MSNBC: Drastically discounted apartments in Trump Tower that tenants can't sell: 'It's a bloodbath'

[Soph0571]

“The Manhattan real estate market is one of the most expensive in the world, and despite a recent slowdown, it’s still a profitable investment for the vast majority of people who can afford it,” Hayes reported.

He explained that less than one-quarter of one percent of homes in Manhattan sold at a loss over the last two years.

Hayes noted that in Trump Tower, several units have sold for more than a twenty percent loss over the last two years.
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For example, Unit 30-G was listed for $6.9 million during the second month of Trump’s presidency. It just entered contract for $3.5 million.

“Ouch,” Hayes noted.

One unit was listed for $18 million during Trump’s campaign and is now been cut to $8,995,000 — a decrease of more than fifty percent.

“It’s a blood bath happening in the middle of one of the world’s strongest real estate markets,” he noted. “All seemingly due to the five letters on the front of the building.”

[link:https://www.rawstory.com/2019/05/msnbc-host-humiliates-trump-with-list-of-drastically-discounted-apartments-in-trump-tower-that-tenants-cant-sell-its-a-bloodbath/|

Toxic...

[rampartc]

1. my guess is that the dumps were overvalued because of those 5 letters

but were bought as money laundering vehicles. I have no sympathy for the owners and certainly no desire to pick up a cheap condo.

[shanny]

2. Unfortunately, we all are one of the proud owners of an apartment there:

the one seized from Manafort (heh). Oh well, at least the Secret Service can use it.

[Wounded Bear]

12. Not the Secret Service. US Marshalls have custody...

I suspect they'll auction it off. That's what Rachel was saying when she reported it last night.

[shanny]

15. Hmmm.

We should keep it...if continuing protection for the orange asshat is needed. After all, he'll get SS protection for life and who wants to pay rent to provide it?

[jmowreader]

21. I have a better short-term use for it

Right now, the Secret Service pays Trump to rent space in Trump Tower as an operations center. My recommendation would be to terminate that arrangement and move into the government-owned apartment we confiscated from Paul Manafort.

This has three benefits: it will save us money, reduce Trump’s income, and royally piss him the fuck off.

[tanyev]

3. No, not just due to the five letters on the front of the building.

Trump's New York residence and offices are in that building. That is the shit show nobody wants to get near.

If it were only his name on the building, as in other cities, there might be some deterrent effect, but you could eventually find someone willing to buy.

[Turbineguy]

4. Trump will do the same to the general economy

he'll get even with the world.

[Wounded Bear]

13. Getting even with the world...

[Buns_of_Fire]

5. Easy enough to fix. Just remove the first letter.

The sign still retains most of its symmetry, and I think it'd piss off Comrade Fishylips more than removing all five -- just because it's mocking him.

[shanny]

16. Hey! Great idea.

wouldn't it be fun if some midnight marauders did that right now?

'course, rump would want to prosecute them for treason...which would keep the story front and center. that guy can't stop himself from tripping over his dick (figuratively)(ahem).

[Achilleaze]

6. Winning! (R)

The republican Draft-Dodger-in-Chief has earned his FAIL the old fashioned way - with lies, cheating, and grifting.

[get the red out]

7. My Momma warmed me against

keeping bad company. 😋

[hatrack]

8. Womp Womp 2.0

[Stuart G]

9. Here it is...Proof about "The Trump Name"

In the Lounge I put up a short post about the "Trump Name." It predicts that when Trump leaves, the name "Trump" will be worthless. But Trump has not left office yet, and that name, "Trump" is already destroying the price of some real estate in New York City. This will not get better, it will get worse. (my opinion)


https://www.democraticunderground.com/10181222087

[Princess Turandot]

10. Trump's also having trouble renting the office and retail space which, unlike the condos, are his.

Who wants to pay through the nose to live or work every day with the logistics of an ultra high-security zone, that isn't warranted by anything but the presence of a sitting POTUS. (Had he been someone else, he could have easily chosen to mothball the apartment at least while he was in office, staying at his NJ or Westchester golf course homes on the rare occasions he's the area, or at the Waldorf.)

And if you're an LLC looking to newly 'park' some money in NY real estate, would you really want to be associated with his properties at this point, when there are others to be had w/o the drama?

[hedda_foil]

11. Truth in advertising. Rebrand the place Putin Plaza.

[BSdetect]

14. Remember he renamed his hotel chain as Scion - avoiding his own brand name.

Never stay in that hotel.

[zonkers]

17. Rename it. Just license the name "The Obama".

[Honeycombe8]

18. This makes me happy. But I'm puzzled as to why...

an apt is still an apartment in Manhattan. Is the loss in value JUST because of the owner's name? The owner's name is that important? Or is it because they think the Trump properties may be in peril because of the possibility of indictment of Trump in the future, or his "empire" may come crashing down because of tax evasion, penalties, and such? That is...it's not the name. It's the knowledge that he's a con man, and his properties may be confiscated or something, so they need to get out before that happens (in other words, a real monetary risk).

Maybe a bit of both.

I bet they thought they were sitting pretty when they bought or owned when he was named President by Putin.

[yardwork]

20. I can think of two possible reasons.

One, as suggested upthread, is that the units were probably grossly overvalued before, and used for money laundering.

My other thought is that high-end real estate prices are based on perceptions of prestige rather than actual value. The Trump brand is garbage now.

[obamanut2012]

22. Yup, and also think about living there now???

With the security hassle with guests, parking, just going in and out.

[Honeycombe8]

23. Two good possibilities. nt

[dchill]

19. Plus, the building is very likely unsafe.

We don't need no stinking codes!