The Trump organization will have $ 7 million less in its coffers this year now that an iconic retailer has stopped leasing space in a building owned by Trump.
Tiffany’s has announced that it will not be renewing its lease with the Trump Organization and will be moving its store to its historic Fifth Avenue location.
In 2018, the iconic jewelry store agreed to sublet the 74,000 square foot space at 6 E 57th St. while renovations were carried out at its corporate headquarters on Fifth Avenue.
Tiffany’s corporate headquarters and temporary retail space are located at the base of the Trump Tower.
The store will return to its original headquarters in mid-2022, leaving the Trump organization with a five-story retail space to fill.
There does not appear to be any political motivation behind Tiffany’s decision.
Filling a space of this size in this location will likely prove difficult for the Trump organization, as the number of tourists is still on the decline in New York City due to the ongoing coronavirus.
The Trump brand is also not very popular in New York City, where voters and visitors tend to be liberal.
Ruth Colp-Haber, chief executive officer of Wharton Property Advisors, told Crain’s New York space is good, but branding is an issue.
According to Ms. Colp-Haber, the building is “a Triple-A location. The building itself, the spaces, are really beautiful, there is a lot of glass and steel. They are extremely beautiful spaces. But for some users, there is certainly a stigma. “
The place previously housed a huge Nike store, which earned the building the nickname “NikeTown”.
The retail announcement is not the only bad news for the Trump organization, however.
Manhattan DA Cy Vance has been investigating Donald Trump and his allies since 2017. Mr. Vance’s investigation represents the most serious legal threat Mr. Trump has faced outside of his indictments.
On Monday, the U.S. Supreme Court rejected Mr. Trump’s attempt to block Mr. Vance from having access to his tax returns.
The Manhattan District Attorney’s Office is investigating whether or not Trump’s cases artificially inflated the value of his properties in an attempt to secure the best possible loans, and whether or not he has presented different values to different tax authorities.
Mr. Trump tried to claim that as president he had “absolute immunity” from criminal investigation, but the Supreme Court rejected it. He later filed an emergency request with the Supreme Court to block the investigation, but that also failed.
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