The Real Deal New York

Elliman slashes prices at Trump Soho

Several building units are now 30 percent off

October 11, 2012 01:15PM
By Katherine Clarke

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Trump Soho

Prudential Douglas Elliman has relisted a handful of units at the embattled Trump Soho — but at seriously reduced prices.

The brokerage, which joined Prodigy International last year to market the building’s units on a co-exclusive basis, has dropped the price of some of the units by almost 30 percent, Streeteasy.com shows. Elliman’s marketing team, headed up by Fredrik Eklund, John Gomez and Sara Clephane, declined to comment on the price drops. Clephane joined Elliman in August after spending six years as director of sales at Trump Soho.

A one-bedroom, 741-square-foot unit at the property, which was taken off the market in August after asking $1.78 million or $2,406 per square foot, has been relisted for $1.27 million or $1,714 per square foot, Streeteasy.com shows. The price of another one-bedroom spread has been dropped by 27 percent, from $1.59 million to $1.16 million.

Sales have been ongoing at the development since 2006. In May — the last time brokerage Prodigy International officially released information on its recent deals — less than one quarter of the property’s 391 residences had been sold or were in contract. A spokesperson for the building’s sales office did not immediately respond to a request for comment.

A spokesperson for Prodigy was not immediately available for comment.

As previously reported, ten Trump Soho buyers received a 90 percent refund on their deposits last year after taking legal action against Trump Soho developers the Bayrock Group and the Sapir Organization, alleging they misrepresented sales figures at the building. The developers allegedly told prospective buyers that 60 percent of the units at the building had been snapped up when just 16 percent of the units were actually sold.

  • 3CPO

    I guess the arguement was that 16 percent sounded so much like 60 percent????…the price decrease is a step in the right direction however they can never overcome the issues related to not being able to live in the building full time, the maintenance/management agreement issues and the fact that there are no kitchens……it just never made much sense from the getgo

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