Donald Trump’s properties in Manhattan, New York, lost half their value since he took office.
Curbed, a real estate website, conducted a study and looked at five Trump-branded buildings in Manhattan, as well as three formerly branded properties in Riverside Boulevard.
A Trump building in Manhattan on average was worth $3,346 per square foot in 2016 when he first took office.
By the end of Trump’s presidency, an average square foot cost $1,619, a drop of 51.61%. While the value of the average square foot in Manhattan has seen an overall decrease, from $1,995 in 2016 to $1,815 in 2020, Trump-branded buildings saw a much bigger drop.
“The former president’s name is proving to be toxic in the New York City real estate market,” the report said.
“Though Trump made a name for himself in New York, properties situated in the numerous buildings that bear his name around Manhattan are losing value compared to other full-service condos in the borough, and also buildings that have dropped the Trump name.
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According to Real estate agent Mark Cohen, while he does expect the value of Trump property to eventually bounce back, it is not a safe bet.
“If I were choosing to market a new project, the Trump name is probably pretty radioactive right now,” Cohen told Business Insider.
It is believed that the decline of Trump’s properties is due to his controversial policies during his presidency and false claims that the 2020 presidential election was rigged.
New York City announced earlier this month that it would be severing its ties to the Trump Organization after the riots that took place at the US Capitol on January 6.
According to Mayor Bill de Blasio, all contracts between the city and the former president will be cut. The contracts included two skating rinks at Central Park, the Central Park Carousel, and the Trump Golf Links at Ferry Point, a city-owned golf course.
“Let’s be clear, inciting an insurrection against the US government clearly constitutes criminal activity.
The City of New York will no longer have anything to do with the Trump Organization,” de Blasio said in a statement. “Our legal team has done an assessment and the contracts make very clear that if the leadership of a company is engaged in a criminal activity we have the right to severe the contract.
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