not many lenders”: No US bank will loan him money (which by itself should have disqualified him from the presidency). He owes hundreds of millions to banks in Germany and Russia (and thereby lies a connection to...?)
4
One important fact about Trump. He has bought, not built his properties with the exception of Trump Tower.
Before Donald Trump came along there was Alfred Kaskel who built and managed the Doral Country Club and Doral Hotels in Miami Beach and Manhattan in addition to other notable properties. The name Doral was a combination of his name and wife Doris. His daughter Carol Schragis was a friend and client who would be horrified at the Trump era and their self serving behavior.
Trump has put his name on these buildings, the golf clubs in Scotland and the one in Bedminster, New Jersey which was originally built by the honorable John Cowperthwaite Family. Trump of course, takes credit for everything. Sad to say, he never built an award winning building anywhere of any type.
23
"Let them eat Cake" ... while they can. What a joke of Constitutional Democracy, or any attempt at Due Process of Law. Trump's apple-cart IS tipping over, as well it should.
But, what a mess, and, in the long run ... paid for by your and my Tax Dollars. This is not what America is intended to be.
12
I would sleep on the street before giving a nickel to any business owned by the Trumps. Have any of these people paid any taxes in the last 30 years? That is the question that needs an answer.
17
It sounds as though the best way for The Trump Organization to maximize profit is to take the Trump name off of all their properties. We all know that there's no way Donald Trump's ego will allow that.
11
One of the few effective ways for citizens to push back against our would-be dictator is to boycott every business and building he owns. Loss of income is one of the few things that seems to make a real difference to him.
8
The Emolument's Clause prohibits Trump from enriching himself from his private dealings while president. Somehow, he is getting away with it, a corrupt practice that republicans seem just fine with. And for Trump, it's 'business as usual'.
8
@manfred marcus
No, that is not what the Emoluments Clause says. Read it.
1
@manfred marcus He, Trump, is getting away with it as he has a firm grip on the party of corrupt politicians-the former GOP.
3
@GMooG Of course, it is to avoid the corrupting influence of foreign governments in this president's behavior; and using Trump's hotel(s) is a very convenient to gain this thug's heart (and pocket), compromising the security of the republic.
Poor Camp David.
The grass must be growing tall there by now. No need to mow, no need to water either — no beds to make, so no need to dust! That smell of oldness probably has creeped into the walls by now; a sad smell indeed; that of being forgotten. And this is, apparently, what making America Great Again is like.
5
How much of the Trump Organization is actually Donald Trump? I've been told that Fred Trump bequeathed his inheritance between his children equally and that most of the long-time assets are not Donald Trump's alone.
2
@Johnsamo I believe one child of Fred’s received little or nothing due to his alcohol abuse, and possibly drug use.
He is the brother that Trump calls a “loser”.
1
Anything “trump” is unacceptable
The story here is one of tawdry excess, greed, and snake oil. The "success" of Trump properties speaks of the ever-widening economic gap in the U.S., and the selfishness that fuels it. Trump claims to be a populist, but elitism is precisely the foundation on which is "fortune" is built. When one plays golf at Doral, or headquarters one's company in Trump Tower, one may pretend to have risen above the "riff-raff." In truth, one sinks far below the "riff-raff" when one supports a con man like Trump.
10
To summarize, the real estate holdings bearing the name are operating at a loss and the holdings not bearing the name are in the black. With the exception being the building adjacent to the Wall Street Stock Exchange whose walls contain the greatest beneficiaries of this debacle we've been living with since 2017.
5
Don't tell us about buildings that don't carry the Trump name. Put his name on them and then tell us how they're doing. What a pity that Donald Trump decided he could only be president of the "Republicans" and not all Americans! If he had decided to stop demonizing the "Democrats" he might have a different financial story to tell. Too bad, so sad.
5
Trump has been a business failure from day one. Many of his business ventures and casinos have gone belly up.
If is wasn't for his father's money to start and shady banks/financiers and preferable tax treatment, he would be on welfare.
Putin is his latest financial backer and will keep him going for awhile thanks to the republicans not doing anything about Trump's financial crimes.
More stories like this should be written so the public can not only put out of business his named properties but also ones he does not promote.
He is the greatest threat to our democracy since the Civil War.
20
People don't want to believe this -- Trump is not making money being president. Nothing new is happening .. NYC towers are good investments .. noting new there. His hotel properties as a whole are down .. he has lost marketing rights .. that's the new business.
Look at his sister .. they have similar net -- she has done very little. The bulk is still flow through from his father. Trump needs to make money to fuel his expenses ..
Personally -- I never understood why Carter had to give up the farm. Washington and Jefferson had farms and business dealings?
Think of it ... all we get are wealthy people or full time politicians running .... winning
1
@GT Trump has made the claim he is making nothing from his properties as president.
Do I believe the claim? Nope.
1
@GT "NYC towers are good investments" How about 666 Fifth Ave.?
1
The article doesn't explain where the information is coming from. The claims made are certainly inconsistent with what we know of Trump's business from sources where he is required to file annual accounts.
Trump has repeatedly claimed to have low leverage but we know from a court case that 40 Wall street is mortgaged to the hilt ($160 million) and probably beyond (Trump doesn't own the freehold, only rights to rent the property out). It is usually safe to assume that whatever comes out of Trump's mouth is a lie. So if he is saying he hasn't got any debt, he is insolvent.
Best way to tell if someone is wealthy is whether they pay their bills or not. Trump does not.
4
One has to wonder how many separate Trumpian conflicts of interest, improprieties, and instances of outright criminality are currently underway in the properties set forth in this article and, moreover, how many millions have already been made, and will be, from them by America’s 1st Grifter Family, shamelessly cashing in on the Presidency. The Supreme Court cannot allow this corruption, operating in plain sight, to continue any further. U.S. citizens must have access to the Fake President’s personal and business federal tax returns and the Trump Organization records. Nothing less!
8
Are there any figures on the amount of foreign money (and not from Deutsche Bank) that has bailed Donald Trump out of his bankruptcies? No comparison between past and present is needed. A debt incurred is a lever till it's paid off in one way or another, and a favor improperly received is the stuff of blackmail.
5
This story seems an advertisement for Trump Organization that it is a well run business and can sail through stormy weather as well as calm seas. On the contrary to most readers, it will bring more business not less to Trump Organization.
I had no idea that Trump co-owns the Bank of America building at 555 California Street here in San Francisco. I hope this fact is publicized. We can probably get people protesting outside of it.
I believe this is the building that was always called "the banker's heart" because it's dark black. How appropriate for Trump too.
7
Interesting to note the fact that Donald's most profitable holdings are buildings owned and managed by others.
The scale of the republican hypocrisy is unnerving. When people in power allow others to lie - cheat and steal. How is that in any manner different to being controlled by a King?
6
Lets see, hotels & golf courses, patronized generally by individuals. Office space - corporations, need I say more?
4
It is so disturbing the normalcy of this headline already. The president should have no financial ties to any businesses he owns.
8
I used to own Vornado stock. When I found out their affiliation with Trump, I sold it all. I probably lost on stock appreciation, but at least my conscience is clear. I want to have absolutely nothing to do with enriching that corrupt, grifting family.
17
I used to own some stock in a company that I found out was associated with the Clintons. I sold that as fast as possible.
Let’s publicize more of where the Democrats have their money interests.
What’s good for one is surely good for all right ?
2
Giving money to the Clinton foundation would not be a bribe to the US government. It would only be an act of charity.
@Norville T. Johnstone Gladly publicize where the Democrats have their money interests. I'm interested in knowing the good, the bad and the ugly about people who are supposed to be interested in the welfare of society at large.
Can the same be said about Trump or the Republicans? Who are they for? There are NO examples of their attempts to help people who are not wealthy. They are the ones who lock children up in cages. Let's not forget that! There is no way you can talk your way out of that despicable behaviour!
It does not have to be a hotel down the street from the White House to violate the emoluments clause in the Constitution. Trump flaunts the fact that Republicans won’t enforce the law of the land.
6
If you believe that Donald Jr. (the older son) wrote the note all by himself on the plane with his father explaining the notorious Tower meeting with the Russian agents as a meeting to arrange the adoption of Russian children --and far removed from any reference to Hillary Clinton and the election of 2016--then you might also accept the notion that Donald (the president) has completely dissociated himself with any role or whisper in the running of the Trump business. You might then think that the president is solely concerned with helping Americans, at least that group which votes for him (the non-supporters being traitors and not worthy of presidential concern). That might be fine--almost like putting these billions in a blind trust--where the president is oblivious to and ignorant of what is happening to his real estate empire .
But as has been suggested and believed by others--that note of explanation of the Tower meeting was written by the president himself, then most likely the president is totally immersed in his real estate holdings--aware of and whispering decisions that benefit his assets. No blind trust or anything near that to avoid breaking ethical concerns or laws. Emoluments? Another witch hunt hoax!!
3
Good journalism always persists with a given topic until hitting paydirt, however one might define that concept (paydirt). Here's year three into year four of the mainstream media's dogged pursuit of the President's family-owned business as a journo "big story" - and certainly there is more "there" if looked at with this hard, tough gaze over a long-enough time period.
2
McKinsey pays Trump to lease part of 555 California Street in San Francisco and Trump has homeland security pay McKinsey to define policies that reduce food and health care to immigrant children held in the detention camps. Isn’t this the very corruption the emoluments clause is meant to eliminate?
Are McKinsey and Trump beyond the law?
4
No. The Emoluments Clause is completely irrelevant to the “corruption” you refer to.
Boycotting and sanctioning Trump Organization corrupt crony capitalist corporate plutocrat oligarch welfare properties would be a lot easier if the American people could see what Trump is hiding from the American people in income tax returns and business accounting and financial records.
China if you are listening can we please see this information? Iran? North Korea? Cuba?
3
In other words, muckrakers reveal skyscrapers prop up bottom-scrapers?
It is surreal to read this. The now accepted casualness of discussion about the ups and downs and strategies of the business world of the "president" and what it means to itself. This kind of detachment the country rolled into with the 2000 election and the questionable outcome of installing W Bush as Chief Executive really seems like a beginning for all this.
Most of us may actually be aghast.
8
Once Trump no longer holds power, the family will have little financial choice but to strip off the name and sell most of their branded assets. The only Trump brand driven business remaining will likely consist of an angry old man repeatedly screaming his never ending list of personal grievances into a podcast microphone. Most of the family will likely be relived when he settles on something like that to keep himself occupied and out of their way. Trump properties may not be the only things that eventually end up changing their names.
5
If there is a way to steal, Trump will find it. I think the big question here, as well as with ALL of his other properties, is where is the money laundering?
If the DOJ were not a subsidiary of Trump Inc. they would be looking into this with a microscope - especially Trump Tower. How many criminals from foreign countries have laundered fortunes through condos and shell corporations there and elsewhere? As we see, so many properties do not carry the lurid Trump logo so they are less likely to be circumspect.
WHERE ARE HIS TAX RETURNS? What "accommodations" have been made for him via Mnuchin's Treasury and Barr's DOJ - he owns them both?
7
Left unsaid by the article is the fact that the parts of the Trump organization that are making money are the ones NOT being run/managed/marketed/promoted by the Trump organization. Trump is a minority owner and simply receiving the dividends because the realty organizations that actually do mange and market they properties are real professionals. These money making properties run by others demonstrate what has been known in the realty business for decades and that is that Trump on his own always has been and continues to be a poor manager.
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@robert Joyner
Excellent point.
9
This article is sickening. I do not care about Trump’s profits. How about we talk about this false economy. How about we talk about the obscene luxury this family lives in on the tax payer dime. How about we talk about Ivanka’s voting machine trademark. Or Jared’s family business securing enormous funds from Saudi Arabia to keep it afloat. Who pays for Eric and Lara’s personal trips on private airlines at 17 thousand dollars a trip? Who pays for Giuliani’s lavish missions to further corrupt the world for Trump? How much has Mnuchin pocketed running the treasury? As the Trump family and pals enrich themselves at the cost of everyone else, he goes to rallies and creates a constant flow of derision and hate. Let’s see the tax returns and financial statements of this pack of mobsters.
10
Elijah Cumming's widow, 20 years his junior, is being investigated for illegal use of contributions to her charity.
4
Do you think an independent judiciary is a good idea?
1
If there was only a way for an honorable leader to show he has nothing to hide and put any concerns of foreign influence or money laundering. If there was just some way???
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Thank you for this information. Informed people in NYC can now make Donald Trump Jr. eat his words.
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Is there any reason other than to curry favor with the president that any person with even a modicum of good taste would patronize a Trump hotel?
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If it smells like a scam, and walks like a scam, we know it’s the trump organization. His golden parachute is moving to Russia and becoming an oligarch. Probably the topper most oligarch.
4
Personally, I boycott anything that has the Trump name on it.
5
How much of Trump’s revenues come from Russians?
6
We care about this because the environment and society are collapsing all around us and journalism is dead.
1
Here's the deal in this life:
Those who mouth mantras of shaming, blaming, ridiculing and demonizing and lying attract the same flavors of karma.
5
How much federal subsidy does the Trump organization receive from the President's innumerable weekend visits to his golfing properties with his family and executive entourage?
4
How much does Vornado pay out to Trump org for its 30 per cent ownership of those two buildings -- and its forty nine per cent share in Trump Tower Manhattan? There is no available public record, or is there? How does the NY Times have any idea what these properties are in practice worth to Trump org? Help. I'd like to know! For all I know, Vornado effectively owns Trump Tower Manhattan and is just letting Trump sleep on its couch. Can somebody enlighten me?
3
Give me a Holiday Inn Express any day of the week over a trump property.
5
It's ironic that the Forty Wall Street Building, which Trump controls, is on a land lease owned by Germans, including those who's family is allegedly linked to the WWII German General Hans-Jürgen von Arnim, and the building is the headquarters of Hadassah, the worldwide Jewish organization.
1
So the buildings that are managed by Vornado and don’t have TRUMP in gold letters on their facades are doing OK. Telling.
2
The only crime in this country is NOT having money. Money is lubricant, drug, blessing and advertisement for one's "success" on earth. How you get there is not so important really. Every lottery ticket holder hopes to join the ranks. No matter who runs Washington, the rich always rule. It's the golden rule.
2
Gee whiz, empty ballrooms at Trump's resorts and hotels? Pardon me while I weep for our con artist president's real estate holdings. Are "emoluments" a thing of the past, or just piles of glitzy dirt swept under fancy rugs in America's rich businessman president's homes? As American values have been swept under Trumpian rugs?
The happy day is coming, when our embarrassing 45th president will be brought low by his "impeachment hoax" and his gilded name will be scraped off his real estate holdings from coast to coast and in Europe and Asia. As Eric Trump said, "our office buildings are killing it." We look forward to the removal of that embarrassing faux gold name.
Happy hours at all of the Trump resorts, golf clubs, will shrink like slugs from salt when the glitzy gold Trump letters are scrubbed from their buildings after this president leaves office. Will President Trump leave by hook or by crook, by Senate trial after impeachment, or in shame before winning another terrifying term in our White House in 2020?
1
Once again Donald Trump's business acumen is shown wanting. He holds the titles of Casino Bankruptcy King, Business Partner Stiff, Illegal Immigrant Exploiter and Ego Extraordinaire.
Now we see that he keeps his business afloat by keeping his name out of sight. The name "Trump" has taken on new titles, it has become common usage for deadbeat, welsher, scammer, swindler...and of course, LIAR.
But here's my question NYT, Is he making a ton of money mining coal? Has he secretly invested in the coalmine industry? After all, he promised to bring the coalmine industry back to the level of the good old black-sky days, promised to put West Virginia, Pennsylvania and Kentucky coal miners back to work and provide new coalmine job opportunities as the future for America.
Just the other day I read a story in The Times that eight coal companies have declared bankruptcy in 2019 alone. Based on Donald Trump's campaign promise to bigly revitalize the coal industry, I must conclude The Times' story simply left out the alternative fact of the huuuge increase in the number of new coal companies thriving in America.
And now the only question that remains is, Did Donald Trump miss out on this business opportunity of an explosion in coal mining in America, or was he a controlling investor in the eight companies that went bankrupt?
2
They made President Jimmy Carter sell his peanut farm or at least put it in a blind trust. Have we since then just given up on the Constitution of the USA? Disgust runneth over.
10
I know of some children currently sleeping on concrete floors that could fill up those empty hotel rooms
15
Just so Trump stays in Florida and not in New York.
Here’s a toast to that!
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@MIMA
We don't want him here, either.
Was this article written before Trump moved to Florida? He doesn’t spend weekends in Florida, he lives here permanently.
2
Great. Now if only they would pay their taxes, governments across the country could fix potholes.
Getting to the freeway is like riding a bucking bronco.
1
@Occupy Government ---Aren't potholes a local or state responsibility?.....Look closer to home, the culprit is in your own back yard.
Trump supporters prefer to hide. That's why they like dark money and fight to help Trump keep his real finances secret. There are lots of other reasons. The wealth want to avoid boycotts to their businesses. A few are actually capable of shame. Another is that bullies like Trump are really cowards and only want to show up when there are angry crowds to cheer them on. Cowards don't like to expose themselves, so that can be a financial liability for Trump and his supporters. Lately, supporters have taken to saying that Trump's opponents "hate" him. A more accurate word might be despise. Hillary was too kind. It's not deplorable, it's despicable.
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@Phil
Some trump supports tend to hide because they are verbally and physically bullied by the extremist left and groups like antifa. Have you not seen the videos? A journalist being beaten because of his political views. Speakers being shouted off stages at universities. Old people being harrassed while crossing the street. Passerbys being screamed at and physically confronted when passing leftist protests. If you haven't seen the multitude of videos like this, you need to expand your horizon of news reporting beyond this newspaper. Because there is a tremendous amount of bullying and violence being perpetrated by the left on innocent people, whose only crime is being guilty of not supporting the leftist views. So much for acceptance of the "diversity" of others opinions. Seems the left wants to be supportive and accepting of all people, except those that disagree with them.
@bored critic Oh please. You sound like you're projecting what the 45 supporters do to those who oppose them.
2
@bored critic We never see Joe Biden or Bernie Sanders, or other democrat - let alone Barack Obama - cheering on while his rowdy supporters brutalize opponents at rallies as Trump does often in his typical "mobster manners".
1
Donald Trump misjudged badly about the effect of his presidency on the Trump brand. He thought that the presidency would enhance the brand name. The reality is that his base cannot afford his hotel/resort properties, and the brand's usual patrons are now mostly turned off by the controversies associated with the name. Now rooms can only be filled by lowering the price compared to similar properties.
That said, the fact that his non-branded office properties are offsetting declines in his hotel/golf properties shows the wisdom of diversification. Give credit where credit is due.
1
40 WallSt has enormous debt on it. When the real estate cycle turns down, this will be a problem. This could be true if other properties.
1
I don't really trust the sources reviewed by NYT in this report to be honest, complete or representative of what money is coming in where and from whom. The extent to which tax returns are being so jealously guarded, and the potential for gross abuse of his venues for laundering cash (which won't show up on the bottom line, but will in Trumps pocket and in his decision making under the pay-to-play rubric) lends itself to a healthy level of skepticism.
1
I wouldn't stay at a trump owned hotel even if I could afford to, there are just as nice and comfortable hotels in say New York City, plus if I am there to site see, then its all about a place to sleep, shower etc. I get that very rich people don't shop at Walmart or stay at a Motel 6, because they don't have to and its about keeping up there image. Trump continues to violate the emoluments clause each day he lives at 1600 Pennsylvania Ave, but yet Jimmy Carter had to sell his peanut farm. In comparison Carter's peanut farm probably would have made money, but he did the right thing.
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@Ricky Smith
Didn't obama just by a $12 million dollar house on Martha's vineyard? Where'd that money come from? But its obama so its ok.
2
@bored critic - good one! Only Trump can make money, right? Didn’t Russia interfere with the election, and the next one too. But it’s Trump’s-crush so it’s ok.
5
@bored critic
Obama isn’t using the property to profit during his presidency, so it’s not the same situation at all. Trump is violating the emoluments clause because foreign dignitaries and others buy blocks at his hotels in the hopes at obtaining “favors.” Trump then makes decisions that are biased toward what will profit him, rather than the best interests of our nation. Our nation should be his priority, not his profits, but it is the other way around.
6
I wrote about hotels for more than 20 years. It is so obvious that Trump Hotels are gouging customers. Even during a sale period, the rates are much higher than competing hotels. consumers likely has wised up and are going elsewhere. I am sure their choices are much more elegant and tasteful, too.
4
Who needs debt when you have Russian oligarchs throwing money at you? What's a little money laundering in Trumon condos among friends?
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I thought the oligarchs were throwing money at everyone in the NYC skyscraper business?
1
Income is limited at the Trump Washington D.C. Hotel ''a result of a constitutional prohibition on the president accepting payments outside of his salary from domestic or foreign governments.''
That emoluments thingy seems to be ignored at this time.
206
Has anyone ever checked to see if Washington or Jefferson ever sold tobacco or other agricultural products in violation of the emoluments clause?
The left-wing elite don't want to be caught using Trump properties, while ordinary Americans can't afford to stay at them. Maybe the Trump organisation needs to rethink its target audience since the Pelosi and Zuckerberg crowd are no longer providing patronage?
31
@John A Smythe One would think that the right-wing elite would take up the slack by staying at these properties more often, if only to curry favor. But what I found interesting was that the Trump Organization only took in less than $600 million in revenue in a year. After expenses and salaries, that wouldn't seem to leave much in the way of profit, which really makes me wonder if Donald J. Trump is really anywhere near being a billionaire. I suspect his net worth is greatly self-inflated. But we'll never know, will we?
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@Lee Rentz Wait, I thought Democrats thought he was profiteering off the Oval Office?
@John A Smythe
Yes maybe his target audience should have been all of the American /USA citizens instead of his Tea partyers, radical evangelicals and the alt right base.
3
My bigger concern is that our scam artist president is using our money to make more money. I really could care less about his independent hotel holdings unless he is using our tax dollars to keep them running. We know he has no fear of openly telling us he is doing that very thing. He has no ethics, morals or values so why should he care. His Shylock AG Barr keeps him out of legal trouble by more lies and exaggerations.
291
That's a cruel insult to Shylock.
@Paul Raffeld
I'm pretty sure you meant "shyster," a Yiddish word for a crooked and unethical lawyer, and not the Shakespearean character "Shylock" who was not a lawyer and whose debatable ethics problem was much more complex and sympathetic.
3
@Paul Raffeld ...to note: he IS using OUR money to make MORE money ....wake up GOP !!!!!!! .....wait, that would mean that their minions actually THINK and can put our country & our Constitutiom before their decrepit, corrupt & criminal "party" .....
1
"Miami Dade County reduced the hotel’s tax assessment again this year after concluding the hotel had suffered an additional “decline in room revenue projections.”
Why? Tax assessments are separate from income taxes on profits or offsets on losses from the business. Shouldn't the assessment be based solely on the value of the property as determined by valuation relative to similar properties in the area? Has there been something shady with this reduction in the assessment? Was there some kind of quid pro quo?
278
@Chris
The value of income generating property is a reflection of it's net income.
13
The income tax laws favor business property. The income tax write offs are a present to the owners of business property so it makes no difference to these corporations if offices and stores remain vacant because everything can be offset.....that is why there is such a rush to build more offices and stores and price rentals high enough so they can remain vacant.
37
Not entirely true. It is also
a good way to hide money. Eastern Europeans often use it for this purpose. The high prices reflect this storage use.
51
It’s amazing that the Times treats the disclosures of the Trump Organization with any credulity. How can they trust any Trump Org “disclosures”? Have they ... not read the Times?
324
@Jason Gottlieb I do not believe this publication treats those disclosures with credulity. But, given that is all they, the WAPO and Pro Publica were able to glean, that is what is reported.
2
@Jason Gottlieb I thought the same exact thing...I am surprised your comment even made it here as the editors of the comments section are generally closed-minded and will not print anything critical of the NYT. That is, unless it comes from a trump cultist trolling, in which case they add it to the 'NYT Picks' section. You know, so as not to seem bias.
8
Read: Move your office out of these buildings, here, and now.
238
Organize protests in front of those buildings, so the tenants move elsewhere
5
@N
Let him sue for a change
And get eaten alive w legal bills he won’t pay
Hear that Dershowitz?
2
When all of the facts surrounding Trump Inc are finally laid bare, we shouldn't be surprised to learn how much of Trump's daily workload is dedicated towards promotion of his businesses. When Pelosi limited impeachable offenses to two, she left a lot on the table. Hopefully, she will embark on a thorough examination of his Emolument Clause violations. This article suggests there is a plethora of misdeeds to be discovered that probably includes members of the senate who refuse to "remove" Trump.
Even if the senate wilfully disregards their oath & ignores the overwhelming volume of evidence from Ukraine, the "self dealing" message will reach Trump supporters so the Nov election can end this nightmare.
164
@Finance teacher Those articles left on the table may yet come into play.
5
@Finance teacher, based on Trump’s behavior to date, his “daily workload” consists of tweeting, watching tv, playing golf, ranting in front of a helicopter, and ranting at his silly rallies.
Oh, and claiming how he is the best president ever ... who also won in a landslide.
6
Why would anyone with even a shred of decency want to support such an indecent person and live with the stain.
402
@Fred Tilley
You pay the piper then call the tune, that why and how.
Many large industries seem not to have a shred of honesty or empathy.
62
@Fred Tilley The tenants might have some very attractive leases that are long term favorable to them and shorter term favorable to the building owners.
You can be fairly certain that the majority owners would buy out Trump before allowing these properties to diminish in value.
But one can always hope major tenants move. Maybe to FL or TX?
As for debt, who would lend Trump any money? Or want his name on their building?
29
@Fred Tilley Relocating a corporate office can be extraordinarily expensive. Many companies simply don’t have the choice to move.
3
I look forward to the day when the Trump name is expunged from our memories.
464
@John I respectfully disagree. We must remember these times. We must never forget. Never forgive. Never again.
15
@John
Yes, the name Trump superimposed on properties not built by him, merchandise not designed by his daughter Ivanka, and speeches purloined from others. Even Wharton cannot validate his academic standing as a graduate.
Looking forward to the day New York AG Letitia James unearths his tax returns. She has a keen nose.
27
@John
And Trump Tower becomes a homeless shelter and residence of NGO’s and a museum to tolerance.
8
I suspect that a number of office leases will not be renewed.
160
@Ethan Henderson why?
5
Companies that need space will lease what they need, affected only by the location, price and terms.
20
Actually, price and terms are not the only consideration. When Carolina passed legislation considered discriminatory, convention business dropped like a rock.
109