By Aaron Miller-
Donald Trump’s properties in Manhattan, New York, have lost half their value since the beginning of his controversial time in office as U.S president.
The former president who was impeached days before he left office, faces a senate trial in February for inciting an insurrection at Capitol Hill on January 6 where the U.S Congress was meeting to count the Electoral College votes.
A study of five of Trump-branded buildings in Manhattan, as well as three formerly branded properties in Riverside Boulevard, examined seven Trump-branded buildings in Manhattan and three buildings on Riverside Boulevard.
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.
Published by real estate website Curbed, the study 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.
A broker with Brown Harris Stevens and a former Trump Tower resident, Mark Cohen, was marketing three adjacent 41st-floor units in Trump Tower during the 2020 election.
He told Business Insider “My seller is not a desperate seller,” Cohen said. “So we didn’t want to encourage people who might come in with lowball offers.”
“From a practical and business standpoint, I think it was just a smart decision to say, ‘Let’s wait while all the noise kind of surrounding the building and the brand slows down a bit,'” Cohen said. “And then we can think about what our options are probably in a couple months time or maybe longer
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.
As reputable groups and organisers began to sever ties with the Trump Organization, including the Girl Scouts and the city of New York, his stock plummeted further.
Cohen added:
“From a practical and business standpoint, I think it was just a smart decision to say, ‘Let’s wait while all the noise kind of surrounding the building and the brand slows down a bit,'” Cohen said. “And then we can think about what our options are probably in a couple months time or maybe longer.”
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, including 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