Home / Business / Trump’s assets suffer prices as gilded names lose their shine | Donald Trump

Trump’s assets suffer prices as gilded names lose their shine | Donald Trump

The building offers beautiful views of the Manhattan skyline. The building’s spa offers deep tissue massages. And the upscale restaurant off the lobby serves great steaks.

above all Many of the apartments at the Trump World Tower in New York are selling at huge discounts. Assuming the buyer doesn’t care about the name above the door.

“Fifty percent of people don̵

7;t want to be in the Trump building for whatever reason … but there are people like me,” said Lou Sollesito, a car dealer who recently bought a two-bedroom apartment with a view of the Trump administration. Says Empire State Building. “It’s a great purchase.”

The purchase price is $3 million. That’s almost a million less than what the seller paid in 2008.

Bargain hunters are swooping in to take advantage of prices on Trump’s buildings, which have dropped to levels not seen in more than a decade. The false brokerage claimed it was a combination of the former president’s polarizing image and the coronavirus pandemic.

It’s a stunning turnaround for a brand that once lured the rich and famous into paying a premium to live in a building with Trump’s gilded name on it.

An Associated Press investigation of more than 4,000 transactions over the past 15 years in 11 Trump-branded buildings in Chicago, Honolulu, Las Vegas and New York found that some condo and hotel room prices were available for Purchases are reduced by a third or more.

That’s a jump that outpaced many similar buildings. Let the units sold in the Trump building be hundreds of thousands to a million dollars less than they were several years ago.

“They’re giving them away,” said Lane Blue, who paid $160,500 in March for a studio in Trump’s Las Vegas tower, $350,000 less than what the seller paid in 2008. His second time in the building this year and probably not. his last

Can’t say much about Trump’s name. Many units for sale are in cities affected by the pandemic. or in hotels that need to be shut down or in a condo building that is much older than competitors making comparison difficult

However, Trump’s rhetoric and red meat policies didn’t help. Within a year he was president. Hotels and condo buildings in Panama, Toronto and Manhattan, which paid millions to use his name, began to take their names off.

After Trump was accused of beating a mob that attacked the Capitol on Jan. 6, things got really bad. Banks vowed not to lend him. PGA cancels tournament at his New Jersey golf course And New York City fired him as a public stadium manager in the Bronx. Several realtors said many potential buyers would not even look at the Trump building for now.

“I’d be happy if his name was taken off,” said Gary Gabriel, owner of an apartment in Trump Palace. On the Upper East Side of Manhattan, he said, “it’s embarrassing.”

it’s still an opportunity

“We can see the river we can see the lake It has city views,” said Nilufar Kabir, who bought a one-bedroom at Trump’s Chicago condo hotel in February for $680,000, almost a fifth less than what sellers paid. “It’s a bargain”

Gail Lissner, managing director of consulting firm Integra Realty Resources, said that other condos in Trump International’s hotels and towers are now in the pipeline. In Chicago, the decline was more than ever, a 34 percent drop during his four years as president. That compares to a 6% drop in the same period for 18 nearby luxury condo buildings of similar age.

Lissner said, “You can live in a luxury building for a no-frills price.”

Prices for rooms in the 96-story Chicago tower allocated for hotel guests have dropped even further. These were the types that were hit hard by travel restrictions from the plague, but Lissner dismissed them from her analysis because there were no similar hotel rooms in nearby buildings to compare.

In Las Vegas, Trump’s hotel prices have dropped 4 percent since he took office four years ago. while the average price for other hotels Three dozen other cities selling condominiums and rooms were up 14%, according to data compiled by Berkshire Hathaway HomeServices broker Forest Barbie. Price per square foot is down 66%.

A man sits on an indoor bus near the Trump International Hotel & Tower in Chicago.  Illinois  in january
A man sits on an indoor bus near the Trump International Hotel & Tower in Chicago. Illinois in january Photo: Tannen Maury/EPA

and in Manhattan Trump-branded buildings have fallen to their lowest level in 15 years, where they lost their premiums for the first time. Selling at a price below the average for all condo buildings.

Ondel Hylton, Senior Content Director at CityRealty said, “I’ve never seen a building collapse like this. It has a web page that traces the eight Manhattan buildings that still bear the Trump name. “This seems to be the lowest point.”

Some buyers think the same.

“10 years from now, people will forget about him,” said a New York banker, who asked to remain anonymous to talk about the second Trump World apartment he bought last month for $2.1 million. It is a 2 bedroom unit overlooking the United Nations. “Names are less meaningful.”

or disappear completely

“Is it bad enough for them to rebrand?” asked the owner of the new Trump hotel room away from Hawaii’s Waikiki Beach, although he thought it didn’t matter if the odds were given – $505,000. Which is more than $300,000 less than what the seller paid .

Had the same view when Trump took office. And prices at the Trump International Hotel in Waikiki have dropped 23% over the next four years. According to real estate broker Bradley & McCann.

The nearby Ritz-Carlton Hotel was also hit hard, with a 20 percent drop, but Trump fared much worse compared to a typical sample of thirty Honolulu hotels that sold rooms. take a break as well Their prices over the past four years have been down by just 3%.

Eric Trump, executive vice president of the Trump Organization, declined to comment.

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