December 15, 2017

DAS VADANYA:

The Trump Organization sees fortunes fall (Aaron Elstein , 11/15/17, Crain's)

Not only are the Trump Organization's plans to develop a hotel here going nowhere, but prices are slumping for condos at Trump Tower and the Trump International Hotel and Tower.

And golfers are shunning the Trump Golf Links at Ferry Point in the Bronx, where revenue through mid-September had fallen by more than $1.1 million in the past two years, to $5.7 million, amid a 16% drop in rounds played.

In addition, the Trump Organization, a perennial leader on the Crain's list of largest privately held companies, has fallen steeply in the rankings, to No. 40 from No. 3 last year, following the president's disclosures to federal regulators that revealed the organization's revenue is less than a 10th of what the firm had reported since at least 2010. [...]

In addition to grappling with a crowded hotel and condo market and hostile political atmosphere here, several Trump Organization leaders are dealing with federal investigations. Executive Vice President Donald Trump Jr., who runs the family business with brother Eric, has been questioned by Congress over Russian interference in last year's election.

Michael Cohen, a top Trump Organization lawyer, also was called to appear before Senate investigators about the Russia matter. Special prosecutor Robert Mueller reportedly wants to interview Rhona Graff, a Trump Organization senior vice president and the president's longtime personal assistant.

Graff was the executive who typically reported Trump Organization revenue figures to Crain's, which relies on companies to self-report for the list. Last year's $9.5 billion in revenue reported by the organization looks preposterous in light of federal filings made by the president in the past year

Posted by at December 15, 2017 5:54 PM

  

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