Monday, April 9, 2018

What We Learn, Because of the Trump Tower Fire, About the Declining Value of the Trump Brand in NYC

A report from The New York Times:
Todd Brassner, who died in a fire at Trump Tower on Saturday, loved fast cars, electric guitars, expensive watches and making long, erudite pronouncements about art and art history. He was an art dealer with health problems and a 2015 bankruptcy that listed his apartment as the location of more than $3 million worth of artwork and other collectibles, including a 1975 portrait of Mr. Brassner painted by Andy Warhol.

Friends of Mr. Brassner said he had been trying to move since the election of President Trump in 2016, which brought increased security and activity to the building on Fifth Avenue in Manhattan, but he could not sell his 50th-floor apartment, which he estimated to be worth $2.5 million in 2015.

“It haunts me,” said Stephen Dwire, 67, a musician and music producer who had been friends with Mr. Brassner since they were 14-year-olds in Harrison, N.Y., in Westchester County. “He said, ‘This is getting untenable,’” Mr. Dwire said. “It was like living in an armed camp. But when people heard it was a Trump building, he couldn’t give it away.”
-Robert Wenzel  


  1. Whatever....A New York city condo listed for $30.5 million just went for $11.5 million. The deal is in the eyes of the beholder.

    The New York Post reports Penthouse's $19 million discounted sale is a sign of a weak market.

    A sprawling triplex penthouse at 12 E. 13th St., which once asked as much as $30.5 million, has sold for $11.5 million, according to city records filed Wednesday.

    Real Estate Rot Starts at The Top End

    In most markets, rot starts at the periphery and eats its way to the core. With real estate, price discounting starts at the top and works its way lower.

    it's highly likely we have seen the peak this cycle at the top end. The stock market is starting to crumble and other asset prices are likely to follow.

  2. Pretty typical action when millionaire's can't sell a property. They set it on fire and collect the insurance. I hope the insurance investigators are doing their job.