From left: David Rockwell, Julius Schwarz, Alex Sapir and Trump Soho at 246 Spring Street

The developers of Trump Soho have entered a legal imbroglio against the
Rockwell Group, alleging in a new lawsuit that the interior design firm failed
to meet building codes and cost the property more than $1.5 million in
damages for delays and replacement costs to complete their work.

The complaint, filed this past Friday in New York state Supreme Court,
came just two days after Rockwell sued the Bayrock Group and Sapir
Organization, alleging the Trump Soho developers failed to pay for $1.5
million in interior design work at the building.

Bayrock/Sapir, which developed the 391-unit hotel-condominium at 246
Spring Street, contends the design firm placed furnishings too close to
light fixtures and provided interior construction documents that were out of
compliance with Americans with Disabilities Act requirements. [more]

The birther campaign of developer, supposed presidential hopeful and “carnival barker” Donald Trump (President Obama’s words, not ours) may be over, but assuming The Donald still has other political moves up his sleeve, what would an actual run in 2012 mean for his many property holdings? This week, the Miami Herald examined the impact of Trump’s recent political showmanship on sales in his name-branded condominiums. “I think it’s been very helpful [in attracting buyers],” Trump told the paper. “All [buyers] like is winning.” (Does that mean he has Alex Sapir’s vote?) [more]

William Beaver House and Andre Balazs
Another iStar-backed Sapir Organization project is getting a shot in the arm from Los Angeles-based CIM Group. According to the Post, CIM has purchased the $60 million face-value loan on 209 unsold condominiums at the Financial District’s William Beaver House for an undisclosed price. It’s unclear whether iStar will maintain a stake in the project, designed by Andre Balazs at 15 William Street. Last week, CIM helped Sapir and partner Bayrock Group pay down iStar’s debt on their Trump Soho condominium-hotel. [Post] [more]

A non-profit healthcare provider has moved in at 100 Church Street,
becoming the first large new tenant in years to sign a lease at the
Lower Manhattan office building, according to the New York Post.
Commercial real estate firm SL Green took control of the building from
Alex Sapir six months ago,
after the company defaulted on its loan last August. The new tenant,
Healthfirst, will take 172,000 square feet of space at the building,
which has been approximately 50 percent vacant for five years. While
it’s unclear how much Healthfirst will pay, the asking price on the
space was $40 per square foot. [Post, 1st item]

[more]

Nearly two years after Trump Soho developers claimed they had sold more than half of the building’s total inventory, newly released documents filed at the state attorney general’s office show that less t [more]

Closings will begin at the Trump Soho condo-hotel after the latest Trump Hotel Collection property is unveiled this Friday, according to a hotel spokesperson (note: correction appended). The 391-unit, 46-story building at 246 Spring Street is one of the largest condo-hotel properties to be built in the city in recent memory. The project, which broke ground in 2007, was originally slated to open in fall 2009. The first downtown property in the Trump Hotel Collection, the Trump Organization’s line of luxury and boutique hotels, Trump Soho generated controversy during its construction when a concrete collapse caused one worker to fall to his death. A rocky economy and community opposition also led to delays. Trump Soho is “creating a new category Downtown,” Donald Trump Jr., executive vice president with the Trump Organization, told The Real Deal at the project’s media preview last night (see slide show of the event above). [more]

From left: SL Green’s Andrew Mathais, Roger Cozzi of Gramercy Capital, Alex Sapir of the Sapir Organization and 100 Church Street

Five months after taking back 100 Church Street from the Sapir Organization, SL Green and Gramercy Capital won the auction this morning to take over the Lower Manhattan office tower for only $10,000, as investors grew leery of millions of dollars in debt and empty space at the troubled office tower.

SL Green, the former owner of Gramercy Capital and a current investment partner, will share 50-50 ownership of 100 Church. SL Green took over management and leasing of the building in August, according to sources, and will remain in that role.

The new owners must also work out the defaulted senior debt, a $145 million senior mortgage from Wachovia Bank.

SL Green President Andrew Mathias, in an October conference call with investment analysts, said he expected the company to acquire additional properties through similar mezzanine auctions.

“As we have indicated on prior calls, we expect this market environment to produce additional opportunities within our mezzanine portfolio like 100 Church, giving us opportunity to grow our portfolio with quality assets at an attractive basis,” Mathias said on the call, according to a transcript by Seeking Alpha. [more]

The Sapir Organization’s office rehabilitation project at 100 Church
Street has financial challenges that extend beyond the scuttled lease
deal for the Claremont School that led to a lawsuit against SL Green
Realty last week.

Seven architectural and contracting firms that have worked at 100
Church Street in Lower Manhattan claim they are owed nearly $3 million
in unpaid invoices since March from the building’s owner, Sapir, a
Midtown-based developer and owner.
Between March and August, the companies filed mechanic’s liens totaling
$2.89 million, including $202,919 by Long Island City-based Remco
Maintenance and $1.7 million by Ecker Window, based in Yonkers,
according to a review of New York County Clerk records by The Real
Deal.  More

[more]