No One Wants To Live In Trump Tower Anymore
America's self-described "all-time favourite president" is now the owner of Manhattan's least favourite luxury property.
Trump Tower -- where the likes of Sophia Loren, Michael Jackson and Steven Spielberg once took up residence -- is seeing plunging occupancy rates and large blocks of vacant office space, while its condos sell at a loss.
Thirteen apartments in the New York City building have been sold since 2016, Bloomberg reports. Of those properties, public records indicate eight went for an inflation-adjusted loss.
Despite advertising rent prices below the area's average, there is more than 42,000 square feet of vacant office space.
Occupancy rates have plunged since Trump headed to Washington D.C., down from 99 per cent to 83 per cent -- a vacancy rate about twice that of Manhattan's average.
The building has not undergone major updates in years and is returning an income of about 26 per cent lower than what bankers expected in 2012.
For the tower's occupants, the past two years have been "brutal".
“No one wants in that building,” Michael Sklar, who sold his parents' 57th-floor unit for $1.83 million in October, told Bloomberg. Sklar's parents originally purchased the property for $1.4 million before spending $400,000 on renovations.
“The name on the building became a problem,” Sklar said.
It seems Trump's presidency has taken its toll on the 58-storey landmark (not 68, as it was originally being advertised), which stands smack bang in the middle of one of the country's top three Democratic strongholds.
During the 2016 election, 79 per cent of New York voted for Hillary Clinton -- who in 2000 stayed at Trump Tower during her first political campaign.
Today, the Fifth Avenue complex is frequented by protesters, often has beefed up security blocking parts of the entrance, and is commonly associated with a Trump campaign meeting with a Russian lawyer as documented in Robert Mueller's Russia report.