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

President stemmed losses with buildings he co-owns with REITs

TRD NATIONAL /
Sep.September 28, 2020 05:30 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


Related Articles

arrow_forward_ios
Donald Trump and the Trump National Doral golf course (Getty, Trump Hotels)

In the rough: Trump’s golf clubs and resorts have lost $315M

In the rough: Trump’s golf clubs and resorts have lost $315M
Donald Trump (Credit: Win McNamee/Getty Images)

Newly uncovered trademarks show Trump’s Cuba real estate aspirations

Newly uncovered trademarks show Trump’s Cuba real estate aspirations
212 Spyglass Lane & Carlos Gavidia (Realtor, Instagram/Carlos_E_Gavidia)

“Trumptilla” organizer sells waterfront Jupiter home for $6M

“Trumptilla” organizer sells waterfront Jupiter home for $6M
President Trump and Mar-a-Lago Club (Credit: Joe Raedle/Getty Images, and Pete Marovich/Getty Images)

Trump faces $1.5M in Palm Beach County property taxes

Trump faces $1.5M in Palm Beach County property taxes
Donald Trump with Trump International Golf Club (Credit: Isaac Brekken/Getty Images and Palm Beach Post)

Trump golf club in West Palm seeks rent relief, citing shutdowns

Trump golf club in West Palm seeks rent relief, citing shutdowns
Donald Trump and Mar-a-Lago Club (Credit: MANDEL NGAN/AFP via Getty Images, and iStock)

Trump’s Mar-a-Lago furloughs 153 employees

Trump’s Mar-a-Lago furloughs 153 employees
Donald Trump, Vanilla Ice and Briny Breezes (Credit: Getty Images)

Trump Town? Briny Breezes wants to sell for $1B

Trump Town? Briny Breezes wants to sell for $1B
Elliot Eisenberg and his Aventura condo

Telling move: Housing expert relocating to South Florida for tax savings

Telling move: Housing expert relocating to South Florida for tax savings
arrow_forward_ios

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

Loading...