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.
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.