Trump Tower Condo Owners Are Selling For Losses, Report Says

MIDTOWN MANHATTAN, NY — Condo owners in President Donald Trump's signature tower are having trouble selling their homes for a profit, a rarity in a New York City real estate market that features constantly skyrocketing land values.

Several homes in the building have sold at a loss in the past two years, Bloomberg first reported. Some condos in the building recorded losses as catastrophic as 20 percent or greater, according to the report.

A more damning statistic for the building might be its occupancy rate. In the past seven years the building has gone from 99 percent occupancy to 83 percent occupancy, Bloomberg reported. The current vacancy rate is twice the city's average.

Bloomberg blamed the poor performance of the building's apartments to the increased security presence, a lack of substantial upgrades to the building and an overall dislike for Trump in the liberal stronghold of New York City.

Trump Tower's problems also extend beyond its condos. More than 42,000 square feet of office space in the building remains vacant despite rents that are considered bargains compared to the rest of Midtown's pricey rates, Bloomberg reported.

Read the full Bloomberg article here.