The average price of Trump-branded real estate has decreased at seven times the rate of other Manhattan properties this year. Trump Tower on Fifth Avenue took a big hit in property value in particular.
To be fair, the average price per square foot for all Manhattan condos fell this past year; however, the decrease was an average of one percent, according to CityRealty. Property associated with Trump fell an average of seven percent. Only three out of his eleven Manhattan buildings were unaffected. Trump Tower has been the scene of many protests, resulting in increased security and occasional street closures which could be contributing to its loss in appeal.
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The research firm noted that there was less interest in the Trump brand overall in addition to competition from luxury condos in newer buildings. This is the first time since 2003 that prices from condos bearing the name of the president have fallen below Manhattan averages. "You can't say the Trump name doesn't matter at all," said the company's research director, Gabby Warshawer.
Unsurprisingly, the Trump Organization dismissed the findings. "The entire luxury market in Manhattan has seen declines year over year with overall prices declining," the organization said in an emailed statement to The Hollywood Reporter. "Despite that, Trump buildings have continued to be a leader in average price per square foot against competitors."
Of the five condos sold by their owners in the past year, the total price per unit was $2.4 million, reportedly a 24 percent decrease in value.
Overall, Trump's presidency has had mixed results on the Trump Organization as a whole. While his golf courses have taken a hit as players stay away, his hotel in Washington D.C. is flourishing from diplomats and lobbyists booking rooms and hosting events in an attempt to curry favor with the administration.
It seems that in Manhattan however – the borough where Trump first built his real estate empire – people are not so keen to buy anything bearing his name since he became president.
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