Tags: Donald Trump | trump | vornado | steven roth | real estate

Report: Trump Real Estate Partner Mulls Withholding Cash

steven roth attends store opening
Steven Roth, Chairman of Vornado Realty Trust, attends the opening of a Century 21 department store, Wednesday, March 3, 2010, in New York. (Mark Lennihan/AP Photo)

By    |   Friday, 12 February 2021 11:38 AM

Former President Donald Trump’s real estate partner may withhold the cash flow from two buildings they co-own, which may force Trump to sell his stake at a discount according to NBC News.

Steven Roth’s Vornado Realty Trust co-owns two buildings with the Trump Organization, one in New York City and one in San Francisco. Vornado owns 70% of both these buildings, while Trump owns 30%. However, The Wall Street Journal first reported earlier this week that Roth, the company’s founder and chairman, is weighing whether to keep the cash flow from Trump in an attempt to exit their partnership, which would greatly shrink the Trump Organization’s business but could help them pay off the over $400 million in debt that’s due in the next several years.

Vornado previously tried to sell the properties last year, but was unsuccessful according to the Journal.

Trump told the newspaper on Monday, “Vornado has been an excellent partner so far and we expect that to continue.” He declined to comment on whether the company has made an offer to buy out the Trump Organization.

NBC notes that withholding income generated by the properties would likely spur litigation, but because of the poor performances from Trump’s other operations, “he isn’t negotiating from a position of strength,” according to the network.

“When you polarize your business by becoming a political figure, then you lose a lot of potential customers,” Dan Alexander, Forbes senior editor and author of the book “White House, Inc.: How Donald Trump Turned the Presidency into a Business,” told NBC. “He's still, at his core, a commercial real estate mogul. When his big customers, which are tenants that pay millions upon millions upon millions of dollars a year, when those leases start expiring, that's when we're going to find out what the real effects of all this were.”

© 2021 Newsmax. All rights reserved.


Politics
Former President Donald Trump's real estate partner may withhold the cash flow from two buildings they co-own, which may force Trump to sell his stake at a discount according to NBC News. Steven Roth's Vornado Realty Trust co-owns...
trump, vornado, steven roth, real estate
307
2021-38-12
Friday, 12 February 2021 11:38 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved