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Donald Trump’s Real Estate Porfolio Bids Adieu to One of Its Largest Tenants
Donald Trump’s real estate empire is losing one of its biggest tenants located at 6 East 57th Street in New York. Nike’s Niketown site, which takes up five of the eight stories in the 65,000-square-foot notable building, is moving a few blocks away in spring. The sports apparel behemoth signed a 15-year lease with SL Green a year ago at 650 Fifth Avenue.
Forbes estimates the property to be worth $253 million, and now, Trump’s private real estate empire is left searching for a new tenant. The location of the property is in the heart of New York’s famous retail corridor, but some brokers, including Marcus & Millichap’s Eric Anton are wondering what kind of tenants “need that much space.”
Nike’s spokeswoman Ilana Finley did not address whether or not politics played a role in the decision for Nike to leave, as the company had been planning a move “for years,” but others have said it may have played a very minor role. Regardless, the store will close in March 2018, and Finley estimates that the new store will open a year later.
For comments, questions or concerns, please contact Daniella Soloway
