The Trump presidency is apparently not great for business.
New reports claim that sellers in Trump Tower have run into a very difficult time finding buyers for luxury condos as the stain of Donald Trump has reportedly driven away prospective buyers. As the Daily Mail noted, units in the luxury tower have been selling at a roughly 20 percent loss, with some being forced to slash millions of dollars off some of the larger condos.
The report noted that office space in Trump Tower had previously been leasing for an average of $100 per square foot, but has been listed this year at between $72 and $85 per square foot. As residents reported, the Trump name has become toxic during the course of the namesake’s presidency.
“No one wants in that building,” resident Michael Sklar told Bloomberg.
“The name on the building has become a problem.”
Some of the Trump Tower condos have seen dramatic price drops, including a two-bed condo on the 37th floor that was listed for $7.75 million in February 2017, just weeks after Trump took office, but ended up selling last December for $4.4 million.
Trump Tower has become an epicenter for protest, with large groups of Trump opponents frequently gathering outside and holding signs condemning the president and his scandals. Some have even projected angry messages onto the side of Trump’s properties.
Melania Trump may have actually played a role in the selling problems. The First Lady chose to keep living in Trump Tower for several months after her husband took office, staying in Manhattan until son Barron completed his school year. That meant a huge increase in security, which has remained at heightened levels throughout Trump’s presidency and has made it more difficult for deliveries and shooed away cab drivers.
As the Daily Mail noted, tenants have grumbled at the security woes, making the office space less desirable as well.
Donald Trump’s other business holdings also appear to have been affected by his presidency. As Forbes reported, revenue also appeared to drop at his Mar-a-Lago resort in Florida. Even though Trump spent one out of every 10 days of his first year in office at Mar-a-Lago and the resort instituted drastic increases to membership fees after Trump took office, the added attention and desire of wealthy members to be close to Trump did not translate to extra revenue.
The report noted that Mar-a-Lago did $25.1 million in revenue in 2017, a drop of 13 percent from the previous year.