As the election nears, sales at Trump buildings decline
Now that we’re nearer to the election, and since the negative press surrounding all things Donald Trump has come to a head, things are starting to crumble for his real estate empire. Not only did his personal hotel brand decide to drop his moniker, but a group of Trump Place tenants even went so far as to petition their board to remove his name from their buildings. A report out today in the Times takes a closer look at how sales are declining, and data from CityRealty confirms that from 2015 to 2016, there was a 17 percent decrease in the number of sales at Trump condos.
Take the aforementioned Trump Place at 220 Riverside Boulevard for example, where, funnily enough, the Obamas attended a fundraiser in 2012. Looking at the 12-month period that ended in September, there were 25 sales in the building last year, while this year there’s only been 16. And at neighboring 200 Riverside Boulevard, 12th floor residents Harvey and Peggy Koeppel can’t seem to sell their condo. They listed it this summer for $2.85 million, reduced the price by $55,000 in September, and decided to de-list it this month when their broker suggested chopping another $100,000 off the price tag. “My sense is that there’s a definite negative impact to having Trump’s name there right now. For me personally, I’m embarrassed to tell people I live in a Trump building,” said Mr. Koeppel. At Trump World Tower, ironically the city’s most valuable condo, the number of sales dropped from 20 to just 14. And at Trump Parc East, there’s yet to be even one sale this year.
Overall, the number of sales in Trump’s 11 condos dropped from 125 to 104 during this 12-month period, but despite this decrease, it should be noted that in terms of price per square foot, Trump’s condos are still selling above average. CityRealty’s data shows that there was a seven percent increase in sales price during this time, from $1,812 to $1,930.
You can view all past and present data for Trump’s 11 condo buildings on CityRealty.
[Via NYT]
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