No one wants to live in New York’s Trump
Tower since Donald
Trump’s election as US President, a report claims.
Bloomberg say that since
Trump’s election the building has been turned into a ‘fortess’ for security
reasons and that the Trump name has given it a certain stigma. It also says the
building has not been updated for some time and that its popularity as a
tourist curiosity also makes it unpopular with wealthy residents and high end
Bloomberg says that most
apartment sales here in the last two years have been at a loss, after adjustment
for inflation, and some have been sold at more than 20% loss.
The 58 floor Trump Tower, opened in 1983, was once considered synonymous with Donald Trump’s status in the property business and one of the most desirable pieces of real estate in New York. It once boasted high end stores including jewellers Asprey and a host of celebrity residents including Steven Spielberg.
Bloomberg may well be right in claiming that Trump has effectively devalued his own asset simply by being associated by it. On the other hand, of course, most things that were considered fashionable in the 80s – such as double denim and Lambrusco – are no longer popular. So it could instead be that the New York real estate market has simply moved on.