Housing in Trump buildings in New York is rapidly falling in price
'28.01.2021'
Lyudmila Balabay
After a tumultuous presidential term and the storming of the Capitol, the name of Donald Trump has acquired some negative connotations in New York, and this affects his assets. Trump-branded buildings in Manhattan have lost half their value since 2016, when Trump was elected President of the United States, according to an analysis by real estate agency UrbanDigs. The analysis was shared by the publication Business Insider.
UrbanDigs examined seven luxury buildings in Manhattan bearing Trump's name on their façades, and three buildings that previously had a sign with Trump's name but dropped it. It turned out that even those properties that previously had the word Trump in their names have lost 17% of their value since the end of 2016. By comparison, the average decline in the cost per square foot of property in Manhattan was only 9% over the same period.
According to the report, in 2016, the average price per square foot in seven properties in New York City managed by the Trump Organization was $ 3. In 346, after Trump's election and inauguration, this figure fell to $ 2017; by 1, it was $ 903. This is 2020% lower than the price in 1.
On the subject: They were built by the president: what buildings in New York belong to Donald Trump
The average price per square foot of all real estate in Manhattan in 2016 was $ 1, and in 995 it fell to $ 2020 - by 1%.
Among the buildings studied by Trump were:
- Trump Tower at 721-725 Fifth Avenue;
- Trump International Hotel & Tower at Columbus Circle;
- Trump Parc and Trump Parc East in Central Park South;
- Trump Park Avenue at 502 Park Ave .;
- Trump Palace at 200 East 69th Street (Upper East Side);
- Trump World Tower at 327 East 47th Street, close to the United Nations building.
The UrbanDigs report also looks at three buildings that once bore Trump's name but have now been removed from their facades. In them, prices fell by 17%, which is also above the average.
As ForumDaily New York wrote earlier:
- Some buildings owned by the Trump Organization in New York want to remove from their facades signs with the name of the 45th President of the United States.
