Trump's name is affecting the value of Manhattan properties

A New York Times analysis of property value data in the city shows that Trump's name has reduced the value of condos in luxury buildings.

The analysis used data from two real estate firms and sought the oversight of Columbia University economist Stijn Van Nieuwerburgh.

The information shows that the value of Trump condos in New York dropped stiffly after Mr. Trump became President in 2016, the newspaper explained.

Properties in Trump buildings went from selling at a 1% premium to selling for a 4% discount, becoming a bargain among luxury properties, Van Nieuwerburgh told the newspaper.

A review by CityRealty, a real estate listing website, collected by the newspaper showed that condos in Trump buildings dropped in value by 23% in ten years between 2013 and 2023.

The newspaper and Columbia Economist also analyzed the value drop of Trump building condos in that period but with greater detail.

Van Nieuwerburgh ensured the value drops were unrelated to anything else: he compared condos in similar areas and with the same characteristics.

The Columbia economist discovered that the Trump building properties had lost 25% in value since 2013 compared with similar properties. "It's huge," he told the newspaper.

However, the value drop alone does not confirm that Trump's name was responsible. So, according to The New York Times explanation, the Columbia economist made another comparison.

For that, he used a group of buildings that dropped the Trump name after owners decided it was a burden for their condo premium: those properties increased in value.

"This analysis clearly identifies that the Trump brand is responsible for the value deterioration," Van Nieuwerburgh told The New York Times.

They also looked at Trump Tower, arguably the most iconic building of the brand in New York City. They discovered it had lost a stunning 49% of its value.

The analysis came right after a trial in which the former President constantly talked about the value of his brand, including his real estate businesses.

The hearings were part of a civil lawsuit brought by New York Attorney General Letitia James against Trump for inflating the value of his assets to make more money.

According to AP News, a New York judge found the former President guilty of lying about his wealth. Now, he, his family, and his company will have to pay $355 million in penalties.

Still, The New York Times claims his presidency could have benefited the Trump brand in more conservative states, like Florida.

Despite the fraud case and value drop, Trump still owns a fortune. According to Forbes, the former President's net worth was $2.6 billion in 2023, lower than the $4.5 billion of 2016 but still high.