- Condo values ​​in Manhattan skyscrapers emblazoned with Trump’s name have fallen, while those of similar properties without the name have risen.
- The average price per square foot of condominiums in the iconic Trump Tower on Fifth Avenue has decreased 49 percent since 2012, according to an analysis.
- The turning point came in 2016, after the election of Donald Trump as president.
Condos in upscale Manhattan apartment blocks emblazoned with Trump’s name have lost value since the former president was elected in 2016, according to an analysis.
Luxury residential units at iconic properties, including Trump Tower on Fifth Avenue, have seen drops of up to 49 percent in their cost per square foot over the past decade.
The reductions in value were more pronounced after the election of Donald Trump. Before that, properties bearing the Trump brand typically marketed at a premium compared to similar counterparts in other buildings.
The analysis also reveals that condos in former Trump buildings have increased in value since his name was removed. – even on a block where the former president’s name was copied after a request from neighbors.
Iconic properties, including Trump Tower on Fifth Avenue, have seen drops of up to 49 percent in the price per square foot of their luxury residential units over the past decade.
The findings come after a New York judge ordered Trump to pay $355 million over allegations that he lied about his wealth – including the value of his properties – to get better loan deals.
The findings come after a New York judge ordered Trump to pay $355 million in fines over allegations that he lied about his wealth – including the value of his properties – to get better credit deals. The judge also prohibited the president from serving as an officer or director of any New York corporation for three years.
Data on the underperformance of Trump’s condominiums in New York showed that months before his election, such properties were commanding a one percent premium compared to other similar units, according to the New York Times analysis.
After their selection, the units began to cost approximately four percent less than their counterparts. Condo prices at Trump properties also took a bigger hit during Covid, when rents in New York fell and have not recovered as well as others.
Values ​​have also recovered more quickly in properties that removed the Trump logo.
The study found that the average price per square foot of a condo at Trump Tower on Fifth Avenue has decreased 49 percent since 2013.
The average price per square foot of a condo in a Trump building in New York today is just over $1,500, compared to just over $1,750 for non-Trump properties.
Stijn Van Nieuwerburgh, a real estate professor at Columbia University, said: “This analysis clearly identifies that it is the Trump brand that is responsible for the deterioration in value.”
“Removing Trump’s name from the building eliminates the loss associated with the name.”
The review found that in Trump’s seven buildings in Manhattan, condo values ​​fell 23 percent between 2013 and 2023, according to CityRealty.
The average price per square foot of a condo in a Trump building in New York today is just over $1,500, compared to just over $1,750 for non-Trump properties. Pictured: The Trump Building at 40 Wall St.
Condos in four buildings with Trump’s name removed saw their values ​​increase by nine percent between 2013 and 2023. Pictured: Trump’s name removed from a building on Riverside Boulevard
An apartment block on the Upper West Side after Trump’s name was removed following his election as president in 2016.
Condos in four buildings with Trump’s name removed saw their values ​​rise by nine percent over the same period, while the market as a whole in Manhattan rose eight percent.
Eric Trump, the former president’s son and head of the Trump Organization, told the New York Times: “The data can be manipulated to tell any story you want, but the fact is that our buildings are selling for the highest prices per square foot ever. properties”. in the world. That is undeniable.
“This year alone, Trump International Hotel & Tower New York closed on a $17 million unit, out-pricing Time Warner, Essex House and the city’s most prestigious properties.”
The name Trump became synonymous with prestige and luxury during the 1980s and 1990s, and buildings under the brand’s umbrella prominently feature the name in gold-plated letters.
Trump began renting his name to use on buildings his company had not built.
In 2016, shortly after Trump’s election, his name was removed from several apartment buildings on Manhattan’s Upper West Side after a petition from residents. The buildings, which were not owned by Trump, were renamed 140, 160 and 180 Riverside Boulevard.