Monday, 21 January, 2019

Another Manhattan building sheds Trump branding

Another Manhattan building sheds Trump branding Another Manhattan building sheds Trump branding
Melinda Barton | 21 October, 2018, 07:48

Because President Trump isn't broadly popular in Manhattan, by early previous year hundreds of residents wanted his name removed from the property.

Almost 70 percent of the condo owners voted this fall to remove Trump's name, despite the estimated $23,000 cost to pry off the letters and clean the facade, the Times reported.

"Deliberation continued and in May a judge ruled that the building's licensing agreement did not require owners 'to use the identification "Trump" on the facade of the premises". Hotels in Toronto and Panama City have quit the Trump brand and Thursday's ruling could open the door to other Trump-named condos around the city doing the same. This year, the board made a decision to ask a New York State Supreme Court judge whether they were required to keep the name in perpetuity under the agreement. It is another sign that the brand is losing some of its appeal.

Last week, approximately 70 percent of owners voted to remove the sign - costing approximately $1,150 per letter.

Trump co-developed the condo building and five others at Trump Place two decades ago. Past year the name was abandoned by the former Trump SoHo condo hotel, and three buildings near 200 Riverside have already shed their Trump Place signage. "We encourage everyone to move forward and respect the will of the community".

In Manhattan, there were 15 residential buildings that bore the Trump name in 2015. According to CityRealty data, units in the building have sold for an average of $1,700 a square foot, about 6.6 percent less than the average Manhattan condominium. The deadline for an appeal expired October 1 without any action.The board conducted a formal poll of condo owners that ended October 10. "Our entire community has engaged in a thorough and respectful deliberative process regarding how to address the signage on our building", the condo board wrote to building residents Wednesday in an email obtained by The Washington Post. At Trump Tower on Fifth Avenue, average prices per square foot declined from $3,000 in 2013 to about $2,000 past year."Branding your business is a double-edge sword", said Daniel Neiditch, the president of River 2 River Realty in NY.