City scores all of $10K in fracas over Trump Tower lobby

Presidential candidate fined for overusing lobby for his campaign

TRD New York /
Aug.August 18, 2016 12:00 AM

Donald Trump’s pesky problem with the city over how his campaign has been using the public lobby of Trump Tower ended with a slap on the wrists Wednesday for the GOP presidential candidate.

City officials fined the Trump Organization $10,000 after the campaign used the lobby of the tower too many times for press conferences, Crain’s reported. In a 1979 deal with the city, Trump agreed to create a 15,000 square-foot public lobby at his Midtown tower in exchange for rights to add 210,000 square feet to the development. Terms of that deal permit him to close the lobby up to four times a year.

Not only has Trump exceed that number, he used the lobby to launch his presidential campaign and has hosted numerous events and press conferences there.

Although $10,000 is no great amount, it’s not the first time the city has fined the developer for using the lobby to his benefit.

Earlier this year, a 22-foot stone bench became a flashpoint between Trump and the city, after the bench mysteriously disappeared, only to be replaced by a 40-foot counter selling Trump-branded swag. That prompted city officials launched an investigation into use of the lobby for Trump’s campaign.  The Trump Organization was later fined $10,000 for the bench’s removal, and $4,000 for the installation of the campaign kiosk. Last month, workers replaced the bench.

Trump Tower is worth $600 million, according to a recent Bloomberg analysis of Trump’s net worth. The property skyrocketed in value (from a prior estimated worth of $490 million) thanks to increased rent revenue from its largest tenant, Gucci. Trump also owns a $90 million penthouse in the building, as well as 27 commercial floors.

In 2012, Trump took out a $100 million mortgage on the building. He took $73 million as a cash distribution and used $27 million to replace an existing loan. [Crain’s]E.B. Solomont


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
Joe Biden (Credit: Leigh Vogel/Getty Images)

“Your rent will be increased” if Biden wins, landlord allegedly tells tenants

“Your rent will be increased” if Biden wins, landlord allegedly tells tenants
President Donald J. Trump and Democratic presidential candidate Joe Biden participate in the final Presidential debate (Getty)

At final presidential debate, talk of Opportunity Zones and “little tiny windows”

At final presidential debate, talk of Opportunity Zones and “little tiny windows”
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
The National Multifamily Housing Council’s monthly payment tracker found that 90.6 percent of those households paid some rent by Oct. 20. (iStock)

Rent collections in market-rate apartments stagnate in October

Rent collections in market-rate apartments stagnate in October
Seven Springs in Westchester and Donald Trump (Getty; Trump Org)

Trump may throw in towel on Seven Springs

Trump may throw in towel on Seven Springs
Real Estate's guide to the 2020 election

Real Estate’s guide to the 2020 election

Real Estate’s guide to the 2020 election
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...