While a slew of other tenants fell behind in rent at Trump Towers in New York City with some closing their doors, Donald Trump’s PAC became a steadfast source of income even though most employees don’t rely on office space.
Trump’s Make America Great Again pays Trump more than $37,000 per month in rent for office space on the 15th floor of Trump Tower. It is also paying $3,000 per month to rent a kiosk on the entry floor of the building, even though the building is closed to the public, the Washington Post reports.
This comes after the building was abandoned by many high-dollar tenants. Bespoke suit designer Marcraft, who rented the entire 18th floor of the building, fell onto hard times and closed last year after falling $664,000 behind on rent. It currently lists its assets as $40.75 in a checking account and “1,200 damaged coats.”
A business school led by reality television celebrity Kardashian family matriarch Kris Jenner fell nearly $200,000 behind in rent as it waded through a multitude of lawsuits. And the company that once made Ivanka Trump’s shoe line has failed to pay $1.5 million in rent, according to court documents.
But the Trump PAC has soldiered on, using the money from donors to feed the cash flow of the struggling property to the tune of $445,000 per year. The Make America Great Again PAC benefited from a $5.8 million cash infusion from Trump’s defeated 2020 campaign, which also funnelled $53.8 million to the Save America PAC, another Trump organization.
Experts say that there’s nothing illegal about the PAC shifting money to Trump-owned properties, but it continues a racket Trump has run since he first sought the GOP nomination for president in 2016. Organizations, foreign interests, government entities and lobbyists can line Trump’s pockets by spending money at his eponymous properties, thereby skirting federal laws about paying the candidate directly.
“He’s running a con,” said Paul S. Ryan, a campaign-finance expert at the watchdog group Common Cause. “Talking about political expenses — but, in reality, raising money for self-enrichment.”
Currently, the biggest renters include Gucci, who operates a street-level retail store facing Fifth Avenue; the Trump Organization itself, which operates on two floors of the building; Trump friend Stewart Rahr, who operates a foundation out of an office on the 24th floor; and The Industrial and Commercial Bank of China, which cut back on space in the building in 2020.
The building, which has a dated decor, is 25% vacant, according to a New York real estate data firm.