Trump Soho slashes prices by 21 percent

February 28, 2011 09:52AM

Trump Soho and Prodigy Network’s Rodrigo Nino, who is heading up sales at the building

The developers of the Trump Soho hotel-condominium at 246 Spring Street are relaunching sales at the controversy-prone property, with units listed at an average of 21 percent below their original asking prices, according to Crain’s. Having recently reached a deal to restructure their $275 million loan at the project, Bayrock Group and the Sapir Organization are hoping that bargain buyers will emerge from the sidelines to take advantage of their new pricing schedule. As of last week, 279 of Trump Soho’s 391 units were still unsold. Since the project launched in 2007, only 45 units have closed for a total of around $55 million, while another 67 are in contract. Meanwhile, the project’s hotel portion has largely been a success story, with 90 percent occupancy rates and regular celebrity guests. “We successfully opened the hotel, and it is doing phenomenally well,” said Julius Schwarz, principal of Bayrock. “Whether we profit from this project remains to be seen.” [Crain’s]