Trump Tower one of the 'least desirable' properties' in NYC as residents find living there difficult after Trump's win
According to the report, units in Trump Tower in New York City have been selling at a 20 percent loss while only 0.23 percent of homes in Manhattan have reported a loss in value over the last two years
Several units at the Trump Tower in New York City are allegedly selling at more than 20 percent loss after adjusting for inflation, making it one of the least desirable luxury properties in Manhattan.
According to a Bloomberg report published on Tuesday, May 14, only 0.23 percent of homes in Manhattan have sold at a loss over the last two years.
Michael Sklar, who sold his parents' condo in Trump Tower, spoke to the outlet: "No one wants in that building." He added, "The name on the building became a problem."
Sklar had purchased the one bed, one-and-a-half bath 57th-floor unit for $1.4 million in 2004, which is equivalent to $1.84 million in 2019 prices, adjusted for inflation. But the report claims his family sold the property for $1.83 million in October last year.
According to him, they had also invested about $400,000 into remodeling the property, which may have factored into the loss-making sale.
Sklar said residents in the building found it difficult to live after President Trump won the 2016 elections. He said that earlier his mother would be dropped to the front entrance of Trump Tower when she took a cab from the airport. However, cab drivers were forced to drop off guests a few hundred feet away from the main entrance owing to election security.
Since the 2016 election, at least 13 condos in Trump Tower were sold to prospective clients, of which eight units were reportedly sold at an inflation-adjusted loss for the seller.
One of the condos — a premium two-bed, two-and-a-half bathroom apartment on the 32nd floor — is currently listed for sale at $2.84 million after having been originally purchased for $2.3 million in 2006. When adjusted for inflation, this reportedly amounts to a loss of $60,000.
The report also claims that Trump Tower has not been substantially upgraded in the 36 years of its existence. Furthermore, the occupancy rate has purportedly plunged from 99 percent to 83 percent in the past decade.
Liberals are often "triggered" when they hear Trump's name in New York City. There are 5.8 million registered Democratic voters as against the 2.6 million Republican registered voters in 2018, according to the state’s Board of Elections data.
One prominent real estate agent in New York told Bloomberg his clients have repeatedly warned him not to show properties in any Trump establishment.
On the other hand, while some Trump-branded businesses in the city are suffering since he became president, Trump's Washington DC hotel is thriving.
The Trump Tower was built in 1983 in an area known as the Plaza District, just two blocks from Central Park. The lavish building boasts a 60-foot waterfall and pink Italian marble.
Quite a few observers have blamed changes in security since the president's election for the reported losses. According to reports, the landmark building has become a fortress ever since — safeguarded with concrete barriers and the two main entrances partially blocked off to help security personnel resist an unexpected intrusion.