Trump's Wall Street Tower Appears To Be Underwater [Forbes]
Ladder Capital Corp Class A (LADR)
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Source: Forbes
Trump's 40 Wall Street is now worth less than what he owes on the building. AP/Ted-Shaffrey O ne of Donald Trump's prized properties, the landmark building 40 Wall Street, is 63 stories high but now appears to be underwater. The remaining 35 years on Trump's leasehold in the Financial District tower is worth about $116 million. That's $2 million less than the estimated $118 million Trump owes on his mortgage, according to an analysis of loan documents, real-estate records, financial disclosures and appraisals. The building is simply not earning enough money to cover the loan: 40 Wall Street's annual net operating income has dropped from about $20.7 million in 2018 to $12.8 million last year, as the building's occupancy rate plummeted from 94.3% in early 2018 to 73.9% in June, thanks in part to the distressed post-pandemic commercial real estate market. Adding to the headaches: Trump, who doesn't own the land on which the building sits, has just nine years left until his gro
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LADR
News
- Short On Cash After 2016 Election, Trump Secured Secret Loan [Forbes]Forbes
- Ladder Capital: 8.1% CRE Yield With 1.3X Dividend Coverage [Seeking Alpha]Seeking Alpha
- Ladder Capital Corp (LADR) Q3 2024 Earnings Conference Call Transcript [Seeking Alpha]Seeking Alpha
- Ladder Capital Non-GAAP EPS of $0.30 beats by $0.03, revenue of $70.97M beats by $8.01M [Seeking Alpha]Seeking Alpha
- Ladder Capital Corp Reports Results for the Quarter Ended September 30, 2024Business Wire
LADR
Earnings
- 10/24/24 - Beat
LADR
Sec Filings
- 11/14/24 - Form SC
- 11/12/24 - Form SC
- 10/28/24 - Form 10-Q
- LADR's page on the SEC website