Translated material
Trump Tower has become the most unpopular property on the luxury real estate market in New York
Despite its favorable location, Trump Tower has become the most unpopular building in the luxury real estate market in New York, writes Bloomberg.
Trump Tower is a 58-story skyscraper in downtown New York, built in 1983. The building was designed by Donald Trump in collaboration with the Equitable Life Assurance Company and features an 18-metre-high artificial waterfall inside and pink Italian marble on the floor. The skyscraper is well located - just two blocks from Central Park, in the part of the city where most of the offices are located. Trump Tower's best publicity was its 2004 filming of Trump's show for NBC's The Apprentice.
What's wrong. But now the 36-year-old building has become an impenetrable concrete fortress, residents complain. After Trump took office, the building was surrounded by concrete barriers, access to the two main entrances was blocked, and the building itself had not undergone major repairs for a long time. If at the beginning Trump Tower attracted interest due to celebrities like Michael Jackson and Steven Spielberg, now the building is interesting only because it hosted a meeting of the Trump team with Natalia Veselnitskaya from the Muller report, the agency writes.
- Since 2016, when Trump became president, at least 13 apartments have been sold in the tower, most of them at a loss, in several transactions it reached 20%. For comparison: over the past two years, according to PropertyShark, only 57 out of almost 25 thousand apartments in Manhattan were sold at a loss.
- The Trump Tower is now only 83% full, up from 99% seven years ago, about half the average vacancy rate on the island. Clients ask in advance not to show them options for apartments in Trump Tower, one of the real estate agents told Bloomberg.
- One of the residents of the house, Michael Sklar, says that in October he managed to sell his parents' apartment in the tower for $1.83 million, but only after spending about $400,000 on repairs. The family bought the apartment in 2004 for $1.84 million (at comparable inflation-adjusted prices). After the election, life in the house turned into a nightmare, says Sklar - one day his sick mother was refused permission to take a taxi to the house on the orders of security.
For Trump himself, real estate remains the main source of income. The president earned $434.8 million last year, down 4% from 2017, The Wall Street Journal calculated after were released this week. the president's 2018 earnings
- Trump Tower's net income rose slightly last year to about $10 million, but only thanks to the Trump campaign. The President placed a committee in the tower to participate in the 2020 elections, in two years he spent $ 890 thousand on rent, writes Bloomberg.
- Trump's earnings from some other high-profile real estate have declined over the year. The Mar-o-Lago resort brought in $22.6 million from $25.1 million a year earlier, the Trump National Doral golf resort in Miami earned $1 million less - $13.1 million.