The Trump Organization’s hotel division in January announced plans for the company’s first New York project since Trump SoHo started rising in 2006. The firm said it had signed a letter of intent with an unidentified party to develop a new Scion hotel here—a less upscale brand than typical Trump hotels. Since then, President Donald Trump’s company said it would open a Scion as well as three budget-priced American Idea hotels in Mississippi.

As for the New York Scion project, city officials and rival hotel developers said they were unaware of any progress, and a Trump Hotels spokeswoman said it’s unlikely the city will ever see a Scion or an American Idea hotel. “I don’t believe New York is currently a priority for those brands,” she said.

Across the city, these are halcyon days for real estate developers. The largest commercial landlord in Manhattan, SL Green Realty, is building a skyscraper next to Grand Central Terminal, and in September it teamed up with RXR Realty to acquire a nearly 50% stake in Midtown skyscraper Worldwide Plaza for $1.7 billion. The city’s largest developer by market capitalization, Vornado Realty Trust, is transforming the Farley post office building into a waiting room for Penn Station, while its office towers command record rents.

Yet the city’s best-known landlord is missing out. Not only are the Trump Organization’s plans to develop a hotel here going nowhere, but prices are slumping for condos at Trump Tower and the Trump International Hotel and Tower.

And golfers are shunning the Trump Golf Links at Ferry Point in the Bronx, where revenue through mid-September had fallen by more than $1.1 million in the past two years, to $5.7 million, amid a 16% drop in rounds played.

In addition, the Trump Organization, a perennial leader on the Crain’s list of largest privately held companies, has fallen steeply in the rankings, to No. 40 from No. 3 last year, following the president’s disclosures to federal regulators that revealed the organization’s revenue is less than a 10th of what the firm had reported since at least 2010.

Politics partly explain why the Trump Organization has gone quiet in its hometown, where 80% of voters supported Hillary Clinton in last year’s presidential election.

But there are also business reasons. While RXR, Vornado and other companies focus on developing commercial office buildings, Trump historically has specialized in two sectors that appear especially saturated: hotels and luxury condominiums. “There’s been a ton of building of both those things all over the city,” said Jesse Rosenthal, a senior real estate analyst at independent research firm CreditSights. “Regardless of what people think about Trump, the question is: Do we really need more?” (At least one developer is betting the answer is yes.)

The city’s supply of hotel rooms has grown by 50% since 2008, to 115,000, and is expected to reach 142,000 in the next few years, according to a September report by NYC & Co. Meanwhile, 9,000 condo units have been built in Manhattan since the start of 2015, with another 9,000 expected to be completed by 2020, said Jonathan Miller, CEO of appraisal firm Miller Samuel. Half of the apartments that have come on line are unsold, he estimates.

Trump brand losing value

It seems unlikely that the Trump name will appear on any new condominiums soon, because the market for Trump-branded apartments in the city is cooling fast.