FAST FIVE: Vornado Pulls $5 Billion Office Sale Plans On Buildings It Co-Owns With The Trump Organization
Vornado Pulls $5 Billion Office Sale Plans On Buildings It Co-Owns With The Trump Organization Tyler Durden Thu, 11/26/2020 – 17:55 The Trump Organization's real estate partner, Vornado Realty Trust, reportedly had to shelve its plans to try and sell off office buildings that would have helped the Trumps pay off $400 million in upcoming debt. Vornado co-owns an office tower in San Francisco and another in Manhattan and “couldn't attract a buyer” at the price it was seeking, according to an exclusive by The Wall Street Journal.
The refinancing picture for the organization seems hazy, especially due to the commercial real estate climate.
We have never been stronger.” Since Trump's Organization holds a minority stake in the buildings, it has “no control over the sales decision making”. Vornado says it is now focused on refinancing the assets.
Doug Harmon, an investment adviser at Cushman & Wakefield, said: “We are now focusing more on refinancing both assets.
When international investors can travel with less restrictions, and the path back to normal is under way.” With the pandemic looking more likely than ever to “end” now with a President Biden in office and vaccines on the way, perhaps Trump will find his first foray back to the private sector met with a stroke of luck. .