It was again a tough week before the Trump brand in real estate in New York City.
On Tuesday it was reported that the mansion of Late Ivana Trump was mentioned for the third time at 10 East 64th Street – the price fell more than 30 percent compared to when she first came on the market three years ago.
The next day the most expensive apartment in eight years was sold at Trump Park Avenue – for half of what seller Robert Tillis paid for it in 2016.
The raw performance is because buildings in the city have been trying to de-Trump for years, some successful and others less. Last year a professor analyzed in Columbia Business School Condo Sales -which shows that the values of Trump apartments have fallen quickly compared to other towers in the city.
So, are the mansion of Ivana and Tillis’s apartment just another case of the name of the Trump that destroys real estate values in the democratic stronghold that is New York City?
Probably not, at least in this case.
The mansion is, like a real estate agent trying to sell it, could say: ‘quirky’, with red carpets and pink marble chuckers.
“Nobody buys the place and don’t do it again,” said a fashion designer and friend of Ivana Trump when it was mentioned.
The same could be said for Tillis’s eight-year-old apartment, with its white-violin gray marble bathroom.
In reality, the houses speak less against the unwillingness of buyers to spend on Trump-Associed property, and more about their unwillingness to spend on renovations when newer houses in the city appear.
“It is so difficult to work now from a time, work [and] Material perspective, which unless buyers get a whole, really good deal, they are not willing to do that work, “Jared Antin by Brown Harris Stevens told me during a conversation about the city’s market.
When it comes to residential real estate, it is less about what is in a name and more about what is in the building.
We think about: Talking about politicians who influenced real estate, there was a lot of stur and urge after Zohran Mamdani had won the democratic mayors primarily, with a number of agents claiming that residents and companies were preparing to flee the city. Since then things seem to have calmed down, but I wonder if one of those worries has come true? Or will they start seriously after the November elections? E -Mail me at Jacob.indursky@therealdeal.com.
Something we learned: Ever wondered how hot it is when you are pressed through your shirt, waiting for the train in 34th Street? A new project from New York Lab Installs sensors in metro stations in the city to measure that exactly. The project, which started after a man named Jack Klein Tiktoks posted that measuring the heat and air quality in metro stations, has so far installed 10 sensors in Manhattan stations. If it can help me to appear somewhat drier to my next meeting, I am completely for it.
Elsewhere…
– More than 20 employees who have renovated the NYPD properties will share a settlement of almost $ 900,000 from the contractor, CLS Project Solutions, according to an announcement of 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 rental increase after a change in line by the Adams administration, The city reported. From September 13, households who have earned income and have been in the CityfHEPS program for five years will increase their rental contribution from 30 percent to 40 percent. This will influence around 3,100 families in the first year.
– After years of delays, Amtrak launched his first Avelia Liberty Train, one of the five new ACELA trains, according to Crain’s New York Business. The top speed is 10 miles per hour faster than the current ACELA trains. The manufacturer, Alstom, built up the trains as part of a $ 2.3 billion contract in 2016. – Quinn Waller
Closing time
Residential: The best residential deal was registered on Friday $ 8.8 million for 145 Hudson Street, 7b. The Condo unit of the Tribeca at the Sky Lofts is 3,300 square base. Compass’ The Hudson Advisory team has the list.
Commercial: The best commercial deal was $ 10.7 million for 89-02 Atlantic Avenue and 94-33 89th Street. The sale is for two industrial buildings in Ozone Park, a total of more than 30,000 square feet.
New on the market: The highest price for a home that hit the market was $ 12.3 million for 217 West 57th Street, unit 35b. The Condo unit of the Central Park Tower is 2,600 square foot. The unit is sold by developer Extell Marketing Group.
Breaking Ground: The largest submitted new construction project was for a proposed 24,465 square base, five -storey residential building at 382 Remsen Avenue in Brooklyn. Nikolai Katz from Nikolai Katz Architect is the applicant for the record.
– Joseph JUNGERMANN
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