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Trump Tower NYC to hit 37% space available over next 12 months

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Trump Tower, the Manhattan landmark home to the president and his namesake real estate company, has seen commercial occupancy fall to 84 per cent from close to 100 per cent in 2013.

[WASHINGTON] Trump Tower, the Manhattan landmark home to the president and his namesake real estate company, has seen commercial occupancy fall to 84 per cent from close to 100 per cent in 2013, according to data compiled by Bloomberg.

While the lease for the largest tenant, Gucci America Inc with 48,667 square feet, doesn't expire until 2026, about 90,000 square feet - or 37 per cent of the skyscraper's commercial space - is up for renewal over the next 12 months, the data show.

Gucci is followed by the Trump Corporation and Marc Fisher Inc with 35,893 and 33,359 square feet, respectively. The percentage of commercial leases expiring between 1 and 4 years is less than 10 per cent, and the majority expires in more than 4 years.

The building has a net 244,482 rentable square feet. Despite the drop in occupancy, 2018 revenue exceeded expenses by a wide margin.

BLOOMBERG

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