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Amid poor sales, Trump Soho may dump condo component
About a third of the units -- which can function as part-time apartments -- remain unsold
Owners of the Trump Soho are mulling ditching the property’s condominium component and operating it solely as a hotel.
Los Angeles-based CIM Group took control of the building late last year after foreclosing on the original developers, Sapir Organization and Bayrock Group, according to Bloomberg. CIM will no longer market the condos that are still unsold, according to the website, and will turn those units into full-time hotel rooms.
Donald Trump’s Trump Organization does not own a stake in the property but operates the hotel and licenses its name to the property.
The 46-story property houses 391 units that can be used as part-time condominiums for 120 days of the year. The rest of the time, they’re used as hotel rooms. [Bloomberg] — Claire Moses