The allure of owning a condo at Trump Tower has apparently worn off since the election of Donald Trump as president in 2016.
In a recent Bloomberg article, Trump Tower was deemed “one of the least desirable luxury properties in Manhattan.” It is not welcomed news for the president in the wake a recent New York Times investigation that alleged he lost more than $1 billion from 1985 to 1994.
According to Bloomberg, in the last two years, “most condo sales [at Trump Tower] have led to a loss after adjusting for inflation, property records show. Several sold at more than a 20% loss.”
Property records, according to the article, showed that 13 of the tower's condos were sold following the 2016 presidential election. Out of nine condos in which records revealed how much the seller originally paid for the unit, "eight were sold at an inflation-adjusted loss."
The report also cited that the building's occupancy rate declined in the last seven years from 99 percent to 85 percent. Trump Tower has reportedly found it difficult to attract commercial tenants to occupy over 42,000 square feet of empty office space, despite offering lower rent.
The president's unpopularity in his
hometown not only extends to Trump Tower. In
recent months, residential buildings have removed the letters of
Trump's name that formerly decorated their exterior. A hotel-condo once called Trump SoHo went through a name change as a sign of distancing itself from the president
Bloomberg further reported that despite its recent woes, the tower still
turns in an annual profit; in 2018, it generated $10 million in net
The Trump Organization did not offer a comment to Bloomberg about the report.
David Chiu is an associate editor at The Cooperator..