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USTrump Tower Residents Are Selling Their Condos at a Loss to Get Out

03:10  15 may  2019
03:10  15 may  2019 Source:   nymag.com

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According to Bloomberg, Trump ’s midtown flagship Trump Tower is facing a growing vacancy problem, with potential residents frustrated by the stigma According to a new report from Bloomberg, condo owners trying to get out of Trump Tower have had a rough couple of years: “Most condo sales have

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

Trump Tower Residents Are Selling Their Condos at a Loss to Get Out© Drew Angerer/Getty Images Drew Angerer/Getty Images

The Trump Organization’s own marketing materials promote the president’s flagship midtown tower as “one of New York’s most iconic trophy buildings.” Yet prices for its open office space are currently listed as “negotiable,” one of several indications that Trump Tower is suffering from the impact of the building’s namesake presidency — both in stigma and the daily hassles of increased security.

According to a new report from Bloomberg, condo owners trying to get out of Trump Tower have had a rough couple of years: “Most condo sales have led to a loss after adjusting for inflation, property records show.” That includes at least eight units sold at an inflation-adjusted loss in the past two years, which is bleak compared to the island as a whole. According to Property Shark, only 57 out of 24,871 homes in Manhattan sold at a loss in that same time period.

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Condos owned by the president are selling for roughly 11% more than other, comparable units in the luxury tower overlooking the Las Vegas Strip. It also doesn’t hurt that studio units at Trump , which account for the majority of sales in the building, start at a significantly lower price point than competitors.

The Trump Organization licensed its name to a luxury condo tower in Panama riddled with ties to drug money Ventura says he and Ivanka agreed to a kind of challenge. If Ventura could sell apartments as Global Witness, a nonprofit anti-corruption watchdog that is often critical of businesses and their

The commercial levels of the building have also taken a hit, with over 42,000 square feet of vacant office space, and advertised rates substantially lower than area average. The occupancy rate has dipped from 99 percent in 2012 to 83 percent today — a loss that’s unheard of for Fifth Avenue by the park, considering that “many real estate experts consider [it] the nation’s premier office area,” as Bloomberg says. And the building’s net income is 26 percent lower than bankers estimated in 2012 when considering whether to give Trump a $100 million loan.

One obvious reason for the decline is the president’s name in fat slab serif font over the building’s main entrance: Trump is not so popular in Manhattan, where he won less than 10 percent of the vote in 2016. “It’s totally a tourist trap,” former Trump Organization executive Barbara Res told Bloomberg. The attraction, decked out in pink Italian marble and featuring a 60-foot waterfall, has been made exponentially more inconvenient for residents thanks to the concrete barriers and limited access to the two main entrances. Then there’s the people: “On any given midweek afternoon, the number of government and Trump Organization security personnel rivaled the number of other people inside the building’s atrium.”

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Wealthy Trump Tower residents are 'planning on moving out ' after being frisked and asked to show ID amid heightened security. It means that the tower ’s residents have had difficulty getting in and out of the building and have had to show ID before being allowed entry into their own homes, the New

Tight security around Trump Tower disrupts parts of New York as streets are blocked with concrete barricades and police with big guns disrupt the hustle and bustle of Midtown Manhattan.

“There are now Secret Service members all over the building,” one resident toldNew York in 2017, when the bustle was new. “They sit in the stairwell. And now you have to drive to Madison Avenue to have your car sniffed before you can drive it in and drop off any packages. There’s a scanner on 56th Street. If you’re walking in there with packages, you have to put them through, like an airport.”

But for those hoping that Trump is personally taking a hit on his midtown tower, they’ll have to look elsewhere for tales of his financial embarrassment. According to Trump Organization disclosures reviewed by Bloomberg, the building generated $10 million in net cash flow in 2018.

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