Trump International Hotel & Tower

CityRealty, real estate trends

Trump’s NYC properties no longer considered ‘luxury’

By Michelle Colman, Tue, March 13, 2018

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

According to a new CityRealty report, President Trump is spreading fake news. Trump claims his branded luxury residential condominium and towers are more valuable than his competitors. In fact, the numbers tell a different story. In the past 10 years (2007-2017), Trumps’ properties’ average price per square foot has only risen 15% (from $1,529 to $1,741) compared to Manhattan luxury condominiums which have risen 56% (from $1,994 to $3,105) and all Manhattan properties which have risen 51% (from $1,237 to $1,864).

What might be even more upsetting to the Trump Organization is that based on the prices condos in his buildings sell for, they are no longer categorized as luxury properties but as “middle-of-the-road investments in the wider world of the Manhattan condo market.”

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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

Cool Listings, Interiors, Upper West Side 

trump international, price cut, douglas elliman, 1 central park west

Extravagant is the word to describe this 47th-floor apartment at Trump International, the 52-floor hotel/condo hybrid on the corner of Central Park West. The owner snatched up the 6,360-square-foot home in 2008 and has been recently delivering a number of price cuts to unload it. In 2016, the pad was asking $40 million. That number went down to $34.5 million this April, and now it’s finally landed at $27.5 million–a 31.5 percent markdown from its original ask. For all that money, however, you’re getting Central Park views, four distinct types of marble flooring, and a master bathroom decked out in Lapis Lazuli stone hand-picked by European craftsman.

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Hotels, Soho

Photo of Trump SoHo via Trump Hotels

Trump SoHo, a $450 million, 46-story hotel condominium at 246 Spring Street, has suffered from a sharp decline in corporate event bookings and an increase in staff layoffs. Documents reviewed by WYNC show the once $700-per-night hotel now offers rooms for under $400 a night, less than most of the city’s five- and even four-star rated accommodations. Plus, managers plan on laying off 12 room attendants out of the hotel’s 80 total housekeeping staff and removing turn-down service. While last year the hotel booked 29 large corporate events between January and mid-May, this year just 11 events were booked, with fewer well-known names.
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Celebrities, History, Upper West Side 

These days, New Yorkers are going to great lengths to get Trump’s name off their buildings, and even his company itself has personally shed his moniker from their hotel brand amid declining bookings. But back in the ’80s and ’90s, the Donald would freely slap his name on just about anything he wanted. That is until 1996, when the Giuliani administration (sense the irony here?) denied his request to brand the giant globe outside the Trump International Hotel & Tower. The Times recently got its hands on a 20-year-old City Planning Department memorandum that outlines how the agency deemed any lettering on the sculpture illegal.

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Celebrities

All anti-Trumpers, mark your calendars for August 30th, as this is the day that a determined group of opponents plans to build a quarter-million pound, 200-foot-long sandbag wall across from Trump Tower. Designers David Haggerty and James Cazzoli have already received permits from the Central Park Conservancy (the wall will go up at West 59th Street and Avenue of the Americas, four blocks from Trump Tower and three blocks from the Trump International Hotel) and they’ve now launched an Indiegogo crowdfunding campaign called “Wall in Trump” to raise the $60,000 it’ll take to make this vision a reality.

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Interiors, Recent Sales, Upper West Side 

1 Central Park West, 23D bedroom

The Donald has no shortage of high-rise real estate accolades, but the Trump International Hotel & Tower, located at 1 Central Park West, is considered by many one of his most successful developments. Adapted from a former office tower in 1997, it soars 44 stories above Columbus Circle with stunning views of Central Park and the Hudson River. The lower 22 floors are occupied by a hotel, while the upper 22 contain 158 modern, sunny private residences that are nothing short of trump-tacular.

Unit 23D, which recently sold for $8.55 million through Ido Berniker at Mercer Partners, is no exception to the billionaire-worthy design. The 3BR/3.5BA apartment has 10-foot ceilings, as well as sleek modern finishes that really make the interior shine.

More about the spectacular home this way

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