Ivanka Trump is experiencing blowback from her father’s presidency just like other condo owners in Trump properties. She’s been forced to cut the price twice on her two-bedroom Upper East Side apartment in New York City. But still no takers.
Ivanka and husband Jared Kushner bought the unit for $1.5 million in 2004 from her father’s company, the Trump Organization.
She put it on the market for sale last December for $4.1 million. That’s a hefty 366 percent increase over the sale price.
Manhattan real estate has been sizzling for the last few years, but appears to have flattened out in recent months. Ivanka has been steadily dropping the rent without takers for more than a year.
Amenities at Trump Park Avenue Tower • 24-hour doorman and concierge services (Trump Management Services)
• Hotel and valet services
• Daily maid service/laundry service
• Live-in resident manager
• Wired for advanced telecommunications
• Individually operated 12-month climate control
• State-of-the-art fitness center
• Kitchens with fluted glass-panel white wood cabinetry, undermount cast-iron sinks, marble countertops and mirrored backsplashes.
• Baths with Fior de Pesco marble, white wood cabinetry and Watermark chrome nickel fixtures and finishings
• Solid oak quartersawn floors
• Floor-to-ceiling windows, some luxury homes have 360 degree views
She first offered the Park Avenue condo for $15,000 a month in November 2015. She cut it this month to $10,450 a month, roughly a 30 percent decrease.
New York City real estate sources tell Bloomberg the apartment is still over-priced. The median rent for two-bedroom luxury units is about $8,000 a month.
If Ivanka was counting on a bump because of her celebrity, she isn’t getting it. But part of the problem may be the market itself.
Just over 7,400 apartments were listed for rent in Manhattan at the end of August, up by more than 30 percent compared to 31 the monthly average dating to 2008, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
It’s unknown whether Ivanka and Jared spent any time in the condo. They also own a penthouse unit in the building. According to recent sales data, penthouse apartments sale prices have ranged from $10 million to $24 million.
The Trump Organization sold a two-bedroom unit earlier this year at a $2 million premium.
The property is the old Delmonico Hotel, built in the late 1020s at Park and 59th Street. Trump bought it in 2001 for a reported $115 million and launched a $100 million renovation in 2004. Ivanka apparently got in on the ground floor.
It now has 120 luxury units, ranging in size from one to seven bedrooms, according to a synopsis of the property.
The lobby has double-height, coffered ceilings, checkered, marble floors and wood-paneled walls. The signature feature is the building’s tower. It contains 12 floors with 360 degree views of Manhattan.
Floors five through 15 are one, two and three-bedroom condos. Terraced homes begin on the 16th floor.
Private elevators open onto the 20th floor and beginning there are 12 full-floor apartments. They range in size from over 4,000 to 7,000. Floors 31 through 32 holds the penthouse duplex that has a 17-foot aerie with vaulted ceilings, arched windows and very large terraces.