Trump branded condos in Manhattan suffer as owners see values plunge by a quarter in ten years – while buildings that removed his gold-plated name saw prices rise by 9 percent

Apartments in luxury Manhattan apartment buildings emblazoned with Trump’s name have fallen in value since the former president was elected in 2016, an analysis shows.

Luxury residential units in iconic buildings, including Trump Tower on Fifth Avenue, have seen a drop of as much as 49 percent in their costs per square foot over the past decade.

The declines in value were sharpest after the election of Donald Trump. Previously, Trump-branded properties typically traded at a premium compared to similar counterparts in other buildings.

The analysis also shows that apartments in former Trump buildings have increased in value since his name was removed – also in a block where the ex-president’s name was ripped off after a petition from residents.

The findings come after a New York judge ordered Trump to pay $355 million in fines over claims he lied about his wealth — including the value of his properties — to secure better loan deals. The judge also banned the president from serving as an officer or director of any New York company for three years.

Data on the underperformance of Trump apartments in New York showed that such properties fetched a one percent premium compared to other comparable units months before his election, according to the New York Times analysis.

After his election, the units began raising about four percent less than their counterparts. Apartment prices in Trump properties also took a bigger hit during the coronavirus crisis, when rents in New York plummeted, and have failed to recover as well as other homes.

Values ​​have also recovered more quickly at properties where the Trump logo has been removed.

The study shows that the average price per square foot of an apartment in the Trump Tower on Fifth Avenue has fallen by 49 percent since 2013.

The average price per square foot of an apartment in a Trump building in New York today is just over $1,500, compared to just over $1,750 for non-Trump properties.

Stijn Van Nieuwerburgh, professor of real estate at Columbia University, said: ‘This analysis clearly shows that the Trump brand is responsible for the deterioration in value.

“Removing the Trump name from the building removes the loss associated with the name.”

The study found that in the seven Trump buildings in Manhattan, apartment values ​​fell 23 percent between 2013 and 2023, according to CityRealty.

Apartments in four buildings without the Trump name saw values ​​rise by nine percent over the same period, while the market as a whole in Manhattan rose eight percent.

Eric Trump, the former president’s son and head of the Trump Organization, told the New York Times: “Data can be manipulated to tell any story you want, but the fact remains that our buildings are selling for the highest prices per square foot in the world.” all properties are sold. in the world. That cannot be denied.

“This year alone, Trump International Hotel & Tower New York closed on a $17 million unit, exceeding the prices of Time Warner, Essex House and the most prestigious properties in the city.”

The Trump name became synonymous with prestige and luxury in the 1980s and 1990s – and buildings under the brand’s umbrella feature the name prominently in gold-plated lettering.

Trump began renting out his name for use on buildings his company did not build.

In 2016, shortly after Trump’s election, his name was removed from several apartment buildings on Manhattan’s Upper West Side following a petition from residents. The buildings, which were not owned by Trump, were renamed 140, 160 and 180 Riverside Boulevard.