As we close in on Donald Trump‘s first full year as President, it’s interesting to look at his business endeavors have fared, and here in NYC, it looks as though the Donald’s real estate empire is starting to crumble. According to CityRealty’s Year-End Manhattan Market Report, both average sales price and average price per square foot at the 11 Trump-branded condos fell below the Manhattan condo average for the first time ever. Not surprisingly, the Trump International Hotel & Tower on Central Park West was the worst-performing, with average prices falling 27 percent. One of the company’s most visible buildings, the condo was often the site of protests against the Trump administration throughout the year.
Overall, the average price at Trump condos remained stagnant at $2.6 million, below the $3.1 million average, and the average price per square foot fell from $1,891 in 2016 to $1,759 this year.
In terms of the Manhattan market at large, prices remained similar to those in 2016. Both the average and median prices were $2.2 and $1.2 million, respectively, the same as last year’s record highs. The co-op market fared better than the condo market, with average condo price per square foot dropping from $1,888 in 2016 to $1,868 in 2017 and aggregate sales dropping from $17.6 to $17.2 billion. The average price of a co-op, however, was up to $1.4 million from last year’s $1.3. Aggregate sales increased from $8.2 billion in 2016 to $8.7 in 2017.
Read CityRealty’s full report HERE >>
- Trump Tower prices slide since 2015 presidential campaign
- New development sales in Manhattan expected to hit $12B by 2020
- 15 Central Park West still reigns as New York City’s most expensive condo
All charts/graphs via CityRealty