Trump Tower condos on market for years fail to sell despite multi-million-dollar asking price discounts
US president remains unpopular in liberal New York City
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Your support makes all the difference.A number of properties in Trump Tower remain on the market years after they were first listed, and despite millions being slashed from their asking prices.
Last month Bloomberg reported most units up for sale in Donald Trump’s New York City skyscraper have sold at a loss since he became president in 2017 – with some failing to fetch even 80 per cent what their owners paid for them.
In contrast, the news organisation reported only 0.23% of homes in New York had sold for a loss in the same period.
The US president’s unpopularity in the liberal city and the vastly increased security around the building are two of the reasons cited for the residences being found somewhat less than desirable.
An investigation this week by the New York Post uncovered eight properties currently for sale in the 58-storey building, some of which have remained unsold for years despite price reductions running into the millions.
The priciest, Unit 61L, is a three-bedroom condo on the market for $10m, despite being purchased by its current owner for $14.4m in 2013.
It initially went on the market in 2018 for $18m, before seeing successive price reductions.
Similarly priced is Unit 58CD, currently valued at $9.99m having been first put on the market in 2017 at $11.5m. Twenty months later this “masterpiece of design and artful living” remains unsold.
One of the most dramatic price cuts has been made to Unit 57L, a 2,500 sq ft condo put up for sale in 2015 for $18m. Four years later, it is valued at $8.99m, slightly less than half the original asking price.
Successive price cuts has seen Unit 42BC – two condos marketed as an opportunity to combine into one – fall to $6.5m from its initial $8.5m in October 2016, a month before Mr Trump won the presidential election.
Of the four remaining condos, all priced at a cheaper $2-3m, two have seen price reductions in an attempt to get them sold, while the other pair remain on the market for the initial asking price.
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