NYC Condo Owners Are Losing Money Because of Trump Name

Condominiums in Manhattan buildings bearing Donald Trump’s name have lost value, while towers that removed his name have seen their prices rise, according to a New York Times analysis. “This analysis cleanly identifies that it is the Trump brand that is responsible for the value deterioration,” Columbia University economist Stijn Van Nieuwerburgh told the newspaper. At Trump Tower, where Trump announced his first candidacy for president and where protesters have often set up shop, the average price per square foot has fallen 49 percent since 2013, according to one real-estate tracking firm. Eric Trump scoffed at the findings, saying, “Data can be manipulated to tell any story you want, but the fact remains that our buildings sell for the highest prices per square foot of any properties in the world.” The Times, however, noted that a $17 million sale Eric Trump cited sold for less than half of other condo in Manhattan by square footage.