For Trump Organization, Office Skyscrapers Make Up for Lagging Hotels (NYT)

[dalton99a]

https://www.nytimes.com/2019/12/25/us/politics/trump-businesses.html

For Trump Organization, Office Skyscrapers Make Up for Lagging Hotels
Office towers in New York and San Francisco — centers of political resistance — are offsetting revenue downturns in the president’s glitzier Trump-branded hotels.
By Eric Lipton and Steve Eder
Dec. 25, 2019


The Trump family owns 30 percent of 1290 Avenue of the Americas, a high rise near Radio City Music Hall in New York.

DORAL, Fla. — It is happy hour at Trump National Doral Miami, the sprawling resort that is the biggest cash generator in President Trump’s business portfolio. But on a weekday evening in November, only a few sprinklings of patrons grace the resort’s bar and high-end steak house. Tables with lit candles sit empty through the night.

The Doral — which Mr. Trump proposed as the site of next year’s Group of 7 meeting before backing off amid intense criticism — is emblematic of the financial pressure on Mr. Trump since he won the White House three years ago. His highest profile hotel properties have become battlefields in the partisan wars that have pushed down occupancy and enmeshed them in constitutional issues about the ability of a president to own and run a business while in office.

But 1,300 miles up the coast, a bustling 43-story officer tower on Sixth Avenue in Midtown Manhattan tells a more nuanced story about the state of the Trump Organization.

The building, partially owned by Mr. Trump, does not carry his name, draws no protesters and has never garnered the president’s attention on Twitter. And his revenues from leasing office space in the building are surging, part of a trend in which his commercial building holdings are largely offsetting the shrinking of his hotel business.

With hotel expansion plans thwarted, marquee hotels in New York, Panama and Toronto stripped of the Trump name, and revenues lagging or relatively flat at properties like Doral, rising rent collections at office and commercial properties have provided the Trump Organization a sorely needed boost.

Revenues at office towers on Sixth Avenue in Midtown, on Wall Street in downtown Manhattan and at a third building in San Francisco — cities that are centers of political opposition to the president — have each jumped during Mr. Trump’s tenure in the White House, outperforming the family’s much better recognized assets like Trump Tower on Fifth Avenue in New York, financial filings show.

“Our office buildings are killing it,” Eric Trump said in an interview. “It is under appreciated.”

[dhill926]

1. expose the fucking buildings....

[Jacoby365]

2. Here they are in San Francisco

Occupancy, rents and net operating income all rose in the first quarter of 2018 at 555 California Street, where Trump owns 30% of a three-building complex that includes the 52-story former Bank of America Center and two smaller buildings next door.

Tenants include Bank of America ($14 million in estimated annual rent), Goldman Sachs ($6 million), UBS ($4.6 million) and Microsoft ($3.6 million).

https://www.forbes.com/sites/chasewithorn/2018/05/02/donald-trumps-business-is-booming-in-san-francisco/#11cd6b0c1ad9

[TheBlackAdder]

3. Perhaps organize boycots of businesses who funnel money to that crime syndicate.