DON’S PRIME STAKE
Piece of 1290 Sixth Ave. a boon amid $355M hit
A New York City skyscraper that doesn’t bear Donald Trump’s name may be his salvation as he looks to come up with the cash to pay $355 million in court-ordered penalties for conspiring to overstate his worth, The Post has learned.
Trump’s most valuable, if unsung, asset in the Big Apple is 1290 Sixth Avenue, an office building where he owns a 30% passive stake.
The tower at West 52nd Street is 70% owned by Vornado Realty Trust, which is headed by Trump’s longtime friend Steven Roth. It was refinanced with a $950 million commercial mortgage-backed securities loan in November 2021.
Trump’s “part of 1290 Sixth could be worth $600 million before debt,” CBRE power-dealmaker Stephen B. Siegel, who brokered several Trump transactions including for the Gucci lease at Trump Tower, told The Post.
Manhattan Supreme Court Justice Arthur Engoron’s ruling last week put Trump in a deep pickle: He must put up the money before he can appeal.
A Trump sellback to Vornado at 1290 Sixth would seem to make sense. Roth is said to be skittish about his publicly traded firm’s association with the former (and possibly future) president.
In February 2021, shortly after the Jan. 6 riots, Roth was exploring ways to oust Trump from the partnership, The Wall Street Journal reported at the time. However, nothing came of it and neither Vornado nor Trump confirmed any talks.
“It would be ironic,” one major Manhattan landlord said, “if Donald escapes by way of a building that doesn’t have his name on it.”
Trump might be loath to give up his share of 1290. His stake reeled in $62 million in rent revenue in 2022, the Real Deal reported.
Landmark fixer-upper
“A Trump bailout at 1290 is strictly in the realm of speculation,” a source cautioned. “Even if he and Roth want to pursue it, it will keep a lot of lawyers busy.”
That’s if the decision is up to him and not court-appointed monitor Barbara Jones, whose post-verdict role in any sale matter is unclear.
Vornado declined to comment on the 1290 Sixth Ave. situation. Eric Trump, executive vice president of the Trump Organization, didn’t respond to a request for comment.
Donald Trump’s other large, more visible asset in the city is 40 Wall St., the landmark, 72-story Trump Building, where he owns the leasehold, not the land.
Siegel estimated the leasehold’s potential sale value at “between $250 million and $300 million — tops. It needs a lot of work.”
Trump once considered selling it for $400-plus million and later valued it at $550 million — or twice what outside appraisers said, according to the lawsuit that resulted in Engoron’s harsh penalty.
“It’s a beautiful landmark . . . but it needs at least $250 million in capital upgrades,” one leasing specialist said of 40 Wall.
Of course, Trump’s other Manhattan assets could also be sold. But they’re not as large as many believe.
“The Trump Tower commercial portion is often mistaken for the whole building,” one broker pointed out. “But except for Donald’s own triplex, the other apartments are individually owned condo units.
“And the rest of his so-called ‘empire’ in the city consists of a few apartments here and there, a couple of retail units and a garage or two.”