Condo prices in Trump-branded NYC buildings fell below average this year: report

Prices of condos in Trump-branded buildings in New York City have dropped in the first year of President TrumpDonald John TrumpTrump rallies in Nevada amid Supreme Court flurry: 'We're gonna get Brett' Trump: 'Good news' that Obama is campaigning again Trump boosts Heller, hammers 'Wacky Jacky' opponent in Nevada MORE's tenure in the White House.

The Associated Press reported Wednesday that the average price per square foot in Trump-branded buildings in Manhattan dropped 7 percent in the 12 months through November compared to last year.

The fall in prices affected eight of Trump's 11 buildings in the New York borough, according to the AP, which cited research firm CityRealty.

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It is the first time since CityRealty began tracking sales in 2003 that condos in Trump-branded buildings dropped below Manhattan averages.

Overall, the average price per square foot fell for all Manhattan condos, but only by 1 percent. 

CityRealty said the falling prices for condos in buildings bearing the president's name was due to less enthusiasm for the Trump brand, as well as competition from newer luxury condos, the AP reported.

In a statement to the AP, the Trump Organization pointed to an overall decline in the Manhattan luxury condo market.

“The entire luxury market in Manhattan has seen declines year over year with overall prices declining,” it said. “Despite that, Trump buildings have continued to be a leader in average price per square foot against competitors.”