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Burgess COMMENTARY Peter Burgess | ||
Trump Tower condo prices crash as the president’s toxic brand drives occupancy rates into the ground: No one wants to buy ‘in that building’ Image via Shutterstock.
President Donald Trump is not a popular man in his home state of New York — and condo prices at his signature Trump Tower in Manhattan are reflecting just how toxic his brand has become. Bloomberg News reports that most of the Trump Tower condos that have gone on the market since 2016 have been sold at a loss. In fact, property records show that “several” Trump Tower condos have sold at losses of more than 20 percent. Michael Sklar, who sold his parents’ Trump Tower condo at a loss when adjusted for inflation, tells Bloomberg that it’s very hard for condo owners to find willing buyers. “No one wants in that building,” he explained. “The name on the building became a problem.” In total, Bloomberg found that Trump Tower’s occupancy rate has plunged from 99 percent to just 83 percent over the past seven years, meaning it has “a vacancy rate that’s about twice Manhattan’s average.” However, the building is still staying afloat financially thanks in part to the Trump 2020 campaign committee spending in the building. According to Bloomberg, the committee “has spent more than $890,000 over the last two years to rent space in Trump Tower.”
written by Brad Reed / Raw Story
| May 14, 2019 The text being discussed is available at | https://www.alternet.org/2019/05/trump-tower-condo-prices-crash-as-the-presidents-toxic-brand-drives-occupancy-rates-into-the-ground-no-one-wants-to-buy-in-that-building/ and |