Having the Trump brand on the facade of a building in New York is no longer a symbol of status or luxury on the rise, since the conglomerate apartments of the former Republican president lost 50% during the four years of his presidency, according to a study by a real estate consultant.
According to Urbandigs, the price per square meter of Trump-branded buildings in New York plummeted by around 50% between 2016 and 2020, while in Manhattan as a whole the drop has been just 9%.
“An analysis of the average price per square meter in buildings with the Trump brand shows a drop in prices and low demand when compared to buildings that have abandoned the Trump brand or with the rest of Manhattan condos in general,” says the study published this week.
The buildings of former President Donald Trump’s conglomerate have gone from being valued at about 70% above the Manhattan average to falling below the average cost of a square meter on the island with the most sought-after housing market in New York .
In 2016, when the tycoon won the election, the square meter of an apartment in a Trump building had the exorbitant median price of $ 36,002 per square meter, while in Manhattan the average was around $ 21,466.
In 2020, after four years of Trump’s presidency and a general enmity across much of New York City, the price of a Trump apartment fell to $ 17,420 per square foot.
Even the old Trump buildings, many of them considerably less luxurious than the later projects under the famous family’s brand, have been devalued less than those that continue to be adorned with the surname, losing 17%.
This poor evolution of the Trump brand has added to the real estate storm that unleashed the pandemic during 2020 and that has led to the relative demand in Manhattan having gone from 61% to 40%, according to the report.
Meanwhile, in Trump apartments, this rate has gone from 38% to 25%.
That both the demand and the price of Trump-brand apartments have fallen is even more worrying for the “former first family” considering that their portfolio of buildings is located in points of high real estate value such as Fifth Avenue, Central Park, Avenida Park or in front of the United Nations headquarters.
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