- Tiffany & Co. has occupied space from the Trump Organization since 2018, but will vacate next year, per a new report.
- The five-story space in a Trump-owned building formerly housed ‘NikeTown.’
- Trump properties have lost value overall since 2016.
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The Trump Organization is losing a tenant named Tiffany, and it’s not the boss’s daughter. Tiffany & Co. is leaving a Trump-owned building and returning to its flagship location, according to Bloomberg.
Bloomberg reported on Friday that the fine jewelry retailer would be ceasing to occupy the retail space in the building on East 57th Street owned by the Trump Organization.
Tiffany & Co. had moved into the space while its flagship location on New York’s Fifth Avenue was undergoing renovations. The lease is held through two companies, Wharton Properties and SL Green Realty Group, according to Bloomberg. Bloomberg reports that the companies will not extend the lease upon its expiration in 2022.
Spokespersons for Tiffany & Co. and the Trump Organization did not immediately respond to a request for comment.
The five-story space may be difficult to fill in the wake of public scrutiny for Trump.
Bloomberg reported that Tiffany & Co. had entered into a sublease in the building, taking over from Nike, which used to have a large store in the space known as "NikeTown." Having a high-end name like Tiffany & Co. associated with the Trump brand, Bloomberg added, was seen by some as "a step up" from Nike.
Insider reported in January that in the aftermath of the Capitol insurrection, rent prices in Trump-branded real estate fell significantly. And many businesses cut ties with the Trump Organization as well. Insider published a list of groups who'd ceased to do business with the organization, including the City of New York, Professional Bank, and Shopify.
UrbanDigs, as reported by Curbed, analyzed the seven Trump-branded buildings remaining in New York and found that the value of real estate in the buildings, calculated in price per square foot, dropped by 21% from 2016 to 2020.