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Trump Says Real Estate Market Threatened by Higher Rates

Donald Trump has a message for the Federal Reserve: "You've got to drop those rates."

The real-estate developer told CNBC's Erin Burnett that higher interest rates won't hurt his end of the market. Luxury building in New York, Palm Beach and other locations "has been good" and is largely immune to rate fluctuations, he said.

But he fears that a failure to lower interest rates for subprime and middle-level lenders and borrowers will "ultimately be the thing that kills the real estate market."

Trump added that an interest rate hike would lead to a real estate "crash."