tick, tick, tick...Trump buildings in NYC, part of DA's probe, also going broke

too funny!


Donald Trump's premier New York City real estate holdings — once the foundation of his fortune and fame — have increasingly become a problem for the former president.

Part of the reason is COVID-19, which has taken a toll on many landlords. Yet the hit to Trump's New York real estate operations is harder than the rest of the industry has experienced, and it comes after years of financial underperformance by the Trump Organization properties in some of the city's swankiest neighborhoods.

Indeed, last year marked the fifth year in a row in which the four most prominent Trump-owned buildings in Manhattan, including the Fifth Avenue Trump Tower made famous by "The Apprentice" TV show, missed lenders' earnings expectations, according to a CBS MoneyWatch review of publicly available documents.
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Commercial mortgages like the ones on Trump's buildings are bundled by bankers into investment vehicles called commercial mortgage-backed securities. The CMBS are then sold to pension funds, mutual funds and other big investors who receive a bond-like interest payout that's based on the income generated by the properties. .....................


https://www.cbsnews.com/news/trump-buildings-investigation-new-york/
 
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