It was another tough week for the Trump brand in New York City real estate.
On Tuesday, it was reported that the late Ivana Trump’s Upper East Side townhouse at 10 East 64th Street was listed for the third time — its price dropped over 30 percent from when she first hit the market three years ago.
The next day, the most expensive condo in eight years sold at Trump Park Avenue — for half of what seller Robert Tillis paid for it in 2016.
The rough performance comes as buildings around the city have been trying to de-Trump themselves for years, some successfully and others less so. Last year, a Columbia Business School professor analyzed condo sales data, showing that the values of Trump condo buildings have fallen precipitously compared to other towers around the city.
So, are Ivana’s townhouse and Tillis’ condo just another case of the Trump name ravaging real estate values in the Democratic stronghold that is New York City?
Probably not, at least in this case.
The townhouse is, as a broker trying to sell it might say, “quirky,” with red carpets and pink marble lashings.
“No one is buying the place and not redoing it,” a fashion designer and friend of Ivana Trump said when it was listed.
The same could be said for Tillis’ eight-year-old condo, with its white-veined gray marble bathroom.
In reality, the homes speak less to buyers’ unwillingness to splurge on Trump-associated property, and more to their unwillingness to splurge on renovations when there are newer homes popping up around the city.
“It’s so difficult to do work now from a time, labor [and] materials perspective, that unless buyers are getting a really, really good deal, they’re not willing to do that work,” Brown Harris Stevens’ Jared Antin told me during a conversation about the city’s market.
When it comes to residential real estate, it’s less about what’s in a name and more about what’s in the property.
What we’re thinking about: Speaking of politicians impacting real estate, there was much sturm und drang after Zohran Mamdani won the Democratic mayoral primary, with a number of agents claiming residents and businesses were preparing to flee the city. Things seem to have calmed down since, but I wonder if any of those concerns have materialized? Or, will they start in earnest after the election in November? Email me at jacob.indursky@therealdeal.com.
A thing we’ve learned: Ever wonder how hot it actually is when you’ve soaked through your shirt waiting for the train at 34th Street? A new project from New York Lab is installing sensors in subway stations around the city to measure exactly that. The project, which began after a man named Jack Klein posted TikToks measuring the heat and air quality in subway stations, has installed 10 sensors in Manhattan stations so far. If it can help me show up to my next meeting slightly drier, I’m all for it.
Elsewhere…
— More than 20 workers who renovated the NYPD properties will share an almost $900,000 settlement from the contractor, CLS Project Solutions, according to an announcement from the city comptroller, Gothamist reported. The settlement includes compensation and interest for unpaid wages for work that took place between October 2018 and November 2020.
— New Yorkers with housing vouchers will see a rent hike following a rule change by the Adams administration, The City reported. Starting Sept. 13, households that have earned income and have been on the CityFHEPS program for five years will see their rent contribution rise from 30 percent to 40 percent. This will affect around 3,100 families in the first year.
— After years of delays, Amtrak launched its first Avelia Liberty train on Thursday, one of five new Acela trains, according to Crain’s New York Business. Its top speed is 10 miles per hour faster than the current Acela trains. The manufacturer, Alstom, built the trains as part of a $2.3 billion contract made in 2016. — Quinn Waller
Closing time
Residential: The top residential deal recorded Friday was $8.8 million for 145 Hudson Street, 7B. The Tribeca condo unit at The Sky Lofts is 3,300 square feet. Compass’ The Hudson Advisory Team has the listing.
Commercial: The top commercial deal recorded was $10.7 million for 89-02 Atlantic Avenue and 94-33 89th Street. The sale is for two industrial buildings in Ozone Park, totaling over 30,000 square feet.
New to the Market: The highest price for a residential property hitting the market was $12.3 million for 217 West 57th Street, Unit 35B. The Central Park Tower condo unit is 2,600 square feet. The unit is sold by developer Extell Marketing Group.
Breaking Ground: The largest new building project filed was for a proposed 24,465-square-foot, five-story, residential building at 382 Remsen Avenue in Brooklyn. Nikolai Katz of Nikolai Katz Architect is the applicant of record.
— Joseph Jungermann
