Trump Tower Residents Are Selling Their Condos At A Loss
According to New York Magazine, the Trump Tower, which Trump’s own advertisements call “one of New York’s most iconic trophy buildings,” lists prices for vacant office space as “negotiable,” one of the many signs that demand for Trump Tower is in steep decline as a result of both the building’s name and its increased security measures following Trump’s presidency.
Property records reveal that most sales of condo units resulted in a loss when accounting for inflation. At least eight units were sold at a loss since 2017. Meanwhile, only 57 out of 24,871 Manhattan homes sold at a loss in the past two years, according to PropertyShark.
With over 42,000 square feet of empty office space and prices significantly lower than their competitors, the building still has only an 83 percent occupancy rate, compared to 99 percent just seven years ago. The loss is exceptional for its location on Fifth Avenue near the park, which “many real estate experts consider the nation’s premier office area,” Bloomberg reports. The building’s profit is roughly a quarter lower than that which experts predicted in 2012 when considering whether to issue a $100 million loan to Trump.