Trump forgoes cash in commercial lease deal at 40 Wall Street

September 14, 2011 08:37AM

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Donald Trump and 40 Wall Street

When Donald Trump’s newest tenant in his 70-story office tower at 40 Wall Street suggested an unconventional security deposit payment method, the former would-be presidential candidate took it as an opportunity to bash President Barack Obama. According to the Wall Street Journal, precious metal dealer Apmex will pay the $176,000 security deposit on its 10-year lease with three 32-ounce bars of gold, each about the size of a television remote.

“It’s a sad day when a large property owner starts accepting gold instead of the dollar,” Trump said. It’s the first time the Trump Organization has accepted gold for a commercial lease. “The economy is bad, and Obama’s not protecting the dollar at all….If I do this, other people are going to start doing it, and maybe we’ll see some changes.”

Apmex is taking space in the 50th floor at about $50 per square foot, according to CEO Michael Haynes, who suggested the transaction be made in all gold. “I figured, Trump is a smart guy, and he’ll realize that taking gold is a better idea than taking cash,” he said. [WSJ]