Trump took nearly $100M out of Vornado partnership in 2013

President stemmed losses with buildings he co-owns with REITs

National /
Sep.September 28, 2020 03:00 PM
Donald Trump with 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco (Getty, Google Maps)

Donald Trump with 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco (Getty, Google Maps)

1290 Sixth Avenue in Manhattan (Google Maps)

1290 Sixth Avenue in Manhattan (Google Maps)

Donald Trump pulled out nearly $100 million in 2013 from the office properties he owns with Vornado Realty Trust, which are among the few investments generating money for him.

Trump withdrew $95.8 million seven years ago from the partnership he has with the real estate investment trust owning 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco, according to an investigation by the New York Times.

The move came during a period when Trump sold off most of his stocks and bonds — totaling more than $150 million — and pocketed $100 million by mortgaging the commercial space at Trump Tower, the Times found. Its story Sunday focused on how the president used business losses to avoid paying income taxes.

555 California Street in San Francisco (Google Maps)

555 California Street in San Francisco (Google Maps)

As businesses like his golf courses and hotels lose money, Trump is helping stem losses from the buildings he owns with Vornado.

The REIT earlier this year put its 70 percent stake in the buildings up for sale. The Trump Organization was reportedly considering a sale of its interest as well. [NYT] — Rich Bockmann


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