Trump Tower may be the only losing real estate bet in New York City.
Recent reporting from Bloomberg shows that since President Donald Trump took office, most of the units in Trump Tower have sold at a loss—several for a loss of more than 20%. For comparison, Bloomberg’s accounting showed that for all of Manhattan, only 0.23% of homes have sold for a loss over the past two years.
Polarizing politics and an around-the-clock phalanx of security ringing the property have put a damper on the desirability of a Trump Tower address on Fifth Avenue.
We dove into the listings and found eight properties up for sale right now in the 58-story building. And we didn’t even count the $3.66 million unit on the market recently seized from convicted former Trump campaign chairman Paul Manafort.
While these eight units are a small sample size, some of them have been on the market for years, and many of them have undergone a number of price reductions in the effort to find an elusive buyer. Let’s survey the pricing carnage…
Unit 61L: This three-bedroom condo sold to its current owner in September 2013 for $14.3 million, or $5,699 per square foot. It then popped back on the market in February 2018 for a rather ambitious $18 million. In January 2019, the price underwent a dramatic 30% cut, to $12.5 million. This month, the unit shed yet another $2.5 million—representing a $4.3 million loss from its original purchase price six years ago.
Trump Tower Unit 61L
Unit 32A: This two-bedroom, 1,500-square foot unit in Trump Tower was purchased by its current owner in 2006 for $2.3 million. It hit the market right after Trump’s inauguration in February 2017 for $4.25 million, or $2,935 per square foot. By May 2017, the price was reduced to $4 million. Now, after a total of eight price changes, it’s currently sitting on the market for $2.84 million, or $1,923 per square foot.
Trump Tower Unit 32A
Unit 37D: Initially listed in March 2016 for $3.25 million, this one-bedroom, 1.5-bathroom, 1,000-square-foot unit has lingered on the market for over three years. When it debuted, the price per square foot on the place was $4,976. Now, four price cuts later, the empty unit has lost more than half its value and sits at $2,105 per square foot.
Trump Tower Unit 37D
Unit 42BC: These two units have been on the market since October 2016, right before the president’s election. They’re marketed as an opportunity to be combined into one grand residence and were originally listed for $8,500,000 and $3,132 per square foot. After 2.5 years on the market and four price cuts, the offering currently stands at $2,395 per square foot.
Trump Tower Units 42BC
Unit 58CD: Renovated to combine two units into one, this 2,250-square-foot spread originally landed on the market for $11.5 million in October 2017. At that price, the oversized residence cost $5,442 per square foot. A year and a half later, the “masterpiece of design and artful living” has had its price cut by 1.5 million bucks.
Trump Tower Unit 58CD
Unit 33E: This 1,100-square-foot apartment is a relative newcomer to the market—it’s only been up for sale since late October. The price hasn’t budged from a relatively modest $2,422 per square foot.
Trump Tower Unit 33E
Unit 32C: At only $1,996 per square foot, this is the most budget-friendly option on the market in the tower. Listed in December 2018, this one-bedroom unit is “priced to move,” according to the listing details.
Trump Tower 32C
Unit 57L: This three-bedroom, 2,500-square-foot condo was designed by Juan Pablo Molyneux, offering it a little designer prestige. It initially came to market in 2015 for $18 million, or $7,171 per square foot. But that was then. Four years later, the condo is still on the market—now at half its original asking price.
Trump Tower Unit 57L
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Source: Housing Trends Feed