NAME ‘BECAME A PROBLEM’

The building’s net income is still about 26 per cent lower than what bankers expected when they evaluated Trump’s fitness for a US$100 million loan in 2012. Even so, Trump Tower regularly produces an annual profit for its namesake. Last year, the building generated US$10 million in net cash flow, after taking into account its annual US$4.3 million interest payment on the loan, according to Trump Organisation disclosures.

The Trump Organization didn’t respond to requests for comment.

Condo owners hoping to run into the president on occasion have been disappointed. While Trump ran his presidential campaign out of the high-rise, he’s only visited 13 times since his inauguration, according to a count from NBC News.

Michael Sklar sold his parents’ 57th floor unit for US$1.83 million in October after they spent US$400,000 to remodel the property. His family purchased it for US$1.4 million in 2004, which comes out to US$1.84 million after adjusting for inflation.

“No one wants in that building,” said Sklar. After Trump’s election, living in his tower became a hassle, he said. His mother, who was battling cancer, took cabs to the building from the airport, and she used to be dropped off right in front of the entrance. After the election, security would force her cab driver to drop her off a few hundred feet from the front door, requiring a long and painful walk home.

“The name on the building became a problem,” he said.

At least 13 condos in the tower have sold since Trump’s 2016 election, property records show. For the nine transactions where New York City records show what the seller originally paid for the property, eight sold at an inflation-adjusted loss.

By contrast, just 57 homes in Manhattan sold over the past two years at a loss, out of 24,871 thirdparty sales, according to PropertyShark, although the firm doesn’t adjust for inflation.

“The luxury market is softening,” said Matthew D. Hughes, a Manhattan-based broker at Brown Harris Stevens. “But it’s rare that someone owns an apartment here for 10 years and takes a loss.”

One New York real estate agent, who didn’t want to be identified discussing Trump, said clients have repeatedly told him not to show them units in Trump buildings.

These days, gawkers sometimes outnumber the customers of the building’s remaining retail stores.

Trump Tower’s occupancy rate has plunged over the last seven years to 83 per cent from 99 per cent, giving it a vacancy rate that’s about twice Manhattan’s average.