"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.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
