With a surge of negative news surrounding the city, vultures and savvy buyers are circling for spoils caused by the ongoing COVID-19 pandemic, ensuing political incompetence, and resulting fiscal crisis. While there is little doubt the city will survive, the widespread economic damage caused by the virus is growing more apparent especially of its impact on government coffers, employment, demographic trends, and of course the real estate market.
In this ultimate buyer's market, deals unseen for nearly a decade are coming online. Very negotiable asking prices, estate sales, and enticing incentives on new development condos allow well-financed prospectors waiting on the sidelines to acquire a Manhattan home at quite a discount when compared to years past. Though exaggerated in its magnitude, local homeowners who've permanently ditched the city for the suburbs will be looking to offload their city apartments to offset their new home purchases and mighty suburban taxes. And while foreclosures are rare in Manhattan, there is evidence many financially-squeezed owners impaired by the pandemic's fallout are feeling the pressure to sell, sometimes below the price they originally paid if the unit was purchased in the last several years.
In this ultimate buyer's market, deals unseen for nearly a decade are coming online. Very negotiable asking prices, estate sales, and enticing incentives on new development condos allow well-financed prospectors waiting on the sidelines to acquire a Manhattan home at quite a discount when compared to years past. Though exaggerated in its magnitude, local homeowners who've permanently ditched the city for the suburbs will be looking to offload their city apartments to offset their new home purchases and mighty suburban taxes. And while foreclosures are rare in Manhattan, there is evidence many financially-squeezed owners impaired by the pandemic's fallout are feeling the pressure to sell, sometimes below the price they originally paid if the unit was purchased in the last several years.
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One such case has appeared at Trump World Tower where a massive 5,107-square-foot combination unit has hit the market for $7.6 million, $4.1 million less (-35%) than its 2018 asking price. The buyer and its 2018 closing price are unknown but according to the listing, the home is avalable for immediate sale and is "pursuant to a confirmed Chapter 11 bankruptcy plan."
The unit is a rare opportunity to acquire three contiguous apartments in the sleek full-service building. Construction had begun merging the units together with walls removed and demolition mostly complete. The space allows a would-be buyer to bring in an architect to customized their vision from a blank canvas. The spread provides a 180-degree view of the city, 10-foot ceilings, and floor-to-ceiling windows. Prior to financially going belly-up, the current owner envisioned six bedrooms, six full baths, two half baths, a formal dining room, a separate living room, a library, and a laundry room.
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Trump World Tower was built as the world's tallest residential building by Donald Trump in 2001. While we are not one to give the President much credit, the Costas Kondylis-designed tower was a precursor to the supertall, ultra-luxury condo race that emerged in the city after the Great Recession. Situated across from the United Nations and overlooking the East River, the dark-bronze building features a state-of-the-art health club with a 60-foot pool, a porte-cochère driveway, parking garage, and The UN Plaza Grill and World Bar at the base of the building.
The building reigned near the top of Manhattan's luxury market until newer, taller, and more amenity-laden developments came online in more desirable parts of the island. Even prior to COVID-19, apartments in Trump World Tower struggled to hold their values. Since the standing President came into office in 2016, the average price/ft2 paid for a condo sold in the building has plummeted from $1,789 in 2016 to $1,329 in 2020. The average blended PPSF in the building hasn't stood below $1,400 since 2006. Combo unit #51ADE, a trophy home in the making, is asking just $1,488/ft2. Furthermore, nearly all recent deals in the building have fallen short of their asking prices.
PPSF of closed sales in Trump World Tower (CityRealty)
There are 29 apartments available in the building including the five separate potential configurations of #51ADE. One-beds start at $1.3M, two-beds from $1.75M, and three-beds from $2.995M. And more and more, we are seeing in our
weekly listings price cuts
top-of-the-market homes substantially reduced by 30 and sometimes more than 40%.
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