Why Donald Trump's 40 Wall Street Was Struggling Even Before His Legal Woes
- 27 days ago
Donald Trump is facing a cash crunch. He admitted in a court filing on Monday that he does not have enough cash and cannot secure a bond to cover the more than $457 million he owes to New York state after being found liable in a civil fraud case. And his team has reportedly not ruled out declaring bankruptcy via certain entities.
If any of Trump’s companies were to declare bankruptcy, it seems most likely that it would be one tied to 40 Wall Street, his troubled skyscraper in downtown Manhattan. The building looks glamorous–ascending 63 stories above the Financial District, with a copper crown on top–but its finances are not pretty. That fact may not have been clear to New York Attorney General Letitia James when she spoke with ABC News in February about preparing to seize Trump’s assets if he didn’t pay in full. “I look at 40 Wall Street each and every day,” James reportedly said, of the building Trump has run since 1995.
The former president’s debt at the property totals roughly $120 million, and the loan matures in 2025. That means Trump will need to find a new lender or come up with the cash to pay it off at some point next year, shortly after he figures out some way to get his hands on the roughly $540 million he owes in fines and interest resulting from three civil lawsuits.
Read the full story on Forbes: https://www.forbes.com/sites/zacheverson/2024/03/21/heres-the-trump-building-most-likely-to-go-bankrupt/?sh=754e65d13e04
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If any of Trump’s companies were to declare bankruptcy, it seems most likely that it would be one tied to 40 Wall Street, his troubled skyscraper in downtown Manhattan. The building looks glamorous–ascending 63 stories above the Financial District, with a copper crown on top–but its finances are not pretty. That fact may not have been clear to New York Attorney General Letitia James when she spoke with ABC News in February about preparing to seize Trump’s assets if he didn’t pay in full. “I look at 40 Wall Street each and every day,” James reportedly said, of the building Trump has run since 1995.
The former president’s debt at the property totals roughly $120 million, and the loan matures in 2025. That means Trump will need to find a new lender or come up with the cash to pay it off at some point next year, shortly after he figures out some way to get his hands on the roughly $540 million he owes in fines and interest resulting from three civil lawsuits.
Read the full story on Forbes: https://www.forbes.com/sites/zacheverson/2024/03/21/heres-the-trump-building-most-likely-to-go-bankrupt/?sh=754e65d13e04
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
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