Donald Trump’s brand is so toxic now that it’s now hitting the former president financially with his properties. The Associated Press reports that apartments at the Trump World Tower in New York City are for sale at a deep discount. And it’s not just Trump Tower. According to the outlet, bargain hunters are “swooping in” to take advantage of the drop in prices in eleven Trump-branded buildings. A lot of people don’t want to live in a building with Trump’s name attached to it.
“Fifty percent of the people wouldn’t want to live in a Trump building for any reason … but then there are guys like me,” Lou Sollecito, a car dealer who recently bought a two-bedroom unit with views of the Empire State Building, told the AP. “It’s a super buy.”
“An Associated Press review of more than 4,000 transactions over the past 15 years in 11 Trump-branded buildings in Chicago, Honolulu, Las Vegas and New York found prices for some condos and hotel rooms available for purchase have dropped by one-third or more,” the report states. “That’s a plunge that outpaces drops in many similar buildings, leaving units for sale in Trump buildings to be had for hundreds of thousands to up to a million dollars less than they would have gone for years ago.”
“They’re giving them away,” says Lane Blue who paid $160,500 in March for a studio in Trump’s Las Vegas tower, $350,000 less than the seller paid in 2008. It was his second purchase in the building this year and may not be his last.
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Aside from the coronavirus pandemic, the outlet reports that the twice-impeached one-term president’s “red-meat rhetoric and policies haven’t helped. Within a year into his presidency, hotels and condo buildings in Panama, Toronto and Manhattan that paid millions to use his name started stripping it off their facades.”
“After Trump was accused of whipping up the mob that stormed the Capitol on Jan. 6, things got really bad,” the outlet reports. “Banks vowed not to lend to him, the PGA canceled a tournament at his New Jersey golf course, and New York City fired him as manager of a public course in the Bronx. Several brokers say many potential buyers won’t even look at Trump buildings now.”
“I’d be happy if his name was taken off,” Gary Gabriel, who owns an apartment in Trump Palace on Manhattan’s Upper East Side, told the AP. “It’s embarrassing.”
Ondel Hylton, a senior content director at the real estate tracking site CityRealty said, “I have never seen buildings plummet so dramatically.”
You can read the full report here.
Featured image via Political Tribune gallery