It’s yet another financial and reputational blow to Donald Trump’s real estate business. For the second time in a month the board of a Trump branded and managed condominium building has decided to distance itself from the twice-impeached, one-term former president.
Effective Oct. 1 the 40-story Trump Plaza luxury tower in New Rochelle, N.Y., no longer will be managed by the Trump Organization and it is expected that owners of units in the building also will vote shortly to jettison the Trump name from the property. The New Rochelle board said it reached the decision “after a comprehensive management search and due diligence process.”
The shrinkage of the Trump Organization’s real estate portfolio began shortly after he was elected and largely is the fallout of his increasingly controversial persona and brand. Since 2016 condo boards and hotels from Toronto to Florida have removed the Trump name and ended management contracts with his company, including five buildings in New York City, where the Trump name once ruled the real estate world.
The tower in suburban New Rochelle, is about a 30-minute drive (without traffic) from New York City. It’s just a short drive from the 35-story Trump Tower at City Center in nearby White Plains, which decided in August to dump the Trump name and branding. Just across the state line in Stamford, Ct., the board of Trump Parc Stamford voted unanimously to remove the former president’s name from its building in the weeks following the Trump-incited deadly insurrection at the U.S. Capitol on Jan. 6.
Even Trump Bay Street in Jersey City, a 50-story residential tower co-owned by Kushner Companies and KABR Group, has recently rebranded the luxury rental complex as simply 65 Bay Street.