Trump Tower in New York City — President Trump’s longtime home, former campaign headquarters, and signature property sporting his name — has become one of the least desirable luxury buildings in New York City since he took office.
Those putting their Trump Tower condos on the market have sold for less than they bought it, with several selling at more than a 20% loss when adjusted for inflation, Bloomberg reported. Comparatively, 0.23% of homes in Manhattan have sold for a loss in the last two years.
About a dozen condos have sold since Trump was elected in November 2016, with at least eight selling for less than the buyer paid when adjusted for inflation.
The commercial portion of the tower has been unable to find tenants to fill more than 42,000 square feet of office space, even with rents below average.
However, the building’s net income had a slight increase in 2018 thanks to Trump’s 2020 campaign committee, which rents space in the building. The campaign has spent almost $900,000 in the past two years. In addition, last year the building had a profit of $10 million in net cash flow. But, the tower’s net income was still 26% below what bankers forecasted when Trump was granted a $100 million loan in 2012.
The building, erected in 1983 near Central Park, has also been the set of NBC’s “The Apprentice.” Before moving to the White House, Trump, first lady Melania Trump, and their son, Barron, lived in a three-level penthouse in the building, which is now surrounded by concrete barriers and security personnel.
Trump Tower played a big role in special counsel Robert Mueller’s report on Russian interference in the 2016 campaign. A hotel conference room hosted the president’s oldest son, Donald Trump Jr., several other prominent Trump campaign officials, and Russians offering negative information about Democratic presidential candidate Hillary Clinton.
