Donald Trump

Policy, Upper West Side 

Trump Place Apartments courtesy of Nick Normal’s Flickr

While never especially popular in his hometown, President Donald Trump’s approval in New York City dropped even more so after his election. His unpopularity among New Yorkers has taken a toll on his real estate empire: both average sales price and the average price per square footage at the 11 Trump-branded condos fell below the average in this area for the first time ever. And some residents living in condos that bear the president’s name have started petitions to remove Trump from the building’s exterior. At one 48-story luxury building on the Upper West Side, residents are debating whether or not to remove his name. The condo board at 200 Riverside Boulevard, or “Trump Place,” now potentially faces a lawsuit from DJT Holdings, a company owned by Trump, for seeking to remove the name, the New York Post reported.

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Recent Sales, Upper East Side

“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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Policy, Transportation

Hudson River Tunnel, NYC Infrastructure, Grant Program

Photo via The Gateway Program Development Corporation

The multi-billion-dollar plan to build a second rail tunnel under the Hudson River and fix the deteriorating existing one has hit another setback after President Donald Trump’s administration said on Friday it would not fund half of the project. As Crain’s first reported, the Federal Transit Administration wrote a letter to Govs. Andrew Cuomo and Chris Christie in response to their revised plan to fund $5.5 billion of the $12.7 billion project. A top FTA official said the administration would not recognize the prior deal made between President Barack Obama and the states, calling it “a non-existent ’50/50′ agreement between USDOT, New York, and New Jersey.”

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Hotels, Soho

Image: Trump Soho; Donald Trump via Wikimedia Commons

After an 11-year economic slump, local protests and multiple lawsuits, the Trump Soho condominium and hotel at 246 Spring Street has officially become the Dominick Hotel and Spa. Last month, the Trump Organization cut ties with the property after making a deal with the building’s owner, CIM Group, to step away from the hotel amid a decline in room prices. Between 11 pm on Wednesday and 3 am on Thursday, workers removed the Trump Soho lettering from the facade of the glitzy 46-story hotel, literally erasing President Trump’s association with the building.

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Policy, Transportation

Hudson River Tunnel, NYC Infrastructure, Grant Program

Photo via The Gateway Program Development Corporation

Govs. Andrew Cuomo and Chris Christie on Thursday announced commitments to totally fund New York and New Jersey’s share of the Gateway Hudson Tunnel Project. The project aims to fix the 107-year-old tunnel damaged by seawater during Hurricane Sandy. It serves as the only intercity passenger rail crossing into NYC from NJ, a critical link for 200,000 daily passengers. Although two state officials wrote letters to the U.S. Department of Transportation detailing their combined $5.5 billion funding of the project through various agencies, the Trump administration has not agreed to fund the rest of the $12.7 billion project. As Crain’s reported, a senior official at DOT called the states’ funding commitment “entirely unserious.”

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CityRealty, real estate trends

Trump International via Wiki Commons; Donald Trump via Gage Skidmore/Flickr

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.

More on the 2017 market

City Living, Hotels, Soho

Trump dumps Soho hotel after glitzy launch and 11-year slump

By Michelle Cohen, Mon, November 27, 2017

Image: Trump Soho; Donald Trump via Wikimedia Commons.

New York City has never, barring perhaps a short stretch of the go-go ’80s, been Trump country. But the Trump Organization’s high-profile Midtown properties blend with the area’s flow of international money and glamour-seeking tourists. Much further downtown, the Trump Soho condominium/hotel at 246 Spring Street has been at best a minor embarrassment in the neighborhood since the ambitious announcement of its birth on Donald J. Trump’s TV show “The Apprentice” 11 years ago. Now, what was launched as “an awe-inspiring masterpiece,” is being severed from the Trump fold, the New York Times reports. In addition to poor economic performance, the 46-story luxury hotel has attracted opposition from locals since its arrival, protests during Trump’s candidacy and scrutiny after the election due to its ties to a Russian dealmaker.

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Policy

Photo via pixabay

New estimates from the city’s tourism promotion agency, NYC & Company, show that the number of visitors to New York City will increase again this year, making 2017 the eighth straight year of record-high tourism. As the New York Times reported, the city will take in 61.8 million visitors this year, an increase from 60.5 million visitors in 2016. However, the agency does expect the first drop in international visitors to the city since 2009, due to President Donald Trump’s “America First” rhetoric and his revised restricted travel ban on six Muslim-majority countries.

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Midtown East, real estate trends

Trump Tower prices slide since 2015 presidential campaign

By Michelle Cohen, Fri, November 10, 2017

Photo of Trump Tower via Krystal T’s Flickr

Sales prices at the tony Midtown condo building at 721 Fifth Avenue have dropped sharply since Donald Trump began his presidential campaign, according to the Wall Street Journal. The median sale price and average price per square foot are down since 2015 and are now reaching the lows experienced during the last financial crisis. Brokers aren’t exactly sure whether the “Trump effect” has caused the slump–including issues specific to the tower such as heightened security, protests, and a general antipathy toward all things Trump–or it’s part of an overall softening of the luxury condo market.

Is it the Curse of Trump?

Midtown, Policy

666 Fifth Avenue, Kushner Companies, Jared Kushner

A previous rendering of 666 Fifth Avenue, courtesy of Kushner Companies/Zaha Hadid Architects

Instead of the 41-story Midtown tower becoming an 80-story office building with hotel rooms and luxury housing, 666 Fifth Avenue will now get a much more simple upgrade. According to Bloomberg, Vornado Realty Trust, the project’s partner alongside Kushner Companies, told brokers the property will remain an office building, with“mundane” renovations planned. As one of the most financially troubled developments for Kushner Cos., the Fifth Ave project has been losing money since its purchase was first coordinated by Jared Kushner, currently a senior advisor to President Donald Trump, in 2007.

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