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Trump Tower Prices Nosedive

Image: Trump Tower Prices Nosedive

Trump Tower in N.Y. (AP Photo)

By    |   Wednesday, 23 Nov 2016 09:28 PM

Trump Tower residents in New York want out.

Prices are falling significantly, and at least 31 units are for sale or rent at the complex on Fifth Avenue, according to an analysis by The Hollywood Reporter. About 39 percent of sales and rentals have been reduced this year compared with last March, when THR conducted a similar analysis.

The tower has been a high-traffic area since Donald Trump won the election in early November and has been described as a chaotic mix of security, aides, protestors, supporters and press. Trump has held many of his meetings in the building, including some with world leaders, and the cost to secure the tower and the surrounding area is more than $1 million a day, according to CNN.

According to THR, rentals have been on the market, on average, for 118 days compared to the average Manhattan rental that sits on the market for 46 days. Prices dropped in five rental units the week after election day, including one that dropped six times since June.

On the sales side, the average unit has been on the market for 188 days, which is almost 50 percent longer than the average luxury unit in Manhattan. One unit – a two-bedroom duplex measuring 2,184 square feet – has been on the market for 460 days and dropped from $6.9 million to $5.995 million.

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Trump Tower residents in New York want out. Prices are falling significantly, and at least 31 units are for sale or rent at the complex on Fifth Avenue, according to an analysis by The Hollywood Reporter.
Trump, tower, prices, falling, security, crowds
229
2016-28-23
Wednesday, 23 Nov 2016 09:28 PM
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