Sales in Trump-branded buildings slowing as election nears

The number of delistings has also spiked, analysis finds

TRD NEW YORK /
Oct.October 28, 2016 09:11 AM

As the polls continue to paint a grim picture of Donald Trumps’ chances in the presidential election next month, it seems the appetite for his properties is also waning.

The volume of sales at 10 Trump-branded condominiums in the past 12 months dropped by 26 percent from the same time last year, the New York Times reported.

Throughout the 12 months ending in October 2015, 159 apartments sold, including a $21.38 million penthouse at Trump Park Avenue. This year, the number of sales dropped to 117, StreetEasy data shows. At Trump International TRData LogoTINY, six units sold this year, while 14 sold last year. Though the luxury market has dipped in the last 12 months, the overall Manhattan resale condo market increased by 3.8 percent since Oct. 2015, according to StreetEasy data cited by the Times.

The number of delisted units at Trump’s properties has also increased. At Trump Place at 200 Riverside Boulevard, for instance, 82 listings for units at the condominium building were taken off the market this year, compared to the 67 delisted last year.

Two residents of Trump Place, Harvey Koeppel and his wife, Peggy Koeppel, told the Times that they tried to sell their condo this summer but received no offers — even after slashing the price by $55,000.

“I can’t see any good near-term or long-term effect for this campaign on Trump’s real estate brand,” Robert Dankner, the president of Prime Manhattan Residential, told the Times. “Does the election bring attention to Donald Trump’s brand? Yes. Does it increase the good will toward his brand? No. He’s turning a lot of people off, with his divisive statements that are directed toward specific nationalities and religions.”  [NYT] — Kathryn Brenzel 


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