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Trump Tower Now The Least Desirable Luxury Property In New York

Sellers are taking steep losses just to rid themselves of the stench of the Trump brand.

Just 0.23% of such properties are sold at a loss in Manhattan, but several sellers at Trump Tower are taking stiff price cuts just to get rid of them.

Source: Bloomberg

Trump Tower, once the crown jewel in Donald Trump’s property empire, now ranks as one of the least desirable luxury properties in Manhattan.

The 36-year-old building has been turned into a fortress since Trump won the presidency, ringed with concrete barriers and the two main entrances partially blocked off. It hasn’t been substantially updated in years. And Trump’s name has been a huge turnoff in liberal New York City.

For anyone who owns a unit in the tower, the past two years have been brutal. Most condo sales have led to a loss after adjusting for inflation, property records show. Several sold at more than a 20% loss. By contrast, across Manhattan, just 0.23% of homes over the past two years sold at a loss, according to PropertyShark, a real-estate data provider.

It’s all a far cry from the days when the New York landmark attracted the likes of Michael Jackson, Johnny Carson and Steven Spielberg. These days, it’s better known for a Trump campaign meeting with a Russian lawyer documented in Robert Mueller’s Russia report.

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