Trump’s New York Properties Have Fallen By More Than A Half In Value Since He Took Office
Donald Trump’s properties in Manhattan, New York, have lost half their value since the beginning of his divisive presidency.
The report studied five Trump-branded buildings in Manhattan, as well as three formerly branded properties in Riverside Boulevard.
On average, a Trump building in Manhattan was worth $3,346 (£2,448) per square foot in 2016 when he first took office. By the end of his term, an average square foot cost $1,619 (£1,184), a drop of 51.61%.
While the value of the average square foot in Manhattan has seen an overall decrease, from $1,995 in 2016 to $1,815 in 2020, Trump-branded buildings saw a much sharper drop.
The study, published by real estate website Curbed, said: ‘The former president’s name is proving to be toxic in the New York City real estate market.’
‘Though Trump made a name for himself in New York, properties situated in the numerous buildings that bear his name around Manhattan are losing value compared to other full-service condos in the borough, and also buildings that have dropped the Trump name,’ the report said.
Real estate agent Mark Cohen told Business Insider that while he does expect the value of Trump property to bounce back eventually, it is not a safe bet.
‘If I were choosing to market a new project, the Trump name is probably pretty radioactive right now,’ Cohen said.
Trump’s controversial policies during his presidency, and his relentless, false claims that the 2020 presidential election was rigged, may be to blame for the decline in the value of Trump-branded property.
Earlier this month, New York City announced it would be severing its ties to the Trump Organization following riots at the US Capitol on January 6, which left 5 people dead.
Mayor Bill de Blasio said all contracts between the city and the president will be cut. This includes contracts for two skating rinks at Central Park, the Central Park Carousel and the Trump Golf Links at Ferry Point, a city-owned golf course.
‘Let’s be clear, inciting an insurrection against the US government clearly constitutes criminal activity. The City of New York will no longer have anything to do with the Trump Organization,’ de Blasio said in a statement.
‘Our legal team has done an assessment and the contracts make very clear that if the leadership of a company is engaged in criminal activity we have the right to severe the contract,’ he added.
Following the riots at the Capitol, a number of big names have distanced themselves from Trump. Deutsche Bank, which had been one of Trump’s most important lenders, announced it would no longer do business with the former president. He reportedly owes the bank more than $300 million in outstanding loans.
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