Trump Soho developers offer direct buyer financing in hopes of sparking sales

July 30, 2010 09:30AM

The developers of slow-selling condo-hotel Trump Soho are now offering direct financing to buyers, an uncommon move that they hope will spark renewed interest
in the 46-story Spring Street project, the Wall Street Journal
reported. Just 20 of the 391 units at the project by the Sapir
Organization and the Bayrock Group have sold since closings began
at the end of May, almost all of which went in all-cash transactions,
said Prodigy International’s Rodrigo Nino, who is heading up the
marketing effort. “This additional source of financing shows the
commitment of the sellers and the lender to this project,” he said.
Trump Soho’s hotel portion, which offers around 300 of the property’s
rooms for short-term guests, has been producing revenue roughly 30
percent above internal forecasts since it opened in April, according to
hotel general manager David Chase. But there’s been markedly less
interest in buying those same rooms. For prices that begin at $1.2
million for a studio, condo owners are only allowed to stay in the
units for 120 days per year, at a maximum. During the remaining days,
the rooms are used as part of the hotel. [WSJ]