Trump Soho Is Screwed

donald trumpBut I’m not going to lose any money, right? That’s the art of the deal.

Trump Soho, a 46-story glass needle in New York’s money ghetto, will open in two weeks. Only a third of its 391 condo/hotel rooms have been sold.  Bank of America just unloaded a $75 million loan on the project for a fraction of its value.  The developer is restructuring another $350 million of debt.

The Donald, of course, is fine.  Because he didn’t put any of his own money into the project. 

The Donald is also OK because, unlike homeowners who fret about the morality of walking away from mortgages, he views that the lenders who loaned the project all that money as adult business-people who did it because they were trying to make a profit.

They screwed up.  They trusted him.  That’s their problem.

Greg Karmin writes up the whole saga Trump Soho sage at the WSJ >

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