Trump 'deeply underwater' on Wall Street skyscraper as massive debt deadline looms: report
President Donald Trump's most problematic business loan has him "deeply underwater" and scrambling to pay the exorbitant mortgage, with Forbes declaring that how he handles the situation "will reveal a lot about his current financial standing—and how politics is shaping it."
The building in question is 40 Wall Street, and the $115 million mortgage on the skyscraper is due in a mere 46 days, according to senior editor Dan Alexander.
"The president currently pays $2.5 million a year in ground rent, but that expense is set to skyrocket to an estimated $16 million in 2033, potentially wiping out all of his $9 million of operating income," according to the report. "As a result, the asset is now worth about $85 million, according to Forbes estimates, or $30 million less than the remaining balance on the loan.
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"To plug the hole, someone will have to come up with a pile of cash," Alexander wrote.
A list of fast-cash possibilities included Trump footing the bill himself, thanks to the hundreds of millions he's raked in from his crypto ventures, Alexander wrote. Or, Trump could try to refinance the debt.
"The president has a history of weaseling his way out of trouble at 40 Wall Street," the report continued, citing Trump's relationship with Allen Weisselberg's son, who helped bring him afloat again.
Now that this massive mortgage is coming due, Alexander wrote, "He may not even be worried about the problems at 40 Wall Street. After all, now that he is back in power, plenty of big-money players—supporters, companies, even countries—are suddenly eager to make him happy."