Cry me a river.
Trump Tower Is Now One of NYC’s Least-Desirable Luxury Buildings
•Most condo owners who sold since 2016 have recorded a loss
•‘No one wants in that building,’ says one former owner
www.bloomberg.com/news/articles/2019-05-14/trump-tower-is-now-one-of-nyc-s-least-desirable-luxury-buildings
Trump Tower, once the crown jewel in Donald Trump’s property empire, now ranks as one of the least desirable luxury properties in Manhattan.
The 36-year-old building has been turned into a fortress since Trump won the presidency, ringed with concrete barriers and the two main entrances partially blocked off. It hasn’t been substantially updated in years. And Trump’s name has been a huge turnoff in liberal New York City.
For anyone who owns a unit in the tower, the past two years have been brutal. Most condo sales have led to a loss after adjusting for inflation, property records show. Several sold at more than a 20% loss. By contrast, across Manhattan, just 0.23% of homes over the past two years sold at a loss, according to real-estate data provider PropertyShark, although the firm doesn’t adjust for inflation.
It’s all a far cry from the days when the New York landmark attracted the likes of Michael Jackson, Johnny Carson and Steven Spielberg. These days, it’s better known for a Trump campaign meeting with a Russian lawyer documented in Robert Mueller’s Russia report.
...
Trump Tower’s occupancy rate has plunged over the last seven years to 83% from 99%, giving it a vacancy rate that’s about twice Manhattan’s average.
"If I were looking for office space, that would be a building I’d want to avoid," said Edward Son, until recently a market analyst for CoStar Group Inc.