One of the most famous buildings in New York City, thanks to its namesake, and once considered among the city’s premium residential and office high-rises, Trump Tower has become what Bloomberg describes as “one of the least desirable luxury properties in Manhattan.”
Condo sales in the Tower — located in one of the most expensive zip codes in America, 10022 — have been slow, according to Bloomberg, and several have sold at a loss of more than 20%. Occupancy has declined from 99% to 83% since 2012, and the building’s net income is about 26% lower than what bankers had projected that year.
There are also more than 42,000 square feet of vacant office space across five floors in the commercial portion of the building. In January, office spaces were listed for $72 to $85 per square foot, compared to $100-plus per square foot for rentals in comparable buildings.
The 36-year-old complex, rising 58-stories (not 68 as its owner likes to claim), reportedly hasn’t been updated in years. In addition, with Donald Trump — who is probably America’s wealthiest president ever — in the White House, it is surrounded by concrete security barriers, with two entrances partially blocked off, causing inconvenience to residents, especially the elderly who now have to walk considerable distances to gain entrance.
Considering Trump’s unpopularity in Manhattan — where voters in the 2016 election preferred Hillary Clinton by a margin of almost nine to one — the very name of the building is an additional issue for some.
Michael Sklar, who recently sold his parents’ 57th floor unit in Trump Tower at a loss after they’d owned it for 15 years, told Bloomberg simply “No one wants [to live] in that building.” Even though the building’s value may be dropping, it’s still in one of America’s least affordable housing markets.