"The rents too damn high," to quote Jimmy McMillan, former New York State gubernatorial candidate.
And for Donald Trump, thats true when it comes to rent in cold hard dollars, given his sharp criticisms of the Federal Reserves open fire hydrant of dollar printing and the Obama Administrations fiscal policies.
Which is why, for the first time ever, Trump will accept today gold bullion instead of dollars for a lease deposit from his newest tenant in one of his marquee properties, 40 Wall Street, a 70-story skyscraper in Manhattan's Financial District that at one time was the tallest building in the city until the Chrysler Building surpassed it. Trump will accept the gold at an event in the lobby of the Trump Tower at 725 Fifth Avenue.
Usually, Trump gets a certified check for a security deposit when leasing space in one of his office towers. But well have a 'First on Fox' exclusive interview with Trump today as he accepts gold bullion worth about $200,000 from Michael Haynes, chief executive of precious metals dealer APMEX. The gold payment was APMEXs idea -- Trumps press office says Trump has been bullish on gold due to his concerns about the value of the U.S. dollar.
The gold is the security deposit for a 10-year commercial lease of the entire 50th floor at 40 Wall Street. The building is also known as The Trump Building. Trump bought and restored the building in 1995.
The gold bars are 0.9999 pure and weigh 32.15 troy ounces each.
APMEXs lease maths out at about $50 a square foot, says Haynes.
Trump is a smart guy, and he'll realize that taking gold is a better idea than taking cash," Haynes says.
Trump said in a statement: "It's a sad day when a large property owner starts accepting gold instead of the dollar. The economy is bad, and Obama's not protecting the dollar at all....If I do this, other people are going to start doing it, and maybe we'll see some changes."