Report: Condo Prices at Trump Properties Take a Hit Average Sales Price for a Trump Unit Fell 16 Percent Compared to a Manhattan Condo

Image of Trump International hotel in NYC, taken with USS Main National Monument in the foreground. (By Sharonlflynn, via Wikimedia Commons).

It was not a good year generally for Trump-branded condos during the first full year of Donald Trump's presidency, according to a real estate website's report.

Bloomberg reported that the average sales price and average price per square foot for 11 Trump condominium buildings in Manhattan were below the Manhattan condo average for the very first time, citing a year-end study released by CityRealty.com.

The report said that the average sales price for Trump condos was $2.6 million, a drop of 16 percent compared to the $3.1 million average for a Manhattan condo. The average price per square foot for a Trump condo was $1,759, a decrease of almost 7 percent from $1,891 of last year.

Of the Trump condo properties that took a big hit was Trump International Hotel and Tower in Central Park, where the average sales price was $5.2 million, a decline of 27 percent from last year; the property made only two sales. On the flip side, the average sales price for a condo at Trump Place in Riverside Boulevard was $2.9 million, an increase of 58 percent; 15 units were sold there.

Overall, according to CityRealty.com, Manhattan real estate leveled off. The average sales price for a condo in the borough in 2017 was $3.1 million, which is the same as last year. The average sales price for a co-op this year was $1.4 million, a nearly 8 percent rise from $1.3 million in 2016. The median sales prices for condos and co-ops in 2017 were $1.9 million and $838,304 respectively.

The average price per square foot of a Manhattan condo in general was $1,868 this year, a decline of about 1 percent from 2016.

Residential sales were projected to be $25.9 billion in 2017, compared to $25.8 billion a year ago, according the report.

In terms of the top condo buildings by aggregate sales. 56 Leonard Street led the pack with $636 million ($2,995 per square foot), followed by the Four Seasons Private Residences with $543 million ($3,229 per square foot).

The most expensive apartment sale in New York was at 432 Park Avenue, with a closing price of $65.7 million.

To read the entire CityRealty.com year-end report, click here.  

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