The Trump Organization paid off the roughly $114 million outstanding mortgage on its 40 Wall Street skyscraper in Manhattan, erasing one of the president’s biggest debts.
The loan, which was originated by Ladder Capital Finance, had an interest rate of 3.7% and was due in a matter of weeks, according to filings.
The 72-story landmark is now debt-free. Choosing to repay the loan outright could indicate how the Trump Organization’s liquidity has been boosted by hundreds of millions in income from a variety of crypto projects and licensing deals since Donald Trump’s election in November.
A spokesperson for the Trump Organization didn’t respond to request for comment on the repayment, which was reported earlier by Reuters.
It’s a remarkable turnaround from just last year, when the property was specifically named by New York Attorney General Letitia James as an asset that could be seized if Trump didn’t pay a verdict in a civil fraud case.
Refinancing 40 Wall Street would have come with challenges. Occupancy at the tower was 77% in April, down from 98% in 2015, when the then-$160 million mortgage was originated, according to the loan documents.
Last year the building only made enough to cover about 70% of its debt costs, though in the first quarter of 2025 it was roughly breakeven. Still, rising interest rates would have made that accounting even tougher. The Bloomberg Billionaires Index values the property at $205 million.
The property is subject to a ground lease that’s due to reset in 2032 at either 6% of the land value or 85% of its rent in the prior year. Unless it’s renegotiated, that’s expected to further dent the building’s profitability.
Trump was credited with about $400 million in cash and other liquid assets before the repayment as part of his estimated $4.6 billion net worth, according to Bloomberg’s wealth index. His debts stood at more than $600 million, including amounts related to lawsuits that are on hold pending appeals.
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