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(Bloomberg) -- The asking price to rent a Manhattan apartment owned by Ivanka Trump has dropped by 30 percent since her father was elected president.
The two-bedroom, two-bathroom condo at 502 Park Ave. was listed at $15,000 a month in November, according to the real estate website StreetEasy. In February, it dropped to $13,000. The asking rent on Tuesday was $10,450, the website shows.
It seems that even the first daughter isn’t immune to pressures on Manhattan’s rental market, which is suffering from an oversupply. There were 7,497 apartments listed for rent in the borough at the end of August, 31 percent more than the monthly average going back to 2008, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Even at the reduced price, the cost of Trump’s apartment is higher than the median rent for Manhattan luxury units, which was $8,000 last month.
Trump bought her apartment for $1.5 million in 2004, New York City records show, and transferred it to a limited liability corporation in 2015. Her father’s Trump Organization still owns units in the building. The company sold one earlier this year at a $2 million premium.
Nitza Shafrir Zinbarg, the Trump International Realty broker who has the listing, didn’t immediately respond to a request for comment.
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