This spring, Trump Soho, a luxury hotel/apartment complex in downtown Manhattan, will sell off its common hotel areas and any condos that have not yet been sold, Bloomberg reports.
The complex has been plagued with problems since day one, as loans ballooned and fancy pads went unsold.
A few months back, the hotel settled a lawsuit brought by 10 condo buyers who claimed the company had “misrepresented” the number of apartments that had already been sold, the New York Post reported at the time.
Now, the Sapir organisation, which developed the property, wants to unload it. It made the decision to sell after receiving unsolicited offers for the hotel, Sapir told Bloomberg.
At least 90 apartments in the 391-unit building have sold, though as of mid-June, none of the complex’s 11 penthouses, with prices ranging from $2.5 million to $8.7 million, had moved.
Trump had a rough time selling apartments in the building, partly because of a rule that limits occupants’ residency of their own apartments to a total of 120 days each calendar year and not more than 29 days within a 36-day period, in order to comply with hotel zoning requirements.
Jeffrey Davis of Jones Lang LaSalle, which is jointly representing the sale of the property, said in a statement, “the Trump SoHo is a newly built, 391-key hotel condominium featuring a modern and spacious design, excellent amenities and luxurious guest rooms with floor-to-ceiling windows. This is one of the first luxury assets in New York to enter the market this year and we expect the property to attract widespread domestic and international interest given it benefits from strong current cash flow and a wide array of value enhancement opportunities.”
Want to see what the David Rockwell-designed luxury apartments look like?
Correction: An earlier version of this post incorrectly said that portions of the building would be auctioned off. A representative for Jones Lang LaSalle Hotels clarified that the assets would be offered to institutional investors in the open marketplace and not in an auction.
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