Dear Commons Community,
For many New Yorkers, Trump Tower once represented the pinnacle of luxury living.
Celebrities such as Steven Spieberg and Johnny Carson called the tower home.
But now, according to Bloomberg, it ranks as one of the least desirable luxury properties in Manhattan.
The name Trump has driven down the value of the condos within the Tower…Bloomberg reports that if you owned a condo, some sales have led to a 20 percent loss after adjusting for inflation.
Just to put that number in perspective, according to PropertyShark, just 0.23 percent of homes in Manhattan over the past two years sold at a loss.
The commercial area of the building is struggling as well. Real estate broker data reveals that more than 42,000 square feet of office space remain vacant.