Donald Trump, Alex Sapir and Trump Soho

Trump Soho, the recently opened condominium-hotel in Lower Manhattan,
has received another $20 million in financing after restructuring its
mortgage loan with iStar Financial, according to newl [more]

Trump Soho

In the wake of yesterday’s lawsuit filing alleging a misrepresentation of sales figures, the head of marketing at the Trump Soho condo-hotel has co [more]

Donald Trump, Alex Sapir and Trump Soho

A group of 15 buyers at Trump Soho are suing the project’s developers and sales team for what they claim were falsely inflated sales figures during the year-and-a-half marketing campaign before the building’s offering plan was declared effective, the New York Times reported. The complaint, filed in Federal District Court yesterday, alleges that representatives of the project told them that units in the building were “30, 40, 50, 60 percent or more sold” both in sales pitches and in statements to the press, spurring them to sign contracts when they otherwise wouldn’t have. In fact, as The Real Deal first reported, just 15 percent of the building — or 62 of its 391 units — was sold as of May. Named in the suit are the developers, Bayrock/Sapir Organization LLC — a joint venture of the Bayrock Group and the Sapir Organization — as well as Alex Sapir, Donald Trump and his children, Ivanka Trump, Eric Trump and Donald Trump Jr., and members of the sales and marketing team. The buyers, who purchased a total of six units at the building and are being represented by William Geller of Adam Leitman Bailey, P.C., want their contracts rescinded and their deposits returned, in addition to damages and fees. Jay Neveloff of law firm Kramer Levin, who represents the developers, said there are actually more than 100 contracts signed for around 25 percent of the building, but the company reported only the minimum 15 percent to the attorney general’s office in May because “it seemed to us the most prudent and conservative way to go.” [NYT]

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Donald Trump

From the June issue: Donald Trump started his career working alongside his father, real estate developer Fred C. Trump, in Sheepshead Bay, Brooklyn. Today, his firm, the Trump Organization, is of course one of the most recognizable real estate brands in the world, with holdings like Trump Tower on Fifth Avenue and Trump Park Avenue, as well as hotels, golf courses and casinos. Trump has authored several books, including the best seller “The Art of the Deal,” and is a partner in the Miss Universe and Miss USA Pageants. In 2004, he began producing and starring in the television reality show “The Apprentice.” In a conversation with The Real Deal, Trump talked about his television stardom, the recession and his daughter Ivanka’s marriage to Jared Kushner. 

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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]

From left: Donald Trump, Ivanka Trump, Carl Icahn

Investor Carl Icahn and lender Beal Bank have filed an appeal to a bankruptcy court ruling that granted Donald Trump, daughter Ivanka Trump and associated bondholders control of three Trump casinos in Atlantic City, according to the Associated Press. Icahn claims that the court made mistakes when it decided to grant control to the Trump camp, noting that his proposal — to exchange his $486 million mortgage on the company for hotel control — is more lucrative than the Trumps’ $225 million offer. [more]

A bitter, 14-month legal battle over control of three Atlantic City casinos bearing the Trump brand ended in the Donald’s favor yesterday when a U.S. bankruptcy court rejected a takeover plan by billionaire investor Carl Icahn. Donald Trump’s plan, backed by a group of bondholders who are owed $1.2 billion and Marc Lasry of Avenue Capital Group, gives Trump a 10 percent stake in Trump Entertainment Resorts, reduces the company’s debt by $1.4 billion and allows the casinos to keep using the Trump name. During the court battle, Trump had said he would pull his name from the casinos if Icahn’s plan won. Avenue Capital will also contribute an additional $225 million to the casinos’ operations. Trump heralded the ruling, calling it a “great victory for Trump” and “a great loss for Carl Icahn.” He added: “I was surprised he attempted what he attempted but that’s OK. It’s fine.” [Bloomberg]

The Trump Soho and Donald Trump Jr.

Trump Soho is “subtly” opening this Friday, but expect “something a little more lavish” in the fall when “the world’s in a little better place,” Donald Trump Jr. told the New York Times. Trump, who is an executive president at the Trump Organization along with his sister, Ivanka and brother, Eric, shied away from the title heir apparent to the Trump throne. He declined to disclose how sales are doing at the new condo-hotel, but said units, ranging from under 500 square feet to 10,000 square feet, are going for roughly $2,900 a foot. Hotel stays are starting at $389 per night, though the Trumps are hoping to ramp up the rate to $500 per night by the fall. Trump is also managing leasing at Downtown office tower 40 Wall Street, where he said occupancy has risen to above 75 percent, from 60-something one year ago.

Trump Soho at 246 Spring Street and Ivanka Trump, who has been heavily involved in the design and marketing of the development

Although Trump Soho has not released an official launch date yet, signs show that its opening at 246 Spring Street may be delayed yet again, after repeated setbacks. Trump Soho’s online booking system now shows April 9 as the earliest date that customers can make reservations, according to Hotelchatter.com. A trip to the Trump Soho Web site by The Real Deal yielded the same result. But the allegedly delayed launch might be worth the wait — the introductory rate per night is now listed as $299 on the site, a full $300 below the previously listed starting rate. [more]

Donald Trump is reportedly weighing an entry into the 1 World Trade Center bidding fray after visiting the site with sons Donald Jr. and Eric and daughter Ivanka last month to discuss a potential $100 million offer. Sources told the Post that while Trump’s good track record with finishing projects on schedule and working with unions makes him an attractive candidate from the perspective of the Port Authority of New York & New Jersey, the Donald himself isn’t yet convinced that he wants the project. As one source put it, “Trump loves the concept [of owning what was being called the Freedom Tower], but doesn’t know where the tenants would come from — and it’s such a target. He keeps saying, ‘There’s a big red target painted on it.’” If Trump does wind up making an offer, he’ll be joining the likes of Brookfield Properties, Vornado Realty Trust, Related Companies, the Durst Organization, Boston Properties and Hines Interests, all of which are said to have submitted proposals. The Port Authority wants the eventual owner to oversee construction and to finish leasing and managing the 1,776-foot-tall property. [Post]