X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The Q2 Donald J. Trump Report, an analysis of one- to three-bedroom luxury condos located between 42nd and 86th streets, shows an average sale price increase of 3%, to $942 per sf. The value has climbed 11% this year alone, growth Trump attributes to broad buyer demographics and low mortgage rates, which currently sit at a 32-year low.

“Historically the real estate market has reacted negatively to downturns in the stock market,” says Trump, chairman, president and CEO of the Trump Organization. “Such was the case in the early 1990s, but this time around the circumstances are quite different.” Trump says institutional-wary buyers “feel more confident placing their capital in Manhattan real estate rather than with investment banks.”

Despite a stilted stock market and an endless public procession of corporate illegality that has generally prompted skittish investor attitudes, the luxury market has remained resilient during the downturn. The average three-bedroom, 2174-sf sale price actually posted an 8% gain to $2,589,000, while the average two-bedroom, 1449-sf apartment sale price rose 7% this quarter to $1,474,000. Additionally, there was no change in two-bedroom sale volume this quarter, typically the largest portion of the market according to the report.

GlobeSt.com recently struck an alliance with the Trump Corp., the residential real estate division of the Trump Organization, to provide quarterly reports on the luxury condominium market in New York City. The current Q2 Trump report can be found here.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.