Trump’s Manhattan property values ​​plummet 50% since his presidency

Trump's Manhattan property values ​​plummet 50% since his presidency

Real estate Donald Trump 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 to the real estate market» of the Big Apple. The authors of the report examined 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 — down 51.61%.

Real estate agent Mark Cohen told Business Insider that while property values ​​are likely to eventually rise again, Trump's name is currently «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 ties with the Trump Organization in light of the Capitol riots that killed 5 people.

Mayor Bill de Blasio said that all contracts between the city and the president would be torn apart. This includes contracts for skating rinks in Central Park, carousels in Central Park and Trump Golf Links.

Let's be clear, ”De Blasio said in a statement,“ incitement to revolt against the US government is clearly criminal activity. … New York City will no longer have anything to do with the Trump Organization.