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- May 15, 2013
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Oh, there’s more:
After hyping some of his other assets, Trump shifted his attention back to his Financial District skyscraper. “If I wanted to sell 40 Wall Street, I’d get $750 [million] for it tomorrow,” he said, going with a figure $15 million higher than the $735 million allegedly listed on his personal balance sheet and $210 million higher than the $540 million that Cushman & Wakefield determined in its already questionable appraisal.
A Forbes reporter noted that the building was 1.2 million square feet, rounding up from its actual square footage of 1,165,207. “It’s actually 1.3,” Trump said. “By the way, it’s 1.3, to be honest with you.” The same reporter then said Forbes was estimating its net operating income at $24 million, the inflated figure that “Jeff”—apparently McConney—had shared the previous year.
“Where did you get that from? We’re going to make $64 million net, net after debt service this year—at least,” Trump declared, sensing an opportunity to boost the $24 million figure as well as the $50 million one offered just minutes earlier. Lending and tax documents suggest the true amount Trump earned from the building that year, after debt service, was around $1 million.
“You still do have the $160 million mortgage?” the reporter asked.
“Yeah, we have the mortgage,” Trump conceded. “The mortgage is paying, what, 2.5%?” he said, again turning to Weisselberg.
“Yeah, that’s what we get,” Weisselberg responded. The interest rate was actually 3.665%, according to bond reports and financial disclosures. Trump then returned to its profitability, using an even higher number. “That building’s going to make close to $70 million this year,” he said, again adding millions in minutes. “Remember, it’s 1.3 million square feet.”
“These are the kinds of things that it’s great to go through,” said a different reporter.
“But the point is you’re so far off,” Trump countered, adding, “You’re going to look bad. And look, all I can say is Forbes is a bankrupt magazine that doesn’t know what they’re talking about, okay? That’s all I’m going to say. Because it’s embarrassing to me.”
After hyping some of his other assets, Trump shifted his attention back to his Financial District skyscraper. “If I wanted to sell 40 Wall Street, I’d get $750 [million] for it tomorrow,” he said, going with a figure $15 million higher than the $735 million allegedly listed on his personal balance sheet and $210 million higher than the $540 million that Cushman & Wakefield determined in its already questionable appraisal.
A Forbes reporter noted that the building was 1.2 million square feet, rounding up from its actual square footage of 1,165,207. “It’s actually 1.3,” Trump said. “By the way, it’s 1.3, to be honest with you.” The same reporter then said Forbes was estimating its net operating income at $24 million, the inflated figure that “Jeff”—apparently McConney—had shared the previous year.
“Where did you get that from? We’re going to make $64 million net, net after debt service this year—at least,” Trump declared, sensing an opportunity to boost the $24 million figure as well as the $50 million one offered just minutes earlier. Lending and tax documents suggest the true amount Trump earned from the building that year, after debt service, was around $1 million.
“You still do have the $160 million mortgage?” the reporter asked.
“Yeah, we have the mortgage,” Trump conceded. “The mortgage is paying, what, 2.5%?” he said, again turning to Weisselberg.
“Yeah, that’s what we get,” Weisselberg responded. The interest rate was actually 3.665%, according to bond reports and financial disclosures. Trump then returned to its profitability, using an even higher number. “That building’s going to make close to $70 million this year,” he said, again adding millions in minutes. “Remember, it’s 1.3 million square feet.”
“These are the kinds of things that it’s great to go through,” said a different reporter.
“But the point is you’re so far off,” Trump countered, adding, “You’re going to look bad. And look, all I can say is Forbes is a bankrupt magazine that doesn’t know what they’re talking about, okay? That’s all I’m going to say. Because it’s embarrassing to me.”
