While some of Donald Trump’s family businesses have managed to profit from his presidency, his condo buildings in New York City continue to see significant price drops. According to a new report from CityRealty, owners of apartments at Trump-branded buildings in the city are “eager to get out,” even willing to take a significant loss on their properties. From 2016 to 2020, overall closing sales prices at nine Trump-branded condos dropped by 25 percent, according to CityRealty’s index tracking prices at Manhattan buildings owned by the Trump Organization.
Chart courtesy of CityRealty
Last year, 6sqft reported a sustained sales slump at Trump Tower seen since 2016, when Trump was elected. In November 2019, just under three years into his presidency, nearly 50 percent of the units for sale at 721 Fifth Avenue cut their initial asking prices, and all but two of the 11 condos that closed last year sold at a significant discount of more than 10 percent.
The decline in sales is not unique to Trump Tower, but part of a larger trend across Trump-branded buildings in New York. CityRealty’s report found that closing prices at nine properties developed by the Trump Organization dropped from $2,047 per square foot in 2016 to $1,534 per square foot in 2020.
The report also looked at listings currently on the market that are furthest below their last paid price. Some of the biggest price cuts include a studio at The Dominick, the Spring Street building formerly named Trump Soho, which is listed for $399,000, a 51.6 percent drop from the closing price in 2012, at $824,200.
At Trump Parc in Midtown West, a three-bedroom apartment is now asking $6,975,000, a nearly 41 percent cut from the closing price of $11,800,000 in 2014. And at Trump Park Avenue on the Upper East Side, a four-bedroom home is currently listed for $6,995,000, a 32 percent price cut from the closing price of $10,302, 750 in 2014.
It’s unclear whether Trump’s presidency, the country’s ongoing fight against the coronavirus pandemic, or the upcoming presidential election has had the largest influence on the Trump Organization’s real estate holdings in New York. But either way, condo owners at these buildings are not seeing a return on investment. See the performance of all Trump-branded condos in Manhattan at CityRealty’s index found here.
- Sales at Trump-branded condos continue to fall behind the rest of Manhattan
- No bids for Trump’s childhood home in Queens
- With sales still sluggish, Trump Tower sees only its second deal of the year