Trump-branded properties are selling for far less than buildings that removed his name, report says

• Manhattan condos with Trump's name sell for less than units without his logo, the NYT reported.
• Trump Tower has seen a 49% drop in the average price per square foot of its condos since 2013.

Condominiums in Manhattan branded with the name of former President Donald Trump are selling for far less than buildings that have removed his branding, according to The New York Times.

The newspaper referred to sales data from two real estate tracking firms, coupled with an analysis conducted by Columbia University economist Stijn Van Nieuwerburgh.

Examining a one-year period from when Trump was elected president in 2016, condos in Trump-branded buildings went from being sold at a 1% premium to being sold for 4% less than similar units without the logo, it found.

Van Nieuwerburgh told The Times that this indicates that Trump-branded condos became a "bargain" in the Manhattan real-estate market.

And the fall in price wasn't short-lived.

Trump Tower on Fifth Avenue has experienced a 49% drop in the average price per square foot of its condos since 2013, according to Ondel Hylton, senior director of content and research at CityRealty, per The Times.

Hylton told the newspaper that factors including the building's age, competition from neighboring luxury apartments, and regular protests outside the property likely contributed to the decreased value.

CityRealty's analysis of the price per square foot of condominiums in the seven Manhattan buildings still carrying the Trump name revealed a 23% drop between 2013 and 2023, The Times reported.

ATTOM, a property data analytics firm that used a slightly different methodology, identified a 17% decline, per the newspaper.

In contrast, The Times reported that condominiums in four buildings where the Trump logo has been removed at the request of residents have seen their value shoot up.

These buildings experienced a 9% uptick in value from 2013 to 2023, slightly surpassing the 8% increase in the rest of the Manhattan condominium market, according to CityRealty.

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

"Removing the Trump name from the building removes the loss associated with the name," he added.

Overall, Van Nieuwerburgh's analysis found a "huge" 25% fall in value for Trump-branded properties compared with like-for-like properties from their peak in 2013, according to The Times.

It's worth noting that the data focuses exclusively on Manhattan and may not necessarily reflect what is happening to Trump's real estate portfolio in places like Florida, where his Mar-a-Lago resort is located.

Trump's post-presidency office and the Trump Organization did not immediately respond to requests for comment from Business Insider, which were sent outside operating hours.