President Trump’s stake in two Vornado Realty Trust properties surged in value over the past year, pushing his net worth to $3 billion, Bloomberg reports.
His 30 percent stake in a tower at 1290 Sixth Avenue, and an office building at 555 California Street in San Francisco increased by 33 percent on the previous year to $765 million.
The lucrative deal now makes up a quarter of his fortune.
Trump’s net worth, which increased by 5 percent on the previous year, was calculated by the Bloomberg Billionaires Index, drawing on property records, securities filings, a recent financial disclosure and other sources.
The rise comes despite problems in other areas of his family business. The Trump Organization’s golf courses and resorts, for example, have reportedly dropped in value to $525 million, due to a decline in demand.
In February, the company abandoned plans to build two nationwide hotel chains, blaming the political climate.
The leasehold the Trump Organization holds on the retail property at 6 East 53rd Street – the former home of Niketown – fell in value by 9 percent to $420 million.
However the company’s office buildings, including the Vornado properties, stood out as an area of growth. In New York, an office tower at 40 Wall Street increased by 13 percent in the past year. It’s now valued at $480 million. [Bloomberg] — Sylvia Varnham O’Regan