New Yorkers aren’t paying up for Trump-branded condos.
Residences in the 11 Manhattan towers bearing the name of U.S. President Donald Trump fared worse than the overall condo market this year, according to a report Wednesday by property website CityRealty.com. The average price of Trump condos that sold in 2017 was $2.6 million -- the same as a year earlier, but 16 percent less than the $3.1 million average for condos in Manhattan, where the luxury market has been slowing due to a glut of supply.
Buyers also paid less per square-foot at Trump buildings. The average price per square-foot at the towers was $1,759 this year, or about 7 percent less than in 2016, CityRealty said. Across Manhattan, the average dropped 1 percent to $1,868 per square foot.
Trump International, the tower at Columbus Circle that’s been the site of protests against the president, was the worst performer. Only two units traded hands this year, at an average price of $5.2 million -- 27 percent less than in 2016.
It wasn’t all dour, though. Trump Place, on 220 Riverside Blvd., saw average sale prices jump 58 percent to $2.9 million. There were 15 sales there this year.
This article was provided by Bloomberg News.