Tag Archives: vacancies

$100 Million Trump Tower Loan Placed On Bank ‘Watch List’ Over Vacancies

A $100 million loan to Donald Trump’s flagship Trump Tower in Manhattan has been placed on a “watch list” by Wells Fargo Bank because of troubling “lower than average occupancy” in the building.

Occupancy has dropped from 85.9% at the end of last year to 78.9% currently, according to Wells Fargo, the “master servicer” of the loan, Bloomberg reported Friday.

Property revenue was $33.7 million in 2020 and $7.5 million in the first quarter of this year, according to the loan documents, Bloomberg noted.

Some key tenants have either quit the building or fallen far behind on their hefty rents during the COVID-19 pandemic.

The company that once manufactured footwear for former first daughter Ivanka Trump, for example, was $1.4 million in arrears, according to a lawsuit filed by the Trump Organization earlier this year. Marc Fisher Footwear used to occupy the entire 22nd Floor and part of the 23rd Floor in the formerly trendy Fifth Avenue high-rise that used to be Trump’s primary residence and the setting for his “Apprentice” reality TV series.

A shady “business school” once chaired by Kardashian mom-ager Kris Jenner owed nearly $200,000 in back rent by October 2020, according to another Trump Organization suit. 

One steadfast tenant making up some of the shortfall: Donald Trump’s Make America Great Again PAC is paying an eye-popping $37,561 monthly rent in the building for office space for just three employees — who often work from home.

“This may not be the most efficient use of donors’ money,” quipped The Washington Post, which first reported on the sparsely peopled space. The newspaper noted that the 5,490-square-foot space on Trump Tower’s 15th Floor could comfortably accommodate 30 workers.

Trump has a reputation with many Americans as a hugely successful businessman, a profile cultivated in his “Apprentice” reality series. But he has declared bankruptcy a number of times and has been hit with multiple lawsuits over his debts. 

Bloomberg reported that key Trump lender Deutsche Bank AG severed ties with him after the Jan. 6 attack on the U.S. Capitol by his supporters.

Trump has a $125 million loan from Deutsche Bank for his golf resort in Doral, Florida, that matures in 2023, according to Bloomberg. He’s also more than $150 million in debt for the Trump International Hotel in Washington, D.C. The Trump Organization may be close to selling its leasing rights to that building.

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Job Vacancies in Britain Hit Record High as Unemployment Falls

Job vacancies in Britain climbed to a record high at the start of the summer as businesses competed with one another to fill positions after the government lifted pandemic restrictions.

From May to July, businesses sought to fill 953,000 vacancies, up 44 percent from three months earlier and well above prepandemic levels, according to data from the Office for National Statistics published on Tuesday.

Vacancies were highest for health care workers, followed by positions in the wholesale and retail industry and the accommodation and food services industry, such as hotels and restaurants, the statistics office said. In recent months, many businesses in these industries have reported staff shortages, and in the case of hospitality, some are restricting their opening hours to ease the burden on existing staff members even as consumer demand is high. Some businesses are raising pay to lure new employees as the pool of people out of work shrinks.

Pay excluding bonuses jumped 7.4 percent in the second quarter from the year before. But even once certain quirks from the pandemic are stripped away — such as the effect of fewer low-paid employees in the work force a year ago, when much of the economy was in lockdown — the increase in pay was 3.5 percent to 4.9 percent, the statistics office estimated. It’s much higher than the average annual increase of the previous decade, which was about 2 percent.

“Rising wage pressures fit with the broader story of rising inflation across the economy,” Kallum Pickering, an economist at Berenberg, wrote in a note. This strengthens the case for the Bank of England to raise interest rates next year, he added.

Overall, the British labor market is recovering strongly from the pandemic. The number of people on payrolls rose by 182,000 in July, up 0.6 percent from June. Compared with February 2020, the number of payrolled employees was down by 201,000. At its worst, in November, there were nearly 969,000 fewer employees than before the pandemic.

In the second quarter, the unemployment rate slipped to 4.7 percent from 4.9 percent in the previous quarter. There was a record flow of about 300,000 people from unemployment into employment. There was also a decrease in the economic inactivity rate, as more people were classified as unemployed because they had resumed hunting for a job.

By the end of the second quarter, about two million people were still on furlough in Britain, but that program will end next month. Even as vacancies remain high, policymakers and economists are watching closely to see if there will be a notable rise in the unemployment rate after the furlough program ends or if those workers are able to find jobs.

The Bank of England is not forecasting another increase in the unemployment rate this year but expects it to be about 4.25 percent in 2023. It was 3.8 percent before the pandemic.

“The challenge of avoiding a steep rise in unemployment has been replaced by that of ensuring a flow of labor into jobs,” Andrew Bailey, the governor of the central bank, said this month. “This is a crucial challenge.”

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Vaccine vacancies – multiple providers short on people to give COVID-19 shot

More than 1.2 million doses of coronavirus vaccines have been given to people in Louisiana, according to the Louisiana Department of Health. It estimates 11.27% of the population in Region 1, which includes Orleans, Jefferson, St. Bernard and Plaquemines Parishes, has received at least one dose.In the months since coronavirus vaccines first became available, Dr. Jennifer Avegno, Director of the New Orleans Department of Public Health, says the supply of shots and people’s willingness to get vaccinated have both increased. Eight thousand people who are not in the state’s current vaccine priority group are on the city’s 311 waitlist to receive the vaccine. Avegno says it is time to make more people eligible before variants of the virus take hold.“We are really in a race against the variants,” Avegno said. “Our supply is not going to suddenly skyrocket in the next few weeks, but it is getting a lot better. So, the more people we can vaccinate ahead of these variants taking hold in the U.S. that has got the potential to really stop or at least blunt any fourth surge that might be coming.”LDH reports cases of the U.K. variant have already been confirmed in Metro New Orleans.Fergie Lewis has been calling local pharmacies and hospitals for the past month, trying to find extra doses of the vaccine. She is not in the state’s current priority group to receive the vaccine, but she got the shot Sunday from a Mid City clinic with a vaccine cancellation.“I’m glad that I’m one less person that has to be worried about and then it just feels that there’ a lot more people that are being able to get the waste doses … It doesn’t hurt to ask because you never know when it may work out for you to be able to get one,” Lewis said. Both Lewis and Avegno said the state should allow more people to get vaccinated. In a statement to WDSU News, Shauna Sanford Communications Director for the Office of the governor wrote: “The Governor’s Office and LDH are constantly evaluating the vaccine supply and when to add new groups to the eligibility list. The supply must be able to meet the demand. As more vaccines and supply become available that will help with the expansion, which has already happened. We’re asking those who are not yet eligible to remain patient, their turn is coming. This is an ongoing effort and updates will be announced as soon as possible. LDH estimates approximately 48 percent of the current priority group in Louisiana has received at least one dose of the vaccine.”

More than 1.2 million doses of coronavirus vaccines have been given to people in Louisiana, according to the Louisiana Department of Health. It estimates 11.27% of the population in Region 1, which includes Orleans, Jefferson, St. Bernard and Plaquemines Parishes, has received at least one dose.

In the months since coronavirus vaccines first became available, Dr. Jennifer Avegno, Director of the New Orleans Department of Public Health, says the supply of shots and people’s willingness to get vaccinated have both increased. Eight thousand people who are not in the state’s current vaccine priority group are on the city’s 311 waitlist to receive the vaccine. Avegno says it is time to make more people eligible before variants of the virus take hold.

“We are really in a race against the variants,” Avegno said. “Our supply is not going to suddenly skyrocket in the next few weeks, but it is getting a lot better. So, the more people we can vaccinate ahead of these variants taking hold in the U.S. that has got the potential to really stop or at least blunt any fourth surge that might be coming.”

LDH reports cases of the U.K. variant have already been confirmed in Metro New Orleans.

Fergie Lewis has been calling local pharmacies and hospitals for the past month, trying to find extra doses of the vaccine. She is not in the state’s current priority group to receive the vaccine, but she got the shot Sunday from a Mid City clinic with a vaccine cancellation.

“I’m glad that I’m one less person that has to be worried about and then it just feels that there’ a lot more people that are being able to get the waste doses … It doesn’t hurt to ask because you never know when it may work out for you to be able to get one,” Lewis said. Both Lewis and Avegno said the state should allow more people to get vaccinated.

In a statement to WDSU News, Shauna Sanford Communications Director for the Office of the governor wrote: “The Governor’s Office and LDH are constantly evaluating the vaccine supply and when to add new groups to the eligibility list. The supply must be able to meet the demand. As more vaccines and supply become available that will help with the expansion, which has already happened. We’re asking those who are not yet eligible to remain patient, their turn is coming. This is an ongoing effort and updates will be announced as soon as possible. LDH estimates approximately 48 percent of the current priority group in Louisiana has received at least one dose of the vaccine.”

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