Trump Tower Is Now Undesirable For Most Would-Be Buyers, According to Report
The crown jewel of President Donald Trump’s business empire is suffering in more ways than one, according to a recent report detailing its many financial struggles.
The building, which opened nearly four decades ago, has not seen updates in years, according to reporting from Bloomberg. It also has been hampered with aesthetic struggles relating to security concerns, including the partial closure of two main entrances and a security blockade of concrete surrounding the building.
Besides those problems, there are financial concerns as well. Tenants in the building that may want to sell their property in the future may do so at a loss.
Since 2016, when Trump was elected president, 13 condos have sold within the building. Eight of those condos have sold at a substantial loss, some at prices 20 percent lower (when adjusted for inflation) than for what they were purchased for.
Comparatively, of the 24,871 third-party personal property sales made in Manhattan during that time, only 57 sold at a loss.
Trump Tower condos selling at more than 20 percent losses https://t.co/y64uUVekQ3
— The Daily Beast (@thedailybeast) May 14, 2019
One former tenant, who parted with his unit on the 57th floor for a loss, explained the difficulties of selling a property within Trump Tower. “No one wants in that building,” Michael Sklar said.
Other properties within the tower are struggling, too: more than 42,000 square feet of office space remains vacant in the building.
The president is scheduled to release financial disclosure documents later this week. It’s not clear as yet what those documents will describe, but much attention will be given to the status of his Trump-branded properties.
Many have suffered as a result of Trump’s branding. Six buildings on the upper west side of Manhattan, for example, have removed Trump’s name from their sides since he became president, according to the New York Times. Reservations for rounds of golf at one of his courses have also dropped substantially.
Late last week, it became apparent that Trump’s former bragging of his worth and abilities as a developer was questionable, as reporting detailed he had lost more than $1.17 billion from the mid-1980s to the mid-1990s, based off of leaked tax returns that were obtained by the Times.