Bargain hunters are swooping in to take advantage of prices in Trump buildings that have dropped to levels not seen in over a decade
06/04/2021 11:43 AM EDTNEW YORK — The building has stunning Manhattan skyline views, its spa offers deep-tissue massages, and the fancy restaurant off the lobby serves up prime steaks. Best of all, many apartments at the Trump World Tower are selling at a deep discount — assuming the buyer doesn’t mind the name over the door.
That’s a plunge that outpaces drops in many similar buildings, leaving units for sale in Trump buildings to be had for hundreds of thousands to up to a million dollars less than they would have gone for years ago. Still, Trump’s red-meat rhetoric and policies haven’t helped. Within a year into his presidency, hotels and condo buildings in Panama, Toronto and Manhattan that paid millions to use his name started stripping it off their facades.
Other condos in Chicago’s Trump International Hotel and Tower have dropped even more, down 34% during the four years of his presidency, according to Gail Lissner, a managing director at the consulting firm Integra Realty Resources. That compares with a 6% drop over the same period at 18 nearby luxury condo buildings of similar age.Prices fell even more for units in the 96-story Chicago building that are set aside for hotel guests, a category hit hard by pandemic travel restrictions.
“I have never seen buildings plummet so dramatically,” says Ondel Hylton, senior content director at CityRealty, which has a webpage tracking the eight Manhattan buildings still bearing the Trump name. “It seems like this is a bottom.”“Ten years from now people will forget about him,” says a New York banker who asked for anonymity to talk about a second Trump World apartment he bought last month for $2.1 million, a two-bedroom overlooking the United Nations. “The name will mean less.
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