A $100 million loan on Trump Tower in Manhattan has been placed on a bank watch list, due to a slump in occupancy, reports say
- A $100 million loan on Donald Trump's Fifth Avenue tower has reportedly been placed on a watch list.
- Bloomberg reported that the decision was due to "lower average occupancy."
- Wells Fargo said occupancy fell to 78.9% from 85.9% at the end of 2020.
- See more stories on Insider's business page.
A $100 million loan on Donald Trump's Fifth Avenue tower has been placed on a debt watch list, according to data from banking giant, Wells Fargo.
Bloomberg first reported the story on Friday, noting that the decision was a result of "lower average occupancy."
Wells Fargo, which is the master servicer of the loan, said occupancy has dipped to 78.9% from 85.9% at the end of 2020, according to the outlet.
Real estate income was $33.7 million in 2020 and $ 7.5 million in the first quarter of this year, according to loan documents, Bloomberg noted.
The Trump Organization did not immediately respond to Insider's request for comment.
Insider's Kelsey Vlamis previously reported other financial challenges at Trump Tower.
Recently, multiple tenants fell behind on rent. The Trump Organization sued the maker of Ivanka Trump's shoe line earlier this year for $1.5 million in unpaid rent, according to reports.
Some of Trump's properties elsewhere in the US have also been facing scrutiny. The former president's property tax was slashed for his Chicago office tower because the building's commercial space was mostly vacant, The Chicago Sun-Times first reported.
The building's retail space had its assessed value cut to $12.5 million, down from $19.9 million, Insider's Kevin Shalvey reported. The assessed value was cut by about 37% because about 95% of the square footage was vacant, the report said.
Separately, a new book claims that Trump snapped that he was tired and fatigued when his pollster said his divisive behavior during the COVID-19 pandemic was exhausting voters.
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