Long before he ever became President of the United States, Donald Trump worked in real estate. He didn’t build an empire so much as he inherited an empire from his father, Fred.
And while Trump has built and maintained properties all around the world, New York City has always been his main target. New York, though, is also a fickle market place. And the city is now punished Trump for his abuses while in office.
According to a report from Business Insider:
“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.”
Prices of properties have especially been hurt since Trump incited an insurrection in early January. The piece continues, “Groups began to cut ties with the Trump Organization, including the Girl Scouts and the city of New York.”
Prior to losing the presidency in November, Trump announced that, due to tax reasons, he would be making Florida his permanent residence. It it pretty clear, however, that the city would not welcome him back with open arms.
Todd Neikirk is a New Jersey based politics and technology writer. His work has been featured in psfk.com, foxsports.com and hillreporter.com. He enjoys sports, politics, comic books and spending time at the shore with his family.