Fitch Ratings has downgraded a portion of the security linked to 40 Wall Street, an iconic property owned by Donald Trump, due to declining cash flows. Commonly known as the Trump Building, this Financial District asset generated $45 million in rent in the previous year but occupancy declined to 83% by 2022 and new tenants delayed moving in. This has had a direct impact on rent collections and is indicative of wider challenges facing office space within this district – vacancy rates reached 24.2%, a record high for Q2 2021.
Pandora Jewelry and Woori Bank Sign 74K SF of Long-Term Office Leases at 1540 Broadway
GFP Real Estate and BDT & MSD Partners have secured more than 74,000 square feet of new long-term office leases
Steve Griffin
March 6, 2026
