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Trump condo owners trying to change building name as prices plummet

J

johnsmith

remember me
A former partner at Goldman Sachs is mounting an effort to remove the name "Trump" from one of his marquee towers in New York City to boost property values.
Since Donald Trump took office as U.S. president, the value of condos and apartments inside Trump-branded buildings in New York City have plummeted, which has some homeowners inside those buildings looking for a change — a change in name.

Over the past month, a letter has been circulating among owners of apartments at Trump Palace at 200 East 69th Street seeking consensus on whether it would be best to remove the name "Trump" from the building in an effort to boost property values.

"This problem is real and will not go away anytime soon," reads the letter that was authored by Laurence Weiss (and obtained by The Hollywood Reporter). Weiss, who has owned a unit in the building since 2003, says that he has been trying to sell his apartment in the tower for the past two years. The price of his 3,600-square-foot, four-bedroom, 4.5-bath penthouse unit has dropped from an evaluation of $15 million two years ago to its current listing price of 8.9 million. His letter reads: "We, the owners, can change the name if 2/3 of us agree. I am asking you to support my effort to remove the name Trump from the building and change the legal name from 'Trump Palace Condominium' to '200 E 69th St. Condominium.' I understand that for some this is a complicated issue. For me, it's only business. Our homes are worth more without the Trump name."

Trump Palace is a 55-story brick residential tower that stands out for its multiple terraced setbacks and large jutting balconies on the Upper East Side. Built in 1991, the building has 277 units that range from studio apartments to full-floor penthouses with 360-degree views.

News of the letter was first reported by Keith Olbermann on a recent episode of his GQ video series The Resistance. Last year, Olbermann sold his own 1,750-square-foot, two-bedroom apartment in Trump Palace. And even though he took a $400,000 hit on what he originally paid in 2007, he famously quipped on Twitter: "I got out with 90% of my money and 100% of my soul!"

An analysis by THR conducted last November revealed that pricing was increasingly soft at Trump Tower. A similar dynamic appears to be taking place at Trump Palace. Of the 18 current listings for units there, seven have seen recent price reductions. Take unit 18D, a one-bedroom unit with 874 square feet and a southern exposure. That apartment has seen two price reductions (totaling 18 percent) and remains unsold after 520 days on the market.

Brokers argue that a glut of luxury condos in New York City may also be contributing to the drop-off in prices, but market research suggests otherwise. According to the most recent Elliman Report, the average sales price of luxury units climbed 12.8 percent year over year. The average unit for sale in Trump Palace has been on the market for 107 days, roughly 35 percent shorter than the average luxury unit measured in the same Elliman Report.
Click to expand...

http://www.hollywoodreporter.com/ne...trump-branded-condos-push-name-change-1009061

Even a name change won't help prices once Manhattan's underwater.
 
S

suaveric

Member
There was a story here in Chicago a few months ago that condos for sale in Trump Tower were sitting on the market way longer than similar condos in other buildings.

I think his plan has completely backfired. The Trump brand has taken a huge hit and he became president.
 
J

jstripes

Banned
The Trump building in Toronto isn't doing so hot either. Can we get the name taken off it here too? It's a blight on our skyline.
 
L

Lunarwhale

Member
trump's name will be worth something again because there will be no more accusations, just friendly crustaceans under the sea
 
H

HStallion

Now what's the next step in your master plan?
bionic77 said:
In cities his name is hated but go down country and you will fine a lot of people love him.
Click to expand...

Too bad they'll never be able to even come close to affording a spot in Trump owned and branded real estate. Unless he starts opening up Trailer Parks after his jaunt as President.
 
RPGCrazied

RPGCrazied

Member
HStallion said:
Too bad they'll never be able to even come close to affording a spot in Trump owned and branded real estate. Unless he starts opening up Trailer Parks after his jaunt as President.
Click to expand...

Pretty much. Trump hotels from what I read are like thousands of dollars a night. What Trumper could afford that? Not many I'm sure just by looking at them.
 
H

Hamster Plugin

Member
Someone very rich could make some money from this

1. Buy an apartment / apartments at the Trump building
2. Vote to remove the Trump name (if the letter is correct and it's a 2/3 vote to remove)
3. Sell for instant profit!
 
D

Deleted member 20415

Unconfirmed Member
Avixph said:
Why not demolish those buildings?
Click to expand...

Because a lot of people live in them - and there are MULTIPLE Trump buildings on the UWS. You can see them right off the West Side Highway when you drive by.
 
S

Stinkles

Clothed, sober, cooperative
Hamster Plugin said:
Someone very rich could make some money from this

1. Buy an apartment / apartments at the Trump building
2. Vote to remove the Trump name (if the letter is correct and it's a 2/3 vote to remove)
3. Sell for instant profit!
Click to expand...

You sound like Jared Kushner. I bet Deutschebank will help you fund this cunning scheme.
 
B

Barzul

Member
Hamster Plugin said:
Someone very rich could make some money from this

1. Buy an apartment / apartments at the Trump building
2. Vote to remove the Trump name (if the letter is correct and it's a 2/3 vote to remove)
3. Sell for instant profit!
Click to expand...

Yep, I'd certainly do it if I had the means.
 
J

jstripes

Banned
FreeMufasa said:
Someone told me trump used to be hated down south and in the country.
Click to expand...

What? Southerners hating a New York City billionaire? I never would have thought.

Anyway, that was before he started screaming "YOU'RE FIRED!" at people on TV, to the delight of fragile egos everywhere.
 
L

louiedog

Member
A friend of mine who designs furniture had a very wealthy client who would fly him out on a private jet to do work in a condo he owned. He would apparently complain constantly about the Trump name that the building owner had leased and put on the property after he'd moved in. This was in 2013 and I'm wondering how much worse he feels now.
 
L

louiedog

Member
Finale Fireworker said:
Is there any data about how all/other Trump brands have been affected since the election?
Click to expand...

I'd be interested to know.

I hit up my local thrift stores looking for good deals on high quality items, like a recent score of a new $175 jacket for $8. After the election tons of Trump shirts and ties started appearing at the ones that are less choosy about what they accept. They all seemed to stay on the floor for quite awhile until a location would suddenly have none. I guess they donated them to the homeless or threw them away all at once.
 
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