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 come forward with new information on sales and closing prices.
The 391-unit Trump Soho has seen “over 100 units [enter] contract,” since sales launched Sept. 19, 2007, according to Rodrigo Nino, president of Prodigy International, the marketing team for the development. Of those, 20 have closed, Nino said.
Sales were put on hold in late 2008, Nino said, and relaunched when the hotel opened.
The closings, which began roughly 60 days ago, represent over $26 million in gross sales, Nino said, with the average closing price at $2,516 per square foot. Some units’ closing prices exceeded $3,200 per square foot, Nino said.
“There has been much speculation… I wanted to set the record straight,” Nino said. “As we start closings, we wanted to show reality.”
The 46-story condo-hotel opened this spring, featuring luxurious Fendi Casa furnishings. It includes a pool deck and outside bar, both of which are slated to open soon. Still, the project drew ire from neighborhood groups during its planning stages due to its size, which some felt was incongruous with the surrounding structures.
“People understand how controversial the project has been,” Nino said. Still, he said he sees the strong sales momentum.
“We expect the [sales] pace to be sustained [through the fall],” Nino said, noting that the response from international buyers has been strong, with 13 different countries represented among the buyers.
Nino declined to comment on the pending litigation, which was filed in federal district court.
“The only thing I can tell you is back then [when it was reported that roughly 50 percent of units were sold], we had such an incredible demand… we had a number of contracts out,” Nino said. “After the financial crisis, we lost a few contracts.”
Jonathan Canter, an attorney for the developers, the Bayrock Group and the Sapir Organization, said that the suit relies on a mistaken interpretation of documents filed with the attorney general’s office.
The filing requirement to deem an offering plan effective, Canter said, is 15 percent sold. In an effort to “be conservative and meet the requirement and move forward,” the sales team chose to file the minimum percentage necessary, rather than report the total figure.