Has Trump’s presidency affected his New York real estate?
Donald Trump wasn’t just a reality TV star before he became president — he was a real estate tycoon with namesake buildings across the globe, including several here in his hometown of New York City.
With his presidency thus far riddled with controversy, has that affected his real estate empire? Data from apartment search platform Zumper may have the answer.
Zumper looked at seven of Trump’s name-bearing buildings in the city and analyzed hundreds of rental listings before and after the election, using data from December 2015 through October 2017. The company found that there has indeed been a negative effect:
• Trump Palace
After the election, Trump Palace on the Upper East Side had a 29 percent increase in time on market (ToM) and a 1.2 percent drop in price.
• Trump Parc East
This Central Park South building saw a 4.05 percent post-election decrease in ToM and a 3.51 percent price decrease.
• Trump Parc
This Parc East adjacent building saw a more than a 30 percent rise in ToM after the election as well a 2.18 percent price drop.
• Trump Park Avenue
The building saw a 7.48 percent increase in ToM after the election and a 0.52 percent price cut.
• Trump Place at 200 Riverside Boulevard
This West Side tower saw nearly a 7 percent increase in ToM, while the price dropped nearly 4 percent.
• Trump Tower
The building that Trump calls home had a 9.43 percent rise in ToM after the election and a 1.74 percent drop in price.
• The Trump World Tower
This United Nations neighbor had a ToM increase of nearly 17 percent and a price cut of 1.62 percent.
As part of its study, Zumper compared the Trump buildings to similar residential buildings nearby. Of those seven comparisons, the Trump buildings fared better in just two instances.
“One interesting observation we noticed was even in the cases where a negative Trump effect did exist, affordable units in these buildings were not affected,” Zumper wrote in the study. “Cheaper units in Trump buildings, in the $2,500-$4,000/month range, were rented as quickly post-election as they were pre-election.
“In the end, New York is still the most competitive housing market in the country, meaning that affordable deals in solid locations still get rented quickly, despite any potential stigma.” [Metro]