New York City Real Estate

Condo prices at Trump Tower in New York are dropping to their lowest value since the Great Recession

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The prices of condo units at New York City's Trump Tower have dropped significantly since President Trump started his campaign in 2015.
The drop is so severe that prices in Trump Tower have hit their lowest value since the Great Recession.

The average price per square foot in Trump Tower is $2,100, which is 13% less than in 2016 and 23% from the year before. Real estate analysts are pointing to multiple factors that could provide an explanation for these lower prices namely the security measures that were put in place in and around Trump Tower, a general dislike of Trump, or an overall deceleration in the luxury condo market in the area. However, Trump Tower's condo prices are decreasing more rapidly than other condo units in Midtown Manhattan. Excluding new developments, the average price per square foot in the area has actually seen a slight increase.

Trump Tower is not the only Trump building that is facing challenges. The nearby Trump International Hotel and Tower has seen a 24% decrease in its average price per square foot since 2015. Furthermore, The Independent reported that the Trump Organization is worth just one tenth of the value it previously claimed.
Read full details here.

http://www.businessinsider.com/new-york-trump-tower-condo-prices-droppin...

Source: Business Insider, November 2017

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