Prices at Trump's NYC buildings have plummeted in the latest sign that his name is 'radioactive'

[Wicked Blue]

Business Insider
Juliana Kaplan

After a tumultuous one-term presidency, a violent insurrection by supporters, and a retirement to Florida, the Trump name has attracted some negative connotations. And his real-estate holdings are feeling the heat: According to Curbed's analysis of a report from real-estate data firm UrbanDigs, Trump-branded Manhattan properties have lost half their value since Trump first took office.

UrbanDigs — which looked at the seven luxury buildings in Manhattan that still bear the Trump moniker, and three that used to — found that even properties that formerly had Trump in their names lost 17% of their value since 2016. By comparison, the overall price per square foot decline in Manhattan over the same period was just 9%.

In 2016, the average price per square foot in seven NYC properties run by his real-estate behemoth, the Trump Organization, was $3,346, according to the report. In 2017, following Trump's election and inauguration, that figure sunk to $1,903; by 2020, it was at $1,619. That's a drop of 51% from its 2016 price.

The average price per square foot for Manhattan properties was $1,995 in 2016, dipping to $1,815 in 2020 — a mere 9% decrease, Curbed notes.

https://www.businessinsider.com/trump-tower-buildings-value-real-estate-prices-2021-1

[Thekaspervote]

1. Yet some are claiming he's on his way back in '24...radioactive is right!

[Corgigal]

2. Might need a theme song..

Found one.

[Initech]

3. I really don't care. Do U?

[ProfessorGAC]

4. Not Really 51%

Per Moody's 2018 creditworthiness report, the asset values of the NY properties were overstated by 20%.
They really only started at around $2,800/sq.ft.
It's still around a 42% loss, based on actual value, because I don't doubt the values were inflated in 2016, as they were found to be 2 years later.
All commercial real estate in NYC lost value while the idiot was president, exacerbated by COVID.
But, those losses were around 18% over 4 years, not 42.
So, even with adjusted numbers, the brand is radioactive in the business world.

[Wellstone ruled]

5. Reality is,

Commercial Office Space will never return to per Covid levels. Employers are saving tons of dollars by allowing work from Home. If you are paying 3-10 dollars a foot for Class A or even Class B office space,and you are leasing several thousands of square feet in a prime building,well,those days are gone.

Thing to watch,much of the high end Commercial space is now owned by off shore Billionaires and best guess is,there are some BK's about to hit.

[ProfessorGAC]

6. Completely Agree

Which suggests it was overvalued to begin with. Maybe not 20% but something significant.
In the TO case, they were lying about asset value to make lending seem safer than it was.

[Wellstone ruled]

7. Usual stunt is,overvalue your prodject

and suck in some local Municipal Bonds at Market Rate,and flush out the rest with a promise of a REIT or do a Diaper Don and write a Balloon Mortgage at a inflated value to underlying asset.

Always a sucker for sub prime high yield stuff.