Since the beginning of this year, real-estates agents have been having a hard time selling listings in Trump Tower—the number of which escalated significantly since President Trump's election. Now sales data show that even the units that have sold did so at below-market prices.
There are currently 21 apartments for sale or rent in the building, according to StreetEasy, and only five condos have sold since Trump took office. The five transactions show that the "average price per square foot in Trump Tower of about $2,100 was down 13 percent from 2016 and 23 percent from 2015, according to sales data compiled by real estate website CityRealty.com" and first cited by the Wall Street Journal. The median sales price—$2.2 million—was the lowest since 2007.
For comparison, the median sales price for residential units in all of Midtown Manhattan has increased by 5.6 percent since 2015, according to Brown Harris Stevens data. Prices per square foot have also risen, by .3 percent.
"This is clearly a remarkable situation and obviously spurred by one resident being the president of the United States," Kirk Henckels, the vice chairman of Stribling & Associates, said earlier this year.
Now, residents and guests arriving at the 664-foot tower in midtown Manhattan are required to submit to airport-style security screening by the Secret Service. Even those who just want a coffee from the Starbucks on the tower's second floor have to put their bags through an x-ray machine. And outside the residents' entrance, on 56th Street between Fifth and Madison Avenues, black SUVs are a constant presence. The block is closed to vehicular traffic, and pedestrians not visiting the tower are relegated to the southern side of the street.
The average price per square foot is also down at Trump International Hotel and Tower on New York's Columbus Circle. A spokeswoman for the Trump Organization, which manages the condos at Trump Tower, told the Wall Street Journal that the price shifts could be attributed to year-over-year price declines in "the entire luxury market."
"Despite that, Trump buildings have continue to be a leader in average [price per square foot] against competitors," the spokeswoman said. "We cater to the most discerning buyers in the world, and while we can’t control the ebbs and flows of the market, we are incredibly proud of the overall performance that Trump properties continue to achieve."
Brown Harris Stevens broker Wendy Maitland told the New York Post that "a Trump building has always been a turn-off for some people and a turn-on for others. She and fellow BHS broker Jason Karadus previously listed a three-bedroom apartment on the 39th floor for $7.5 million. (The residence is now off the market.)
Henckels points out that "saying that the Secret Service is a positive is a double-edged sword. There is no doubt that security is greatly improved, but it wasn't a problem before the Secret Service. When you have lemons, make lemonade. The flip side is that—my guess is—the Secret Service and resulting disruptions in the other tenants' quality of life is why there are so many new listings."
In addition, Henckels says, although Trump Tower "is a very luxurious, beautiful building in a prime location and is beautifully run," it's competing with "brand-new developments with tons of amenities" and the current trend for a downtown location."
Sam Dangremond is a Contributing Digital Editor at Town & Country, where he covers men's style, cocktails, travel, and the social scene.
'A Very Boy Band Holiday': Everything You Need to Know
The show features members of bands like *NSYNC and New Kids on the Block.
By Julie Tremaine •
Why George Clooney Turned Down $35 Million for a Single Day’s Work
“My wife and I had this conversation when I turned 60 this summer.”
By Julie Tremaine •
Paris Hilton and Lindsay Lohan Finally Ended Their Feud
“I am genuinely very happy for her.”
By Julie Tremaine •
Cory Booker and Rosario Dawson's Relationship Is No More
After three years of dating, the power couple have decided they're better off as friends.
By Marie Claire Editors •
Education for Women and Girls Is Crucial for Climate Justice
In an excerpt from her new book, 'A Bigger Picture,' Ugandan climate activist Vanessa Nakate discusses the impact educated African women and girls can have on solving the climate crisis.
By Vanessa Nakate •
It’s Time to End Equal Pay Days and Pass the Equal Rights Amendment
The passage of the ERA is a chance for our country to prove it truly values women.
By Hala Ayala •
In Conversation: Secretary Jennifer Granholm and Emily Tisch Sussman
“It’s ridiculous that we’re the only advanced nation on the planet that doesn’t help families with childcare.”
By Emily Tisch Sussman •
EMILY's List President Laphonza Butler Has Big Plans for the Organization
Under Butler's leadership, the largest resource for women in politics aims to expand Black political power and become more accessible for candidates across the nation.
By Rachel Epstein •
Anita Hill Believes We Can End Gender Violence
Three decades after her landmark testimony in the Clarence Thomas confirmation hearings, the esteemed professor and lawyer has a message for leaders: The time is now to prioritize anti-gender violence policies.
By Rachel Epstein •
For Teachers, Going to Work Can Mean Life or Death
Stefanie Minguell, a COVID survivor and second grade teacher in Florida's Broward County, almost died of COVID-19 and is immunocomprised. When she teaches in the classroom, she’s forced to choose between her health and her students.
By Megan DiTrolio •
Periods Don’t Stop for Pandemics—And Neither Have Our Nation’s Moms
Policies touted in the $3.5 trillion budget plan and other Congressional bills are missing a core component of maternal well-being: menstrual access and health.
By Christy Turlington Burns •