An analysis by The New York Times found that the value of real estate bearing President Trump's name in New York City, including his apartment in Trump Tower on Fifth Avenue, plummeted after his election.Sara Enessel/EFE/ZUMA
President Trump boasts Almost everything, but especially his wealth and real estate.
That's the basis of a civil fraud case brought by New York Attorney General Letitia James, in which a judge ruled Friday that Trump must pay $355 million, or $453.5 million with interest. It was reported that it had reached its climax. NBC News– After it was revealed that he had fraudulently inflated his net worth and the value of his real estate in order to obtain favorable bank loans and insurance contracts. (For example, he said the Mar-a-Lago property is worth $1 billion, or about $970 million.) more A Palm Beach County tax audit found it was worth between $18 million and $27 million. )
However, the published report new york times Sunday's findings, based on sales data from two real estate tracking companies and analysis by economists at Columbia University, show that Trump-branded real estate has taken a hit in his hometown of New York City since the 2016 presidential election. He revealed that he had received it.
According to the paper, the value of apartments in buildings bearing Trump's name plummeted in the year before and after the election, going from selling for a 1% premium to similar properties to selling for 4% less. It started to be done. times. In the 10 years from 2013 to 2023, the contrast was even more stark, with the value of the seven Manhattan buildings emblazoned with Trump's name dropping 23 percent, according to real estate website CityRealty. That includes the famous Trump Tower on Fifth Avenue, where he infamously descended the escalator to launch his 2016 campaign. According to City Realty, the average price per square foot of its condos has fallen nearly 50% since 2013.
Meanwhile, condo values in the four buildings that removed Trump logos rose 9 percent over the same decade after hundreds of tenants removed them. That compares to an 8 percent rise in the Manhattan market. times Note.
“This analysis clearly shows that the Trump brand is the cause of the drop in value,” said Stein Van Neuerburg, a real estate professor at Columbia University. times. “Removing the Trump name from the building eliminates the loss associated with that name.”
Trump's son, Eric, executive vice president of the Trump Organization, responded. times by questioning the validity of their analysis.
“We can manipulate the data to tell the story we want, but the fact remains that our buildings have the highest price per square foot of any property in the world. There's no denying that.” he said. times in a statement sent via email. “This year alone, Trump International Hotel & Tower New York closed for his $17 million, outselling Time Warner, Essex House, and the city's most prestigious real estate.” (Trump, records show) The president's real estate is not the most expensive in the city. times Note. )
That situation is unlikely to change anytime soon, given Trump's recent legal troubles in New York City, where he currently owes more than $536 million.
