BUSINESS INSIDER
Manhattan condos branded with Trump’s name sell for far less than similar units in buildings that have removed the logo, analysis of sales data found.
Condominiums in Manhattan branded with the name of former President Donald Trump are selling for far less than buildings that have removed his branding, according to The New York Times.
The newspaper referred to sales data from two real estate tracking firms, coupled with an analysis conducted by Columbia University economist Stijn Van Nieuwerburgh.
Examining a one-year period from when Trump was elected president in 2016, condos in Trump-branded buildings went from being sold at a 1% premium to being sold for 4% less than similar units without the logo, it found.
Van Nieuwerburgh told The Times that this indicates that Trump-branded condos became a “bargain” in the Manhattan real-estate market.
And the fall in price wasn’t short-lived.
Trump Tower on Fifth Avenue has experienced a 49% drop in the average price per square foot of its condos since 2013, according to Ondel Hylton, senior director of content and research at CityRealty, per The Times.
Hylton told the newspaper that factors including the building’s age, competition from neighboring luxury apartments, and regular protests outside the property likely contributed to the decreased value.
CityRealty’s analysis of the price per square foot of condominiums in the seven Manhattan buildings still carrying the Trump name revealed a 23% drop between 2013 and 2023, The Times reported.
ATTOM, a property data analytics firm that used a slightly different methodology, identified a 17% decline, per the newspaper.
In contrast, The Times reported that condominiums in four buildings where the Trump logo has been removed at the request of residents have seen their value shoot up.
These buildings experienced a 9% uptick in value from 2013 to 2023, slightly surpassing the 8% increase in the rest of the Manhattan…
