Trump New York Properties Lost Half of Their Value During His Presidency
The hits just keep on coming for, or on, Donald Trump. Sure, there’s that whole second impeachment thing for inciting an insurrection hanging over his perfectly coiffed head. Banks around the world are severing ties with him, Mar-a-Lago members are fleeing in droves now that he’s a full-time resident there and some Republicans are praying that he follows through on his threat to form the “Patriot Party.”
Ultimately, though, Trump is first, foremost and only about money so probably the most stinging headline he’s seen in recent days is the report that the value of any real estate property with his name on it in his former hometown of New York City lost half its value since he took office as president in 2017. That’s according to New York City real estate data firm UrbanDigs. Even the Trump properties that used to bear his name have been hurt, losing about 17 percent of their value, compared to a 9 percent drop for Manhattan as a whole.
UrbanDigs examined seven Trump-branded buildings in Manhattan and three buildings on Riverside Boulevard that previously bore his name. The average price per square foot of a Trump property in 2016 was $3,346. After his election and inauguration, it immediately dropped in 2017 to $1,903, and in 2020 it sunk again, dropping to $1,619. Overall Manhattan properties held steady around the 2016 price of $1,995, before dropping slightly to $1,815 in 2020 during the coronavirus pandemic. But Trump’s properties, which normally fall into the luxury category, are now well below the citywide average.
Since the buildings sell condos, the decline in value is more of a problem for individual owners than for Trump. It is, however, yet another sign that the former president’s name has become toxic and his brand is one to be avoided. The PGA Tour recently pulled its signature professional golf event from his Bedminster golf club and Scotland has said “no thanks” to his entreaties to host an upcoming British Open at his failing Turnberry golf course. His hotel in Washington, D.C., not all that long ago a favorite gathering place for those looking to curry favor with Trump, is woefully underperforming. And just last week, the board of a luxury condominium complex that he can see just across the Intracoastal Waterway from Mar-a-Lago in Palm Beach, Fla., voted to forever remove the name Trump from its buildings.