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Trump Tower

721 Fifth Avenue

Condo in Midtown

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After four years and $150M, the barricades come down around Trump Tower

Photo by Paul Sableman via Flickr cc

February 11, 2021

After four years and $150M, the barricades come down around Trump Tower

By Dana Schulz

Photo by Paul Sableman via Flickr cc What was once referred to as the Trump Tower "occupied zone" is back to being a normal stretch of Midtown. The barricades that surrounded the building for the past four+ years have finally been removed, both a logistical and perhaps symbolic end to the Trump presidency. In an email to Gothamist, NYPD Sergeant Edward Riley wrote, "In partnership with the United States Secret Service the decision was made to remove the barriers around Trump Tower." As Patch recently reported, it's cost $150 million over the years to secure the area surrounding the building.
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Over the last four years, sale prices at Trump-branded condos dropped by 25 percent

Photo by Loozrboy on Flickr

September 10, 2020

Over the last four years, sale prices at Trump-branded condos dropped by 25 percent

By Devin Gannon

While some of Donald Trump's family businesses have managed to profit from his presidency, his condo buildings in New York City continue to see significant price drops. According to a new report from CityRealty, owners of apartments at Trump-branded buildings in the city are "eager to get out," even willing to take a significant loss on their properties. From 2016 to 2020, overall closing sales prices at nine Trump-branded condos dropped by 25 percent, according to CityRealty's index tracking prices at Manhattan buildings owned by the Trump Organization.
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Real Estate Trends

See the ‘Black Lives Matter’ mural in front of Trump Tower

All photos by Michael Appleton/Mayoral Photography Office

July 9, 2020

See the ‘Black Lives Matter’ mural in front of Trump Tower

By Devin Gannon

After announcing last month that he'd be painting "Black Lives Matter" in front of Trump Tower, Mayor de Blasio today helped paint the mural in bright yellow letters outside the building on Fifth Avenue between 56th and 57th Streets. "Let’s show Donald Trump what he does not understand, let’s paint it right in front of his building for him," the mayor said today.
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Policy

Sales still in a slump at post-2016 Trump Tower

Photo by Krystal T via Flickr

November 4, 2019

Sales still in a slump at post-2016 Trump Tower

By Michelle Cohen

Living under the shadow of having President Trump as an occasional neighbor–and as a sign on the front of your building–doesn't do much for condo property values in midtown Manhattan, if commercial leasing and residential sales at Trump Tower are any indication. CityRealty reports that vacancies persist in the commercial podium of 721 Fifth Avenue, and residential condo sales in the mixed-use tower have yet to recover from recent stagnation: Almost one half of the units up for sale have cut their initial asking prices, and all but two of the 11 condos whose sales closed this year have sold at an often-considerable–more than 10 percent–discount.
More on the Trump slump

Real Estate Trends

Over 275,000 sign petition to rename stretch of Fifth Ave in front of Trump Tower after Obama

Via Flickr

August 15, 2019

Over 275,000 sign petition to rename stretch of Fifth Ave in front of Trump Tower after Obama

By Devin Gannon

An online petition to rename a stretch of Fifth Avenue in front of Trump Tower after former President Barack Obama has taken off in the last week, garnering over 275,000 signatures as of Thursday morning. The appeal, written by Elizabeth Rowin from Los Angeles, asks city officials to change the name of Fifth Avenue between 56th and 57th Avenues to "President Barack H. Obama Avenue."
A new address for Trump Tower?

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Federal government lists Paul Manafort’s seized Trump Tower condo for $3.6M

Via Flickr

June 20, 2019

Federal government lists Paul Manafort’s seized Trump Tower condo for $3.6M

By Devin Gannon

Another Manhattan property forfeited by Paul Manafort has hit the market. The federal government is selling the Trump Tower condo once owned by the former Donald Trump campaign manager for $3.6 million, the New York Post reported. Earlier this month, the feds put Manafort's Soho apartment at 29 Howard Street on the market for $3.663 million.
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Celebrities

Thousands sign online petition to rename stretch of Fifth Ave in front of Trump Tower after Obama

Via Flickr

December 31, 2018

Thousands sign online petition to rename stretch of Fifth Ave in front of Trump Tower after Obama

By Devin Gannon

Over 3,800 people have signed a petition to rename the block in front of Trump Tower after President Barack Obama. Without specifically mentioning the Midtown building developed by President Donald Trump, the MoveOn.org appeal requests the City Council and Mayor Bill de Blasio rename the part of Fifth Avenue between 56th and 57th Street "President Barack H. Obama Avenue."
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With sales still sluggish, Trump Tower sees only its second deal of the year

Via Krystal T on Flickr

October 22, 2018

With sales still sluggish, Trump Tower sees only its second deal of the year

By Devin Gannon

A one-bedroom on the 57th floor of Trump Tower closed earlier this month for $1.825 million, marking just the second sale of 2018 at the Midtown building, as Mansion Global first reported. Comparatively, there were seven sales in 2017 and eight in 2016 at the building, developed by President Donald Trump. While the sales slump at Trump Tower reflects a broader decline in sales at luxury properties across Manhattan, politics surrounding the building may also be playing a role.
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Trump Tower apartment right below the president hits the market for $25M

Photo of Trump via Michael Vadon on Flickr

August 17, 2018

Trump Tower apartment right below the president hits the market for $25M

By Annie Doge

You don't need a security clearance to live below the President, but it might still be a challenge for whomever wants to buy the condo right below Donald Trump's Midtown residence. The Post reports that the duplex unit on the 64th and 65th floors of Trump Tower has just hit the market for $24.5 million and sources are saying it "directly adjoins" his bedroom. So how can the administration legally control the buyer? By convincing the condo Board to exercise a board waiver and buy the apartment themselves, according to the Post. And this may just work; a recent Business Insider investigation into a mysterious $1.5 million apartment Melania bought in the building shows that this was the only unit the Board had ever bought.
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July 6, 2018

City says Trump can’t claim $48K tax break on his NYC apartment

By Michelle Cohen

New York City has said no to a $48,000 break President Trump has been receiving on the annual tax bill for his Trump Tower condo after inquiries by the Daily News into his eligibility. The News reports that the city says the president was set to get $48,834.62 knocked off his condo taxes for the tax year beginning July 1 via the city's condominium abatement, which is available for condo and co-op owners on their primary residence. Tax rules state that only “the dwelling unit in which the owner of the dwelling unit actually resides and maintains a permanent and continuous physical presence” is eligible for the savings, and Trump hasn't kept a “permanent and continuous physical presence” in the Midtown pad since he moved to the White House in January of 2017.
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Policy

Trump once lobbied against legislation that required sprinklers in NYC high-rises

Via Krystal T’s Flickr

April 9, 2018

Trump once lobbied against legislation that required sprinklers in NYC high-rises

By Devin Gannon

Following back-to-back fatal fires in 1998 at two New York City buildings that lacked working sprinklers, public officials advocated for new regulations requiring sprinklers in all buildings. Mayor Rudy Giuliani's administration that year pushed for legislation to address the lack of sprinklers in high-rise towers. But real estate developers, including President Donald Trump, fought against the proposals, citing the high expense of retrofitting existing buildings with them, as the Washington Post reported. After fierce lobbying from developers, including Trump who personally called a dozen council members, the city enacted a law in 1999 that would require sprinklers in new construction but not existing buildings, exempting the president's Trump Tower. On Saturday, a fire ripped through a 50th-floor apartment at Trump Tower, killing a 67-year-old art dealer. Sprinklers were never installed at the Fifth Avenue property.
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Photo of Trump Tower via Krystal T’s Flickr

November 10, 2017

Trump Tower prices slide since 2015 presidential campaign

By Michelle Cohen

Sales prices at the tony Midtown condo building at 721 Fifth Avenue have dropped sharply since Donald Trump began his presidential campaign, according to the Wall Street Journal. The median sale price and average price per square foot are down since 2015 and are now reaching the lows experienced during the last financial crisis. Brokers aren't exactly sure whether the "Trump effect" has caused the slump–including issues specific to the tower such as heightened security, protests, and a general antipathy toward all things Trump–or it's part of an overall softening of the luxury condo market.
Is it the Curse of Trump?

Real Estate Trends

Trump is claiming a $45K tax break by calling Trump Tower his primary residence

Photo of Trump Tower courtesy of Krystal T’s Flickr

September 18, 2017

Trump is claiming a $45K tax break by calling Trump Tower his primary residence

By Devin Gannon

While this week marks just the third time President Donald Trump has visited New York City since his January inauguration, property taxes he filed after the election designate Trump Tower as his primary residence. As the Real Deal reported, Trump will save $45,000 by calling his penthouse his main home, utilizing a tax credit known as the “coop condo abatement.” The credit can be used by owner-occupied co-ops and condos and takes off 28.1 percent of property taxes for the unit. Because of the tax abatement, the president has saved a little under $200,000 on his taxes over the last five years.
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After lease dispute, Secret Service vacates Trump Tower for trailer outside

Photo of Trump Tower via Krystal T’s Flickr

August 4, 2017

After lease dispute, Secret Service vacates Trump Tower for trailer outside

By Devin Gannon

The Secret Service has left its central command post inside Trump Tower after an argument between the agency and the Trump Organization over the lease agreement for the space. While the Secret Service previously placed its supervisors and backup agents one floor below the president's apartment, the Washington Post reported that in early July, the agents were relegated to a trailer on the sidewalk. Although President Trump has not been to his eponymous tower since he was inaugurated in January, the Secret Service still treats Trump Tower as the president’s permanent residence.
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Celebrities

Donald Trump’s sketch of the Manhattan skyline sells for $29,184 at auction

Donald Trump’s 2005 Manhattan skyline sketch with Trump Tower in the center. (Nate D. Sanders Auctions)

July 28, 2017

Donald Trump’s sketch of the Manhattan skyline sells for $29,184 at auction

By Michelle Cohen

Update 7/28/17: Artnet reports that Trump's doodle has sold at auction for $29,184. “It’s a piece of art from a U.S. President, so it’s attracted interest from not just Trump followers, but also presidential memorabilia collectors,” Michael Kirk of Nate D. Sanders auctioneers told the art site. “It’s received a lot of global press, so the interest level has been high. The piece has received some five times more than our normal auction traffic." A charity auction sketch made by future president Donald Trump in 2005 will be headed for the auction block once again, according to the Washington Post. The drawing shows the artist's rendition of the Manhattan skyline with Trump Tower anchoring the center spot in a crowd of anonymous buildings.
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