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Fitch Ratings has downgraded a portion of the security linked to 40 Wall Street, an iconic property owned by Donald Trump, due to declining cash flows. Commonly known as the Trump Building, this Financial District asset generated $45 million in rent in the previous year but occupancy declined to 83% by 2022 and new tenants delayed moving in. This has had a direct impact on rent collections and is indicative of wider challenges facing office space within this district – vacancy rates reached 24.2%, a record high for Q2 2021.