A one-bedroom on the 57th floor of Trump Tower closed earlier this month for $1.825 million, marking just the second sale of 2018 at the Midtown building, as Mansion Global first reported. Comparatively, there were seven sales in 2017 and eight in 2016 at the building, developed by President Donald Trump. While the sales slump at Trump Tower reflects a broader decline in sales at luxury properties across Manhattan, politics surrounding the building may also be playing a role.
Photo of Trump via Michael Vadon on Flickr
You don’t need a security clearance to live below the President, but it might still be a challenge for whomever wants to buy the condo right below Donald Trump‘s Midtown residence. The Post reports that the duplex unit on the 64th and 65th floors of Trump Tower has just hit the market for $24.5 million and sources are saying it “directly adjoins” his bedroom. So how can the administration legally control the buyer? By convincing the condo Board to exercise a board waiver and buy the apartment themselves, according to the Post. And this may just work; a recent Business Insider investigation into a mysterious $1.5 million apartment Melania bought in the building shows that this was the only unit the Board had ever bought.
New York City has said no to a $48,000 break President Trump has been receiving on the annual tax bill for his Trump Tower condo after inquiries by the Daily News into his eligibility. The News reports that the city says the president was set to get $48,834.62 knocked off his condo taxes for the tax year beginning July 1 via the city’s condominium abatement, which is available for condo and co-op owners on their primary residence. Tax rules state that only “the dwelling unit in which the owner of the dwelling unit actually resides and maintains a permanent and continuous physical presence” is eligible for the savings, and Trump hasn’t kept a “permanent and continuous physical presence” in the Midtown pad since he moved to the White House in January of 2017.
Following back-to-back fatal fires in 1998 at two New York City buildings that lacked working sprinklers, public officials advocated for new regulations requiring sprinklers in all buildings. Mayor Rudy Giuliani’s administration that year pushed for legislation to address the lack of sprinklers in high-rise towers. But real estate developers, including President Donald Trump, fought against the proposals, citing the high expense of retrofitting existing buildings with them, as the Washington Post reported.
After fierce lobbying from developers, including Trump who personally called a dozen council members, the city enacted a law in 1999 that would require sprinklers in new construction but not existing buildings, exempting the president’s Trump Tower. On Saturday, a fire ripped through a 50th-floor apartment at Trump Tower, killing a 67-year-old art dealer. Sprinklers were never installed at the Fifth Avenue property.
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.
Photo of Trump Tower courtesy of Krystal T’s Flickr
While this week marks just the third time President Donald Trump has visited New York City since his January inauguration, property taxes he filed after the election designate Trump Tower as his primary residence. As the Real Deal reported, Trump will save $45,000 by calling his penthouse his main home, utilizing a tax credit known as the “coop condo abatement.” The credit can be used by owner-occupied co-ops and condos and takes off 28.1 percent of property taxes for the unit. Because of the tax abatement, the president has saved a little under $200,000 on his taxes over the last five years.
Photo of Trump Tower via Krystal T’s Flickr
The Secret Service has left its central command post inside Trump Tower after an argument between the agency and the Trump Organization over the lease agreement for the space. While the Secret Service previously placed its supervisors and backup agents one floor below the president’s apartment, the Washington Post reported that in early July, the agents were relegated to a trailer on the sidewalk. Although President Trump has not been to his eponymous tower since he was inaugurated in January, the Secret Service still treats Trump Tower as the president’s permanent residence.
Donald Trump’s 2005 Manhattan skyline sketch with Trump Tower in the center. (Nate D. Sanders Auctions)
Update 7/28/17: Artnet reports that Trump’s doodle has sold at auction for $29,184. “It’s a piece of art from a U.S. President, so it’s attracted interest from not just Trump followers, but also presidential memorabilia collectors,” Michael Kirk of Nate D. Sanders auctioneers told the art site. “It’s received a lot of global press, so the interest level has been high. The piece has received some five times more than our normal auction traffic.”
A charity auction sketch made by future president Donald Trump in 2005 will be headed for the auction block once again, according to the Washington Post. The drawing shows the artist’s rendition of the Manhattan skyline with Trump Tower anchoring the center spot in a crowd of anonymous buildings.
While the state’s updated anti-Airbnb bill has now been in effect for three months, the city has issued fines on just 139 illegal listings, out of the nearly 24,000 that reportedly need to be investigated. The recently enacted legislation builds on the state’s 2010 law that makes it illegal to rent out an apartment for less than 30 days without the owner present. The new law goes further by making it illegal to advertise these short-term rentals through websites like Airbnb. As Crain’s explains, based on the number of listings on the company’s website, it would take the Mayor’s Office of Special Enforcement nearly 43 years to investigate all of them.
Congress budget deal will reimburse NYC for Trump Tower security in ‘protection package’ split with Florida, Tue, May 2, 2017
Congress agreed to a budget deal Sunday night that allocates money to pay New York City back for funds spent on protecting Trump Tower, reports the New York Daily News. The bipartisan agreement creates a $68 million “protection package,” which will reportedly be split with Florida, where Trump’s Palm Beach Mar-a-Lago mansion serves as his vacation home.