The Trump Organization is taking shoe designer Marc Fisher to court for allegedly skipping rent payments at Trump Tower.
The former president’s company claims Marc Fisher owes $1.47 million under a 2015 lease at the building, where it had inked a deal to occupy the 21st floor and part of the 22nd floor.
The Trump Organization claims Marc Fisher hasn’t paid its monthly rent of $144,936 since November, said the suit, first reported by Bloomberg News. The footwear company leases a total of 28,387 square feet of space, court documents show.
Marc Fisher did not immediately comment on the suit. The company was the third-largest tenant at Trump Tower as of July 2019, behind Gucci and the Trump Organization itself.
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Gucci recently extended its lease at Trump Tower beyond 2026. In exchange, the luxury retailer reportedly received a reduction in rent.
But with retailers rethinking brick-and-mortar stores, the Trump Organization is facing retail vacancies elsewhere in its portfolio. Tiffany & Co. does not plan to extend its 74,000-square-foot lease at 6 East 57th Street, where it moved during a $250 million renovation of its flagship on Fifth Avenue.
During the fourth quarter, the retail availability for upper Fifth Avenue was 23 percent, according to Cushman & Wakefield. And a survey on foot by The Real Deal found 32 vacant storefronts on Fifth Avenue between 42nd and 59th streets.
Meanwhile, Manhattan District Attorney Cyrus Vance’s investigation into the Trump Organization appears to be ramping up. Vance’s office has obtained the former president’s tax returns and recently subpoenaed the New York City Tax Commission, seeking documents the Trump Organization filed in an effort to lower tax assessments for its portfolio, including Trump Tower.