Trump PAC a key tenant at strained Trump Tower

MAGA fund pays reliable $37K/month at skyscraper struggling to lease space and collect rent in pandemic

New York /
Sep.September 03, 2021 12:40 PM
Donald Trump and Trump Tower at 725 5th Avenue (Getty, Jorge Láscar/Wikimedia)

Donald Trump and Trump Tower at 725 5th Avenue (Getty, Jorge Láscar/Wikimedia)

Donald Trump has at least one dependable tenant at Trump Tower in New York City: a Trump PAC.

As other tenants have racked up hundreds of thousands of dollars in arrears at the 75-percent occupied Midtown Manhattan building during the pandemic, the Make America Great Again PAC has reliably paid over $37,500 per month to lease office space on its 15th floor since March, according to the Washington Post.

Rent isn’t the only payment the PAC is making at the building. It also paid $3,000 a month “for several months” to rent a retail kiosk in the lobby, despite the lobby being closed, the Post reported.

The payments may not be illegal in the loosely regulated world of super PACs, but they are drawing scrutiny.

“He’s running a con,” Paul S. Ryan, of the watchdog group Common Cause, told the Post. “Talking about political expenses — but, in reality, raising money for self-enrichment.”

The PAC is paying $85 per square foot annually on the office space, in line with typical midtown Manhattan rates, Trump spokeswoman Liz Harrington told the Post. Prior to the PAC’s occupation, the 5,490-square-foot space was leased by Trump’s 2020 presidential campaign, though it was not used as its main headquarters. Other office space on the floor is vacant.

Not many people appear to be working out of the office. The space can accommodate around 30 people, but a filing from the PAC lists only three employees who work there, all of whom often work from home or from Trump’s residences in Florida and New Jersey, a source told the Post.

The Trump Organization occupies two floors in Trump Tower. Another 12 are available to lease. The commercial spaces were 75 percent occupied during the first quarter, the building’s lowest occupancy rate in eight years.

Many retailers have left the building in recent years, though Gucci renewed its lease beyond 2026 in February in exchange for a rent reduction. Other tenants, such as a company that once manufactured Ivanka Trump-branded shoes, have wound up in court over unpaid rent at the 58-story tower.

[WaPo] — Holden Walter-Warner





    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
    Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
    Sutton faces foreclosure on Times Square American Eagle
    Sutton faces foreclosure on Times Square American Eagle
    U.S. Treasury Secretary Janet Yellen
    NY gets more federal rent aid — but only 6% of need
    NY gets more federal rent aid — but only 6% of need
    Commissioner of the Division of Housing and Community Renewal's RuthAnne Visnauskas (Getty, NY Gov)
    Rent stabilization complaints piling up at agency
    Rent stabilization complaints piling up at agency
    Beanie Babies founder Ty Warner and 57 East 57th Street (Getty Images, MBandman, CC BY 2.0 - via Wikimedia Commons)
    Owner’s feud with Four Seasons leaves Midtown hotel in limbo
    Owner’s feud with Four Seasons leaves Midtown hotel in limbo
    WeWork CEO Sandeep Mathrani (Getty Images, WeWork)
    WeWork stock has taken a WeDive. Will it resurface?
    WeWork stock has taken a WeDive. Will it resurface?
    Cartier's Cyrille Vigneron and 653 Fifth Avenue (Cartier, Linkedin, Getty)
    Cartier betting on appetite for luxury with US retail expansion
    Cartier betting on appetite for luxury with US retail expansion
    arrow_forward_ios

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

    Loading...