A replica of Bayrock/Sapir’s Trump Soho hotel may be Moscow’s first big new hotel in ten years. [more]
Posts Tagged ‘Trump Soho’
Actress Jessica Alba is eyeing a $50 million penthouse at Trump Soho listed by superbroker Dolly Lenz. Alba and her husband, producer Cash Warren, were spotted entering the hotel on Spring Street to check out the 10,000-square-foot duplex. [more]
The developers of the Trump Soho are being accused by the city of failing to file annual audits that they agreed to as a condition for building on land not zoned residential. [more]
The Trump Soho condominium-hotel has filed suit against its insurer, Affiliated FM, for allegedly rejecting its claim for Hurricane Sandy-related issues, and also accused ConEdison of gross negligence, Crain’s reported.
The suit could be the first to test the power utility’s claim that a flood at one of its substations, rather than an explosion, caused the blackout south of Midtown, allowing insurers to dodge liability for Sandy-related claims. [more]
254 Park Avenue South apartment sets a building price record. Cohen Commercial buys Bronx retail spot for $11.4 million. Trump Soho condo up for sale for $1.9 million — in Bitcoins. Brooklyn park dedicated to late Beastie Boys member. Housing recovery lends hand to job market. Read these stories and more after the jump.
Here’s more evidence Bitcoin isn’t going anywhere. We’ve found a guy who claims to be putting his Trump Soho condo up for sale. And he will only take payment in Bitcoin.
The Trump Soho is a something of a hybrid: a 391-unit condominium tower with restrictions on how long owners can occupy their apartments—a compromise designed to allow developers Donald Trump, the Bayrock Group and the Sapir Organization to build the project, despite the lot’s commercial zoning.
But a Department of City Planning map, uncovered yesterday by the Greenwich Village Society for Historic Preservation, lists the parcel at 246 Spring Street as a “mixed residential and commercial building.” The discovery has reignited the non-profit’s doubts about the legality of the luxury tower, and what it sees as the city’s special treatment of the developer. [more]
Prudential Douglas Elliman’s Eklund Gomes team, led by “Million Dollar Listing New York” star Fredrik Elkund and his business partner, John Gomes, has announced the hiring of its newest member: Sara Clephane, a luxury broker who headed up sales at Trump Soho.
Clephane joined the team this week, after marketing Donald Trump’s downtown tower since 2006. Her arrival marks further expansion for the Eklund Gomes team, which has grown significantly in the last year thanks in part to the publicity the hit Bravo show has garnered for Eklund, who appeared on the show’s first season and is currently filming the second season. [more]
Move over Russians — there’s a new nationality set to make its mark on the city’s residential real estate market. According to the New York Times, the French are increasingly looking to invest in New York City real estate following the election of Socialist Francois Hollande as president earlier this month. During his campaign, Hollande promised to tax income over £1 million at a 75 percent clip and raise the tax rate on capital gains in an effort to lessen the country’s £1.3 trillion debt. [more]
The Sapir Organization, the developer of Manhattan’s Trump Soho, is planning to put the hotel and its unsold condominium units on the auction block, Bloomberg News reported. The company, which developed the property with Bayrock Group at Varick and Spring streets, has hired brokerages Eastdil Secured and Jones Lang LaSalle to market the properties.
Prospective buyers will receive necessary information about the auction today, said Alex Sapir, president of the Sapir Organization; the auction will likely take place later in the spring. [more]
From left: Adam Leitman Bailey, Julius Schwarz, executive vice president of the Bayrock Group, Sapir Organization CEO Alex Sapir and the Trump Soho
Ten Trump Soho buyers are getting a 90 percent refund on their deposits
after filing a suit against the Bayrock Group and the Sapir Organization
alleging they misrepresented sales figures (note: corrections appended). The New York Post reported that a federal lawsuit filed by the buyers against the building’s sponsors was settled yesterday, and they will get 90 percent of the $3.16 million in deposits they combined to have put down on $16.914 million worth of apartments. The buyers claim to have been told as many as 60 percent of the units were sold, when at the time just 16 percent of the hotel-condo units in the building, at 246 Spring Street, were actually sold. Adam Leitman Bailey represented the buyers. … [more]
Park Tower Group, one of the first New York developers to see potential in the Brooklyn waterfront, is brushing off plans for 10 luxury apartment buildings with 4,000 units on a 20-acre plot of land at the old Greenpoint Lumber Exchange, which it purchased almost a decade ago, the New York Observer reported. At least one of the towers should break ground at the site, which is currently used for construction storage and movie lots, by 2012.
Park Tower, which is headed up by developer George Klein, had delayed the project during the recession and recently shifted its focus at the site to rentals from condominiums to more easily find financing. It hopes to secure construction loans in the coming months. … [more]
From left: Gary Barnett, president of Extell Development, a rendering of One57, Michael Chen, director of Asian market development at Bond New York and Patricia Cliff, the Corcoran Group’s director of international sales
Sales have unofficially kicked off at One57, Extell Development’s 90-story condominium tower in Midtown, with some prices hitting $6,000 per square foot, according to a source with inside information about the asking prices. The 1,000-foot tall property, at 157 West 57th Street between Sixth and Seventh avenues, is slated to replace New York by Gehry at 8 Spruce Street as the city’s tallest residential building when construction is completed within two years. Extell plans to officially open a sales office at the end of this month, but foreign buyers — primarily from China — have already snapped up some of the units since the developer began shopping them privately last month, according to the source, who asked for anonymity because the information is confidential. … [more]
More than 250 real estate professionals joined Dottie Herman, president of Prudential Douglas Elliman, and Howard Lorber, Elliman’s chairman, at a celebration of the start of the fall sales season at the Trump Soho Hotel Condominium at 246 Spring Street (see photos above).
The guests enjoyed cocktails and hors d’oeuvres at Bar d’Eau, the seventh floor seasonal indoor-outdoor bar located alongside the luxury hotel-condo’s 6,000-square-foot outdoor pool deck, and toured the only duplex penthouse, one of 11 at the property, according to a press release from Elliman. – Miranda Neubauer… [more]
As part of Fashion Week, the Trump Soho Hotel Condominium hosted an
exclusive Fashion Week trunk show in a penthouse unit featuring LUCA LUCA’s spring 2012
collection honoring the top women in real estate. “Trump Soho is
downtown’s most fashionable address and we thought this was great way
to treat these fabulous real estate women to both a day of shopping
and an inside view of the fantastic penthouses,” said John Gomes,
executive vice president at Prudential Douglas Elliman, which is co-exclusively marketing the units with Prodigy Network for hotel-condo sales at the
property. – Miranda Neubauer… [more]
Soho and Tribeca were the most expensive New York City neighborhoods in the second quarter of 2011, but Dumbo was a surprising fourth entry on the top 10 list, according to PropertyShark.com. Dumbo was ahead of many other Manhattan neighborhoods such as the Upper East Side, the Upper West Side, the West Village and Chelsea, with a median sale price of $1.075 million. That price increased 9 percent from the median sales price in the second quarter of 2010, which was $990,000. Brooklyn’s Boerum Hill was also on the list at number 10, with a median sales price of $801,000. Soho was tops at $2.147 million, a 26 percent increase over its 2010 second-quarter price of $1.7 million.
— Miranda Neubauer… [more]
From left: Elliman’s Fredrik Eklund and Raphael De Niro, Prodigy Network’s Rodrigo Nino and Trump Soho
After months of speculation, Prudential Douglas Elliman officially got in on the marketing act at Trump Soho, according to Real Estate Weekly. The Real Deal previously reported the hotel-condominium’s developers and lenders were considering replacing the current Prodigy Network-led team with Elliman brokers. According to Real Estate Weekly, Elliman’s Raphael De Niro and Fredrik Eklund will “spearhead” the domestic sales effort for the unaccounted for apartments in the 346-unit tower, while keeping Prodigy in tow. According to Prodigy President Rodrigo Nino, 21 units have entered contract and 19 units have closed since the team unveiled lower prices in the Sapir Organization and Bayrock Group-developed building in late February. … [more]
The Real Deal was on the party circuit this week, soaking in the New York City views from Dumbo to Harlem. We feted the launch of the East River Ferry, got our spa on with the folks from Trump Soho at nearby rental building 55 Thompson Street, followed Robert A.M. Stern to 1280 Fifth Avenue and, for a moment, envisioned ourselves in Sarah Jessica Parker’s high-heeled shoes, as we checked out the Greenwich Village townhouse she once sought to buy. Check out our adventures in the photo gallery above and after the jump. – Sarabeth Sanders and Katherine Clarke… [more]
From left: 101 Warren Street, Asher Alcobi of Peter Ashe Real Estate and Michael Chen of Bond New York (top), Wei Min Tan of Castle Avenue Partners (bottom), Trump Soho, and 250 East 53rd Street
Now added to the long list of exports from China are buyers of New York City real
Chinese residents flush with cash from the Asian nation’s booming economy, and in
some cases limited in what they can buy at home, are starting to look at Manhattan
Between March 2010 and March 2011, 9 percent of foreign buyers in the U.S. were from
China, according to the National Association of Realtors, up from 5 percent in 2007.
Canada sends the U.S. the most foreign buyers, with 23 percent, but China is number
two, the data shows. In contrast, England, Mexico and India, next on the list, each
represent 7 percent.
And many of those Chinese buyers are trickling into New York, say brokers, who are
creating customized services to greet them…. [more]