President Trump’s ascension to the White House has coincided with his company’s decline among the city’s biggest private firms, according to a recent ranking by Crain’s.
The Trump Organization feel steeply on the business publication’s annual list of the largest privately held companies, plunging from the No. 3 spot last year to No. 40. The company’s standings took a big hit when Trump’s federal disclosures revealed the organization’s revenue is less than “less than a 10th of what the firm had reported since at least 2010,” Crain’s said.
Several factors, both within the company’s control and without, could be at play. While the Trump Org. has long been out of the condo-development game, it still has interests in the hotel and hotel-licensing businesses, which are taking a hit as the city deals with an over-supply of hotel rooms.
The city’s supply grew more than 50 percent since 2008 to 115,000 keys and is expected to climb to 142,000 in the next few years, according to NYC & Co. Trump Org. also appears to have abandoned plans it announced earlier this year to build a Scion hotel in the city – which would have been the first of its kind in the Big Apple under the company’s new brand.
A Trump Hotels spokesperson said, “I don’t believe New York is currently a priority for those brands.”
The company’s Trump Golf Links at Ferry Point in the Bronx, meanwhile, saw revenues fall by more than $1.1 million over the past two years to $5.7 million in mid-September as it witnessed a 16 percent decline in rounds played, Crain’s reported.
Of course, Trump’s brand is unpopular in a city 80 percent of voters last year cast their ballots for Hillary Clinton.
The average price per square foot for an apartment at Trump Tower has plunged by 23 percent since 2015, according to a recent report by the Wall Street Journal, though it’s been a long time since Trump has developed condos. [Crain’s] – Rich Bockmann