The Real Deal New York

Trump Soho hotel, condos to be auctioned

January 18, 2012 04:00PM

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.

“This is a real trophy property,” Sapir told Bloomberg. “An asset like this is a once-in-a-lifetime opportunity.”

The decision to sell, Sapir added, comes in the wake of various unsolicited offers for the hotel.

“They were numbers that we would be very happy selling at,” he said. [Bloomberg]