Kushner’s Times Square Center Moves Toward Foreclosure

The building at 229 West 43rd Street, which used to house the New York Times, is only about half occupied. It was reappraised at $92.5 million in 2020 and counted Bowlmor and, until December, Guitar Center as tenants. The building was appraised at $470 million in 2016.

The property was running into trouble even before the pandemic turned Times Square into a ghost town. Rent income was falling short of interest payments on the debt back in November 2019.

A month later, the loan was transferred to special servicing “due to imminent monetary default,” according to Wells Fargo.

Kushner’s Times Square Center Moves Toward Foreclosure (msn.com)

This may be the tip of the iceberg for the Trump family.

But maybe Ivanka can sell some Chinese trademarks to pay it off.

Is this only the beginning?

 

While this doesn't speak well of Kushner's business chops, I'm sure there are plenty of other similar failures in Manhattan over that time span. It could mean many things, and the reasons for failure could also be many things. Or maybe it's just Karma. Lol. Let's run with that.

 

Absolutely. Without question.

 

Yeah, I almost feel sorry for him.
That Presidency will keep him on the radar for a long time.

 

I heard today the State of New York is having a little look see at Bannon again.
Seems that just saying pardon me may not be enough.

 

I saw that too.

Several investigations are starting to go into overdrive.

And true, Bannon's pardon won't apply to State charges.

 

Let’s hope it is.
The hubris of the trump crime family will be their downfall.

 

They have made the brands they had been given by their parents toxic. People no longer associate these properties as luxury or world class, they associate them with the last four years.

While many trumpers will see this as a draw, most companies looking at risk do not want the burden of potentially alienating over half of their customers.

They can either rebrand as something not able to be easily associated or their businesses will face major solvency issues in the future.

 

Mnuchin wasted no time in collecting his payoff from the Gulf States!

 

I never understood why anyone thought of anything Trump as “upscale”.

Trump’s trademark aesthetic is whorehouse baroque. Glitz, fake gold, gaudy chandileers, the whole bit.

When the Trump hotels finally get auctioned off, the second step in de Trumpification is usually a large renovation and redecoration in less vulgar taste.

When the Pritzkers finally bought Trump out of the Grand Hyatt, that’s what they did.

For a while there, Beevis and Butthead were supposed to be working on developing a new hotel chain to cater to the riverboat gambling crowd in places like Biloxi and Peoria. But that seems to have fallen apart, like so many Trump schemes.

 

Some people love the gold and “tacky” decorating. I agree though, it’s not appealing.

 

And this morning New York got the taxes.

 

Office space in general is going to go down in value. Companies now know how to have employees work remotely at least part time and still get quality production, even post Covid. One might think about considering converting office space to rentals, but the up front costs of conversion will be significant.

 

Not for state crimes, the pardon was only good for federal crimes.

 

Production went up since remote work has been made available. Not spending an hour in traffic each way has help moral and energy.

 

I don't believe commercial real estate will ever get back to pre-covid levels. People are getting used to working from home, staying off the crowded roads. Employers will need less office space.

Of course, I don't believe this thread was intended to inspire polite discussion on our changing business climate. I find no pleasure in the loss of others. If anything, I admire those that take risks and fail more than those who criticize them.

 

It’s entirely appropriate for slot machine casinos and other less earthly activities.

But it is not a sign of wealth, taste, or culture, all the things one associates with “upscale”.

 

I’m not sure why the Trump even bought the building. It’s not on Times’ Square at all, and it was built originally to house the printing presses and loading docks for the Times.

After the NYT had decamped around the corner, Trump bought the old building and then publicly ridiculed the Times’ new headquarters.

Trump is jealous that none of his projects ever got the kind of recognition that the new Times Building, which was designed by Lorenzo Piano, gets.

As for your comments on commercial real estate. I agree. And I have a front row seat.

 

At least he charged his tenants rent. He owns real estate in the heads of many who continue to give him their attention. Free rent!

 

Actually, I do feel a little sorry for the Kush.
Ivanka owes him big time.
He couldn't save her daddy from himself and messed up his business in the process.
And now Joe is gonna piss off the A rabs.

 

I don't. There is no such thing as success without setbacks.

 

Well, you just run out there and look for some failures.
Me? I think I'll pass.

 

You accidentally gave us an example of the ideology that runs from work while demanding those who work hard and take risks pay more. Parents: This is why reading The Little Red Hen, The 3 Little Pigs, etc. to our children is important.

 

They will all be fine. This is a nonissue .

 

Absolutely. My mind went immediately to the Mapes Hotel-Casino. I loved that place. Garish red, neon, alcohol and hookers. Art-deco architecture from the '40s. Bells, whistles, music, celebrities, and lots and lots of cash. The building should have been preserved. It was a sad day in Reno when it was imploded.

Mapes Hotel - Wikipedia

Mapes Hotel was a hotel and casino located in Downtown Reno, Nevada, next to the Truckee River on Virginia Street. It was built in 1947 and opened on December 17 of that year. It was the first skyscraper built in the Western United States since the start of World War II. Built in a distinctive Art Deco style, the hotel was a unique high-rise built to combine a hotel and casino, providing the prototype for modern hotel/casinos.







Everything red. Totally garish. I miss it.



Sorry for the off-topic reminiscing, but yeah, the more lurid the better when you have a gambling hall.