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Trump Org Cut Gucci's Rent By Estimated $7M A Year: Store Took 'Artist Of The Deal To The Cleaners’
Posted
April 12, 2023
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April 12, 2023
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6:31Now PlayingAt the corner of Fifth Avenue and 56th Street in midtown Manhattan stands a storefront with three stories of glass windows. It’s the sort of real estate that for years drew big-money shoppers and, therefore, astronomical rents. But the market for such properties has soured, thanks to the rise of online shopping and surprise of Covid-19. Landlords in the neighborhood are hurting, including Donald Trump, who owns this particular location at the base of Trump Tower. A new analysis of court documents suggests that Gucci’s annual rent plunged from roughly $22 million before the pandemic to about $15 million today, impacting one of the former president’s most important cash streams. Forbes senior editor Dan Alexander joins Brittany Lewis to discuss.
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