page_title: Trump Tower
section_title: Valuation
hierarchical_section_title: Trump Tower / Opening and later years / Valuation
caption_attribution_description: 5th Ave, Midtown, NYC
context_page_description: Trump Tower is a 58-floor, 664-foot-tall mixed-use skyscraper at 721–725 Fifth Avenue, between 56th and 57th Streets, in Midtown Manhattan, New York City. Trump Tower serves as the headquarters for the Trump Organization. Additionally, it houses the penthouse condominium residence of the building's namesake and developer, U.S. president Donald Trump, who is also a businessman and real estate developer. Several members of the Trump family also live, or have resided, in the building. The tower stands on a plot where the flagship store of department-store chain Bonwit Teller was formerly located.
  Der Scutt of Poor, Swanke, Hayden & Connell designed Trump Tower, and Trump and the Equitable Life Assurance Company developed it. Although it is in one of Midtown Manhattan's special zoning districts, the tower was approved because it was to be built as a mixed-use development. Trump was permitted to add more stories to the tower because of the atrium on the ground floor.
context_section_description: In 2006, Forbes magazine valued the 300,000 square feet (28,000 m²) of office space at up to $318 million; the tower itself was valued at $288 million, since the Trump Organization had a $30 million mortgage on the property. As of 2013, that mortgage had risen to $100 million. The valuation of the building rose from $490 million in 2014 to $600 million in 2015 due to increased rent payments by anchor store Gucci. This revaluation made the tower the single most expensive property under Trump's ownership.
  In 2016, however, the tower's value dropped sharply from $630 million to $471 million, losing $159 million of valuation due to a 20% reduction in the tower's operating income and a further 8% decline in the overall value of real estate in Manhattan. Due to a $100 million debt incurred on Trump Tower, Forbes magazine calculated the tower's net worth at $371 million, excluding the Trumps' three-story penthouse, which has a net floor area of 10,996 square feet (1,021.6 m²).
caption: Main entrance (2019)
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