How The Pandemic Hit Trump’s Retail Real Estate Empire

59th Street and Park Avenue in midtown Manhattan stands a beautiful building named Trump Park Avenue. Once known as the Hotel Delmonico, it features arched windows, marble finishes and penthouses that have sold for upwards of $20 million. Donald Trump still owns a handful of units, including one that Jared Kushner and Ivanka Trump used to call home.

Like a lot of real estate owners, the former president has struggled to keep his commercial spaces humming in the Covid era. Heading into the pandemic, Trump had over 30 retail tenants in New York City. About a quarter of them either have left their properties or shut down their operations, according to aA few blocks from Trump Park Avenue, GNC closed down its Trump Plaza location, for which it paid an estimated $400,000 in annual rent.

Trump and Vornado are also partners at 555 California Street in San Francisco, another large office building. A ratings report published in April said the number of people entering the property dropped from roughly 5,000 to 200 during the pandemic. A handful of tenants—including Boys’ Deli, Bay Club and Proper Food—asked for rent relief, according to the report.

Here’s another graphic showing the impact it had:

Nothing like Forbes being a shell of itself.

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