Trump Tower condos value dropping faster than comparable properties: report
Property values of condominiums in New York City's Trump Tower are dropping faster than comparable luxury high rises in Manhattan, real estate brokers say.
Prices within the Midtown East Side skyscraper have plummeted by nearly 30 percent per square foot since 2015, while Trump Tower's competitors in the neighborhood have seen an average of an 8 percent drop in property value, Reuters reports.
Numerous Trump Tower residents have had trouble selling their apartments in a market that has soured on the Trump brand. A Manhattan real estate broker told Reuters that the 22 units at the tower currently up for sale is nearly twice as many as in 2015.
“Clearly the Trump candidacy and presidency have had a negative impact on the real estate values," Wendy Maitland, who last year failed to sell one client's $7.5 million condo, told Reuters.
While prices in the quickly developing neighborhood have skyrocketed by nearly 29 percent since 2015, a Reuters analysis found that older luxury high-rises have seen a sharp decline in value as new developments go up.
Real estate agents say that many Trump Tower residents want to sell to distance themselves from President TrumpDonald John TrumpGillibrand urges opposition to Kavanaugh: Fight for abortion rights 'is now or never' Trump claims tariffs on foreign nations will rescue US steel industry: report Bannon announces pro-Trump movie, operation team ahead of midterms: report MORE, whose name is emblazoned in gold letters on his signature property. Trump, a native New Yorker, remains widely unpopular in the deep-blue city, which voted overwhelmingly for his Democratic opponent Hillary ClintonHillary Diane Rodham ClintonGillibrand urges opposition to Kavanaugh: Fight for abortion rights 'is now or never' Bannon announces pro-Trump movie, operation team ahead of midterms: report Fox News host hits Giuliani: Dossier isn't why Mueller probe was started MORE in 2016.
Another issue for residents is the high level of security for the building that includes the president's New York City residence as well as his business headquarters.
However, not all of Trump New York properties are declining in value, according to Reuters. Some of the newer developments on the West Side have shown price gains.
While the New York property has struggled in the market, the Trump International Hotel in Washington, D.C., just blocks from the White House, has surpassed profit projections since Trump took office.