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Fool's gold? Prices drop on Trump NYC condos

By Brick Underground  | January 26, 2021 - 3:30PM 

After a 24 percent price cut, 845 United Nations Plaza, 75C, a condo on the 76th floor of Trump World Tower, now appears to be rented.

Corcoran

Luxury buyers seemed to have voted with their wallets, shunning condos in Trump buildings in New York City. As a result, prices fell amid shrinking demand during the former president’s one-term in office.

A new report from real estate analytics firm UrbanDigs found that the average price per square foot in Trump-branded buildings have fallen since Trump took office from $2,065 in 2016 to $1,619 in 2020—a difference of $446. [Editor's note: A previous version of this post had the incorrect average price per square foot for 2016.]

For buildings that ditched the Trump name, average values also fell, but less dramatically, with an average drop of only $264.

Full-service condo buildings in Manhattan saw an overall average-price-per-square foot drop of $180, most of which was within the last year.

The report also compared relative demand by charting the ratio of signed deals to new listings in Trump-branded buildings. Demand for Trump condos lagged behind both overall Manhattan full-service condos and former Trump buildings.

Trump-branded buildings include: 1 Central Park West, 106 Central Park South, 167 East 61st St., 200 East 69th St., 502 Park Ave., 721 Fifth Ave., and 845 United Nations Plaza. Former Trump-branded buildings include: 120 Riverside Blvd., 200 Riverside Blvd., and 220 Riverside Blvd.

Listings in Trump buildings often appear on RealtyHop's monthly report on apartments with the biggest price cuts.

For example, 502 Park Ave., #PH22, a seven-bedroom, eight-bath condo at Trump Park Avenue on the Upper East Side saw a price drop of $1,495,000 to $16,500,000. The sprawling apartment—it is over 7,000 square feet—had a few cuts and was initially listed at $22,000,000 in February 2019. It previously sold for $17,819,375 in 2005—so it looks like the current owners are willing to take a loss.

Similarly, 200 East 69th St., GRANDPH, a three bedroom, three and a half bath at Trump Palace on the Upper East Side, had a price drop of $2,750,000 to $8,750,000 in November. This full-floor penthouse was previously listed for $11,500,000 in October. It remains on the market.

Notably, 845 United Nations Plaza, 75C, a three-bedroom, three-and-a-half-bath condo on the 76th floor of Trump World Tower was slashed by 24 percent to $8,000,000 in July 2019. The apartment, which is 2,712 square feet, was initially listed for $10,500,000 in September 2018, according to StreetEasy.

But the apartment does not appear to be for sale presently. It had a price cut of 1 percent in January 2020, then went off the sales market—and became a rental for $14,000 a month.

 

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