(New York, NY) — Since 2015, the prices of condos at NYC’s Trump Tower have plummeted in value.
According to Business Insider, the average price per square foot (PPSF) at the Trump Tower dropped 13% from 2016 and 23% from the year before, leaving its current PPSF at $2,100.
Now, while we have speculated whether or not Donald Trump’s rocky campaign has affected his real estate portfolio, the recent fire on the 50th floor of the Trump Tower, which killed one and injured six, could leave a lasting impression.
Many factors can influence the deduction of a property’s value after a fire, such as insurance claims, and damage restorations. And, while the fire was contained to the 50th floor (a job well done by FDNY), the Trump organization might run into some trouble. CNN has reported that there were no fire sprinklers on the upper-level residential floors, a recipe for disaster. And, to make it even more interesting, just three months prior, the building endured a minor fire that broke out on the roof.
Manhattan – 2nd Alarm – Trump Tower – Fire out 3 windows, Fire in Apt 50C&D https://t.co/XOi8SOAnYi
— Mark G. (@ProvRIFire) April 7, 2018
— Jonathan Miller (@jhmill) April 7, 2018
Fire at Trump Tower is out. Very confined (well built building). Firemen (and women) did a great job. THANK YOU!
— Donald J. Trump (@realDonaldTrump) April 7, 2018
Is the aging Trump Tower, around since 1983, well equipped for these types disasters?
Other famous luxury building fires
The Trump Tower is not the first luxury condo complex to have gone up in flames. In June of 2017, the Grenfell Tower fire in West London killed more than 71 and injured over 70.
In 1986, the Dupont Plaza Hotel, in San Juan, Puerto Rico, was set on fire on New Year’s Eve. This devastating fire killed 98 and was named the second-deadliest hotel fire in the history of the United States.
Another famous luxury building fire was the MGM Grand Hotel fire. In 1980 the Casino in Nevada shot into flames, killing 85 and injuring over 500.