REPORT: Trump Tower condo values dropping

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DML News brings you the following information from TheHill.com:

Property values of condominiums in New York City’s Trump Tower are dropping faster than comparable luxury high rises in Manhattan, real estate brokers say.

Prices within the Midtown East Side skyscraper have plummeted by nearly 30 percent per square foot since 2015, while Trump Tower’s competitors in the neighborhood have seen an average of an 8 percent drop in property value, Reuters reports.

The article goes on to state the following:

Numerous Trump Tower residents have had trouble selling their apartments in a market that has soured on the Trump brand. A Manhattan real estate broker told Reuters that the 22 units at the tower currently up for sale [are] nearly twice as many as in 2015.

While prices in the quickly developing neighborhood have skyrocketed by nearly 29 percent since 2015, a Reuters analysis found that older luxury high-rises have seen a sharp decline in value as new developments go up.

Wendy Maitland, a realtor who failed to sell one of the condo’s last year, told Reuters she believes the Trump presidency has had “a negative impact on the real estate values.”

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