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New York & Tri-State  + Downtown New York + New York  + Office  |  August 30, 2023
Emily Fu
By: Emily Fu

Trump Financial District Building Downgraded

The package of loans associated with 40 Wall Street, a property owned by Donald Trump, has been downgraded by Fitch Ratings due to declining cash flows.  

The building, known as the Trump Building, generated $45 million in rent in the previous year. Fitch downgraded a portion of the security linked to the property’s mortgage from an investment-grade BBB- to BB, which is a junk credit rating.  

The building’s occupancy declined to 83% by the end of 2022, and new tenants delayed moving in, impacting rent collections. The Financial District is facing challenges in terms of office space, with vacancy rates reaching a record 24.2% in the second quarter. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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