(Upper West Side, NY) — The presidency isn’t the only thing heating up for Donald Trump. The real estate tycoon’s real estate empire is taking a hit. In previous months it was the value of his buildings that were plummeting, now it’s the name!
Earlier last month an NYC judge sided with residents of the Trump Place on Manhattan’s West Side who want Trump’s name off their building.
New York Supreme Court Judge Eileen Bransten sided against the Trump Organization. And, if enough residents approve, the Trump Place may no longer be, the Trump Place.
The Trump Place isn’t the only company that has requested to remove Trump’s name. Last December Trump Soho a New York hotel, was renamed The Dominick Hotel.
The online brokerage firm Zumper has been studying rental prices at Trump buildings. Nathan Tondow, the managing broker at the firm’s New York office, says, “We’ve had rental clients who didn’t want to see buildings because they did have the Trump name on them. And we tried to explain that it is owned by someone else. It’s just the Trump name. And they say, “I know. But walking into that every day just feels wrong.”
The Trump Organization has refused to comment. As for the Trump Place, there is no confirmation that the name will be removed. However, there are many positives to it happening. From a business perspective Trump apartments are selling at lower prices than they used to, so a name change could mean an increase in value.