The Trump Soho is reportedly being sold.
CIM Group, one of the lenders to the upscale condominium-hotel, is foreclosing on the property and plans to auction it off, the Wall Street Journal reported. CIM Group holds a junior loan on the property and has taken control of the building through a foreclosure process. CIM Group hired commercial brokerage Eastdil Secured to market the property.
The Trump Soho, located at 246 Spring Street, was developed by the Sapir Organization and Bayrock Group and opened in 2010. The luxury hotel has reportedly been successful, but the developers ran into difficulty unloading the condominium units, which owners are permitted to use up to 120 days per year. To date, fewer than one-third of the property’s 391 condo units have sold, sources close to the property told the Journal.
Trump has a licensing agreement with the Trump Soho hotel, but does not own an equity stake in the property, the Journal reported. [WSJ] — Claire Moses