On Wednesday, Business Insider reported that Donald Trump's properties in New York City are plummeting in value, as locals reject any association with the former president.
"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%," reported Juliana Kaplan. "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."
According to the report, the decline accelerated in earnest after the violent attack on the U.S. Capitol, which Trump stands accused of inciting in the upcoming Senate impeachment trial.
"Groups began to cut ties with the Trump Organization, including the Girl Scouts and the city of New York," noted the report. One real estate broker with ties to Trump Tower, Mark Cohen, "said that, in the weeks before the insurrection, he had fielded some phone inquiries from prospective buyers about the Trump apartments he was representing — but it felt like they were searching for deals."
Trump himself no longer lives in the penthouse of Trump Tower, having taken up residence at his country club in Palm Beach, Florida, over the objections of locals — though his family still owns the Manhattan property.