“The problem is real and will not go away anytime soon.” Image via Google Street View.
Back in June 6sqft reported on efforts by former Goldman Sachs executive Laurence Weiss, who had been trying to sell his 3,600-square-foot, four bedroom apartment at Trump Palace at 200 East 69th Street for two years, to get the building’s residents to agree to ditch the Trump name. Weiss had originally asked $15 million for the Upper East Side condo and still had no buyer even at $8.9 million. The building’s name remains, but Weiss has finally sold the apartment–for $7.4 million, The Real Deal reports.
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Despite winning the presidential election last fall, Donald Trump’s New York City properties have hit a losing streak. Trump-branded hotels and condos throughout the city have seen a sharp decline in event bookings and property values. And at the 55-story Trump Palace at 200 East 69th Street, one of the tallest towers in the neighborhood, the average unit sits on the market for 107 days, 35 percent longer than the average luxury unit. To combat declining property values, an apartment owner at Trump Palace has written a letter asking neighbors to come together and remove the name “Trump” from the building, as the Hollywood Reporter discovered.
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Liberal commentator Keith Olbermann listed his Trump Palace condo on the Upper East Side for $3.9 million in April, publicly citing his opposition to the presidential candidate. Even though he took a loss on the sale (it went through for $3.8 million in July, but he bought it for $4.2 million in 2007), he couldn’t hide his relief: “I feel 20 pounds lighter since I left… If they had changed the name of it to something more positive like Ebola Palace I would have happily stayed.”
Now, just a month after Olbermann’s tweet that he was “FREEEEEEEEE!” and “got out with 90% of my money and 100% of my soul!” the 40th floor spread is back on the market for $3.9 million. As LLNYC reports, the buyer was Syrian businessman Albert Nasser, who has very different reasons for unloading the condo.
CityRealty recently took a closer look at if and how Donald Trump’s divisive rhetoric is affecting his real estate empire. They found that, despite how polarizing he is a presidential candidate, it’s unlikely that anything will change thanks to an established trust in his brand and the city’s current supply and demand status. But there’s at least one New Yorker who disagrees, and he’s taken a bold step to prove it.
The Wall Street Journal reports that liberal commentator Keith Olbermann has listed his Upper East Side condo in the Trump Palace for $3.9 million in opposition to the presidential candidate. Though he’s taking a loss on the listing price (he bought the 40th floor pad for $4.2 million in 2007, near the height of the market), he said “I feel 20 pounds lighter since I left… If they had changed the name of it to something more positive like Ebola Palace I would have happily stayed.”
But what does Mr. Trump have to say?