Trump’s NYC properties no longer considered ‘luxury’
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.”
CityRealty conducted a building-by-building analysis and assigns each Trump property a 1 out of 10 number, weighing factors such as the number of yearly sales, location, and the performance of similar condos in the area. Trumps’ properties average score is 5/10.
One of the most striking cross-city comparisons is the Trump International Hotel & Tower on Columbus Circle which averages $3,000 a square foot compared to its neighbor, one block away, the Robert A.M. Stern-designed 15 Central Park West, which goes for more than double, at $6,758 a square foot.
Unsurprisingly, the Trump Organization adamantly disputes the data. According to the New York Times, Eric Trump claims the data has been “manipulated” and the organization claims their buildings, “beat the pants off the prices.”
RELATED:
