Donald Trump’s real estate in Manhattan (New York) has lost half of its value since the beginning of his presidency.
A study published by the real estate website Curbed notes that «the name of the former president turned out to be toxic for the real estate market» of the Big Apple. The authors of the report studied five buildings under the Trump brand in Manhattan, as well as three buildings on Riverside Boulevard that previously bore his name.
On average, when he took office in 2016, the cost of the Trump building in Manhattan was $3,346 per square foot. By the end of his term, a square foot was worth $1,619 — which is 51.61% lower.
Real estate agent Mark Cohen noted in an interview with Business Insider that, although it is likely that the property value will eventually rise again, at the moment the Trump name is «radioactive».
«If I wanted to take on a new project now, I [would not have chosen a building with] Trump’s name,» he said.
Earlier this month, New York announced that it was severing its ties with the Trump Organization in light of the riots in the Capitol, which killed 5 people.
Mayor Bill de Blasio said that all contracts between the city and the president will be broken. This includes contracts for ice rinks in Central Park, carousels in Central Park and Trump Golf Links golf courses.
«Let’s be clear,» De Blasio stressed in a statement — inciting a riot against the US government is clearly a criminal activity. The City of New York will no longer have anything to do with the Trump Organization.»
