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National  + Office  |  February 16, 2021
Paul Bubny
By: Paul Bubny

Vornado, Trump Organization May Part Ways

His second impeachment trial behind him, former President Donald Trump is facing a threat to his real estate empire’s single most profitable asset, in addition to declining revenues at its hotel properties.

NBC News reported that Vornado Realty Trust is considering holding back cash flows generated by a partnership between Vornado and the Trump Organization on 1290 Ave. of the Americas in Midtown Manhattan and 555 California St. in San Francisco. Green Street Advisors has estimated the combined value of the two office towers at $2.6 billion.

Such a move would slash the Trump Organization’s cash receipts, NBC News reported. It could force Trump to sell his 30% stake in the partnership back to Vornado at a discount.

The Wall Street Journal first reported that Vornado chairman Steven Roth is considering ways to exit the partnership with Trump, including holding back cash flows.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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