The first home President Trump lived in as a child in Queens, N.Y., is set to make a family a great home after being rented earlier this month, less than a day after hitting the market.
Located in Jamaica Estates, the two-story Tudor-style home was listed for $3,500 per month, but listing agent Jason Friedman of Coldwell Banker Residential Brokerage, told Curbed.com that the house rented for more than the listed price.
How did the home find its way onto the rental market? Last summer, it went on the market for $1.65 million, but found no takers. With a price lowered to $1.399 million, there still were no takers. However, an auction did the trick, pulling in a cool $2.14 million for the property.
The new owner, who reportedly is Chinese, purchased the property under the LLC of Trump Birth House. After shelling out more than $2 million, the new owner is ready to make some of that money back.
While the asking rent may seem high for some areas, it is considered market rate for the neighborhood.
The president lived in the home as a baby and the Trumps moved by the time he was four years old. However, that was long enough to attach his aura to the property and it has apparently paid off for the previous owners. The new owner is hoping it will work for them, too.
The home has five bedrooms, 4.5 bathrooms, a two-car garage, finished basement and patio. It was built in 1940 by Trump’s father, Fred. Trump was born in 1946, while the family was living in the home. In about 1950, the Trump family moved into a mansion not far from the Wareham Place property.
While the property currently is being rented out, its value could increase as a result of its connections to the president.
“The value is intangible — it’s not about the house or the bricks or the lot size,” Misha Haghani, principal of Paramount Realty USA, which represented the property in the auction, told the New York Times.
The president once mentioned he might even buy the property. Haghani said that while he did not know who bought the property in the auction, he did not believe that it was Trump himself.
Isaac Kestenberg, purchased the home with his wife, Claudia, in 2008 for $782,500. On Election Day, Michael Davis, a real estate investor, purchased the home for made about $1.4 million. Neither Davis nor Kestenberg knows the identity of the new buyer.
The impact of the Trump name and mystique varies depending upon location.
On apartment buildings in Mumbai, India, the name is a hot commodity. Ethical issues swirl around a Washington hotel bearing the president’s name.
According to the Times, tenants of a Trump-branded complex on the Upper West Side of Manhattan were so put off by the connection to Trump that the name was removed last year.