The Real Deal New York

Lender to put Trump Soho Hotel up for sale

Reportedly, only a third of property's condo units have sold

September 16, 2014 03:05PM

From left: the Trump Soho Hotel and Donald Trump

From left: the Trump Soho Hotel and Donald Trump

The Trump Soho is reportedly being sold.

CIM Group, one of the lenders to the upscale condominium-hotel, is foreclosing on the property and plans to auction it off, the Wall Street Journal reported. CIM Group holds a junior loan on the property and has taken control of the building through a foreclosure process. CIM Group hired commercial brokerage Eastdil Secured to market the property.

The Trump Soho, located at 246 Spring Street, was developed by the Sapir Organization and Bayrock Group and opened in 2010. The luxury hotel has reportedly been successful, but the developers ran into difficulty unloading the condominium units, which owners are permitted to use up to 120 days per year. To date, fewer than one-third of the property’s 391 condo units have sold, sources close to the property told the Journal.

Trump has a licensing agreement with the Trump Soho hotel, but does not own an equity stake in the property, the Journal reported. [WSJ] — Claire Moses 

  • moneytalks

    They should have waited for the rezoning. It would have been a huge success. Sad!

    • TheMysteryTramp

      Not so. The rezoning, partly in response to this project, wouldn’t allow such a tall hotel. Hats off to all the local activists who contributed to the failure of Trump’s scheme.

  • Jonathan Arnold

    Flashback: 80% of the units are sold!

  • stateguy

    Another great Trump Named Success Story……

  • john

    He should try bubble gum

  • DTNYC

    What??? ANOTHER TRUMP FAILURE??? HAHAHAHAHA!

  • Caroline

    From The Real Deal, April 30, 2009 (http://therealdeal.com/issues_articles/condo-hotels-gone-for-good/):
    “Trump Jr. said Trump Soho was more than 55 percent sold as of the middle of last month.”

    Obviously, the apple didn’t fall very far from the mendacious tree.

  • Leonard Steinberg

    The views from this building are truly phenomenal. Views of this caliber combined with a top notch hotel will ultimately succeed.

    • Lars

      Not when studio cost 1 million bucks and you can only occupy it, by law, a few months a year.

    • TheMysteryTramp

      Steinberg, you’ve been pimping this disaster for years. Give it up. It’s a loser. So are your opinions.

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