Trump Tower, once the crown jewel in Donald Trump’s property empire, now ranks as one of the least desirable luxury properties in Manhattan.
The 36-year-old building has been turned into a fortress since Trump won the presidency, ringed with concrete barriers and the two main entrances partly blocked off. It hasn’t been substantially updated in years. And Trump’s name has been a huge turnoff in liberal New York City.
For anyone who owns a unit in the tower, the past two years have been brutal. Most condo sales have led to a loss after adjusting for inflation, property records show. Several sold at more than a 20% loss. By contrast, across Manhattan, just 0.23% of homes over the past two years sold at a loss, according to PropertyShark, a real estate data provider.
Net income slightly rose last year, boosted by the tenancy of Trump’s 2020 campaign committee, which has spent more than $890,000 over the last two years to rent space in Trump Tower, according to Federal Election Commission records.
But Trump Tower’s occupancy rate has plunged over the last seven years to 83% from 99%, giving it a vacancy rate that’s about twice Manhattan’s average.
“If I were looking for office space, that would be a building I’d want to avoid,” said Edward Son, until recently a market analyst for CoStar Group Inc.