Trump Ferry Point, the Bronx golf course operated by President Donald Trump's company, lost more than $122,000 in the past year, a financial statement shows.
The income statement covering April 2018 to March 2019 was first reported by The Washington Post and later obtained by CNBC.
The Post reported that the golf course, which opened in April 2015, posted its first-ever operating loss this year, despite a gilded contract in which New York City agreed to cover its irrigation bills and its first four years of rent.
The company's explanation for the loss in spite of the sweetheart deal: a faulty gas pipe installed by the city that delayed a construction project.
The report's expenses "were incurred in anticipation of the June 2018 opening of the new Clubhouse," a note in the financial statement says. "Since the Clubhouse opening was delayed until 2019 due to the inadequate gas pipe installed by the City, Licensee was not afforded the opportunity to derive the projected Clubhouse revenue during this period."
"Therefore, these expenses should not be counted against the 2018-2019 fiscal year's net income," it says.
The clubhouse's projected revenue of about $543,000, if included, would have given the golf course a net income gain of $421,000, according to the financial statement.
New York City Parks Department spokeswoman Crystal Howard, who provided the financial statement to CNBC, said in a response: "We are aware of their claim and do not believe the City is responsible."
The Post reported that in previous years, Trump Ferry Point had posted profits of about $500,000 per year. But the course, which is located in progressive Democratic Rep. Alexandria Ocasio-Cortez's district, has seen a dwindling number of rounds played every year since its opening, according to the newspaper.