Nike­town

Forbes - - FACT & COMMENT -

(New York City)

What he owns: ground lease on re­tail through 2079 to­tal value: $253 mil­lion debt: $0 net value: $253 mil­lion Change vs. 2016:

–$137 mil­lion

Long the sole ten­ant at 6 East 57th Street in New York City, Nike signed a 15-year, $700 mil­lion lease in late 2016 for a nearby space, stok­ing ru­mors that it will va­cate this Trump prop­erty. Nike is stay­ing put for now. “We are in a mul­ti­year-lease agree­ment for our Nike­town New York lo­ca­tion that does not end for sev­eral years,” a Nike spokesman said. (The com­pany would not con­firm when the lease ends.) The big­ger is­sue is the weaker real es­tate val­ues, par­tic­u­larly for Man­hat­tan store­fronts in this tony neigh­bor­hood, which is also home to nearby Trump Tower.

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