NYT: Trump-Branded NYC Condos Plummet In Value

The New York Times reports:

Up and down the spine of Manhattan, condominiums in high-rise buildings emblazoned with Mr. Trump’s name have underperformed, according to sales data from two real estate tracking firms, and an analysis of the data by the Columbia University economist Stijn Van Nieuwerburgh. Even the Trump Tower on Fifth Avenue saw the average price per square foot of its condominiums tumble 49 percent since 2013, according to research at CityRealty.

By contrast, condominiums in four buildings where the Trump logo was removed at the behest of residents — sometimes after a legal battle — have seen their value shoot back up. “This analysis cleanly identifies that it is the Trump brand that is responsible for the value deterioration,” Mr. Van Nieuwerburgh said. “Removing the Trump name from the building removes the loss associated with the name.”

Read the full article.

In New York, the Trump Brand Is Costing Some Condo Owners – The New York Times “He found that the Trump-branded buildings collapsed in value by 25 percent compared with similar properties from their peak in 2013. “It’s huge,” he said.” https://t.co/6HfDapOCs9

— Beth Shepard (@BethShepard) February 18, 2024