Donald Trump
From the September issue: “Sold” means “sold” — except when it doesn’t. That’s the argument behind a new lawsuit involving the Trump Soho. The condo-hotel development, which has endured fickle buyers, community backlash and an unforgiving sales market, now faces a lawsuit that brings one central question to light: What does “sold” really mean? The suit, filed Aug. 2 in U.S. District Court, pits 15 buyers against Trump Soho developers and marketers, both past and present. The plaintiffs claim that the Trump Soho team misled them in the press — and in person — by reporting inflated sales figures, which they say lowered the value of their investments. The plaintiffs are backing up their claims by pointing to an amendment to declare the condo-hotel development’s offering plan effective, filed with the attorney general’s office this spring. The amendment was filed with 15 percent of the building’s 391 units in contract. So, if there were 50 percent or more units “sold” (as the buyers say was reported in the press), the plaintiffs ask: “Why weren’t they included in the amendment?” [more]
