Not all is well at this glamorous piece of real estate.
The iconic mixed-use 58-story Trump Tower, on 721 Fifth Avenue, in Midtown Manhattan, with top-dollar retailers such as Tiffany’s nearby, was the ultimate in condo living when it was built in 1983. Now it’s even more iconic as President Elect Donald Trump holds court there, among enormous security measures and the daily flow of potentates, moguls, Big Oil CEOs, the occasional Silicon Valley wunderkind, billionaires, Goldman Sachs folks, and the like.
But not all is well at this piece of glamorous real estate.
Of its 238 apartments – located on the top 38 floors, including nine duplex and triplex penthouses on the top nine floors – 11 are actively listed for sale, according to CityRealty, and another 12 are listed for rent. Asking prices and asking rents have been slashed to get the units to move, and it’s not working very well.
The table below shows the 11 apartment listed for sale. Three of them consist of two units that have been combined: 42BC, 58CD and 37D/38D. Five sellers have cut their asking prices, with reductions ranging from -7.8% to -26.8%. And note for how long they’ve been on the market (right column), in a market that isn’t exactly ideal:
This post was published at Wolf Street by Wolf Richter /Dec 12, 2016.
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