With sales still sluggish, Trump Tower sees only its second deal of the year
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.
Residence #57H at Trump Tower was picked up by a Texas-based businessman for $1.825 million, a discount of nearly 4 percent of the $1.9 million asking price. The one bedroom, one-and-a-half bath sits nine floors below the president’s penthouse.
The only other deal at Trump Tower was a one-bedroom on the 39th floor, which was listed for $1.9 million, but later closed for $1.63 million, a 14 percent chop, as data from CityRealty reveals.
Sale prices at Trump Tower have also declined, with buyers paying 30 percent less per square foot in 2018 compared to 2016, the year Trump was elected. Over the past two years across Manhattan, price per square foot has fallen about 10 percent, as Mansion Global reported.
Plus, the Trump Organization is still labeling their properties as “luxury,” even though the average price per square foot at many of their buildings have not kept pace with other towers in the city. As 6sqft reported in March, in the past decade, the average price per square foot at Trump properties has only risen 15 percent compared to Manhattan luxury condos which have risen 56 percent, as well as all Manhattan properties which have risen 51 percent.
Currently, Trump Tower has 20 apartments listed for sale, ranging in price from roughly $1.6 million to $18 million, and 18 apartments for rent, asking between $5,900/month and $30,000/month.
[Via Mansion Global]