Trump Towers Slump, Especially Compared to Luxury Rivals

Call it the Trump Slump. Studies by two separate real estate companies reveal that apartments in buildings that bear the Trump name sold last year for an average of $1,741 per square foot – or 6.6 lower than the average Manhattan condo, the New York Times reports. Comparisons to luxury rivals further dim the gold-plated Trump brand. 

“The luster on Trump buildings has faded,” says Nancy Packes, a real estate marketing consultant. “The overwhelming majority of the buildings that carry the Trump name underperformed the comparable building or buildings after the Lehman crisis [of 2008].” 

Even at the flagship Trump Tower on Fifth Avenue, where prices peaked at $3,000 per square foot in 2013, sales prices have plummeted to $2,000 a square foot. And compared with the new generation of ultra-luxury buildings along Billionaire’s Row, a stretch of 57th Street that includes Trump Tower, the average Trump apartment is worth far less. The sales average, for instance, at 432 Park Avenue was $5,564; $4,051 at Time Warner Center; and $3,812 at One 57, the skyscraper at 157 57th Street, according to CityRealty. 

“The prices most Trump condos are now selling for no longer merit the luxury designation,” the CityRealty report states. “In part, this is simply a function of the age of the buildings.” 

The news on falling prices adds insult to the earlier injury of numerous Trump-branded buildings in New York City removing the T-word from their facades following the 2016 election. 

The Trump Organization disputes the idea that Trump apartment prices are in decline. “Data can be manipulated to tell any story you want,” says Eric Trump, the president’s son and an executive vice president of the organization. “The fact remains, our buildings sell for the highest prices per square foot of any properties in the world. That is undeniable.” 

Spoken like a true son or Trump. Look no further if you’re looking for a working definition of “alternative facts.”