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Business Donald Trump

Asking Prices For Trump Properties Are Collapsing Because His Name Is Now ‘Radioactive’

It’s safe to assume that Donald Trump expected his being elected president would help increase the value of everything he owned, but his failed presidency and association with right-wing rioters who stormed the U.S. Capitol earlier this month has done exactly the opposite.

Things are so bad, according to Business Insider, that the value of Trump properties in New York City has fallen dramatically:

“According to Curbed’s analysis of a report from real-estate data firm UrbanDigs, Trump-branded Manhattan properties have lost half their value since Trump first took office.

“UrbanDigs — which looked at the seven luxury buildings in Manhattan that still bear the Trump moniker, and three that used to — found that even properties that formerly had Trump in their names lost 17% of their value since 2016. By comparison, the overall price per square foot decline in Manhattan over the same period was just 9%.

“In 2016, the average price per square foot in seven NYC properties run by his real-estate behemoth, the Trump Organization, was $3,346, according to the report. In 2017, following Trump’s election and inauguration, that figure sunk to $1,903; by 2020, it was at $1,619. That’s a drop of 51% from its 2016 price.”

All of this is taking place in large part because Trump is now seen as the person who encouraged thousands of his supporters to march on the Capitol, break in, and threaten violence against Democratic members of Congress and Vice President Mike Pence:

 “The Trump name has been dragged through the mud even more in 2021, after a violent insurrection on the Capitol by Trump supporters left five dead and seemed to throw the peaceful transfer of power into question. Trump became the first president to be impeached twice.

“Groups began to cut ties with the Trump Organization, including the Girl Scouts and the city of New York. Apartment owners at the Upper East Side’s Trump Palace reportedly met to discuss removing Trump’s name from the building, Bloomberg reported.”

Mark Cohen, a broker with Brown Harris Stevens, says the drop in value on Trump properties may be temporary, but right now no one wants to be associated with the former president or anything that carries his name:

“Even if buyers can score a luxury pad for a discounted price, the current situation makes Trump buildings too taboo.

“‘If I were choosing to market a new project, the Trump name is probably pretty radioactive right now,’ Cohen said.”

In what may well wind up being one of the most telling examples of karma seen in recent history, it appears that Donald Trump’s disgusting behavior has come back to exact one hell of a price on him. And with hundreds of millions in loans coming due in the near future, the Trump Organization appears to be headed for the proverbial crapper.

 

By Andrew Bradford

Proud progressive journalist and political adviser living behind enemy lines in Red America.

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