Tuesday, August 03, 2010

In (what's left of) the 'hood: Trump Soho in today's Times

An article in today's NY Times, Fifteen Buyers File Lawsuit Against Trump SoHo Project by Elizabeth Harris, reports that our towering near neighbor one block away at Spring and Varick is being sued for misrepresenting sales figures to prospective owners:
"According to the complaint, which was filed in Federal District Court in Manhattan on Monday, representatives of Trump SoHo said the project was “30, 40,50, 60 percent or more sold” — both in individual sales pitches and statements to the press — but after the offering plan became effective in May, buyers learned that just over 15 percent of the building, 62 of the 391 units, had been sold."
The article goes on to name defendants:
"Among the defendants named in the complaint are the Bayrock/Sapir Organization LLC, which is the project’s sponsor; Donald J. Trump; Alex Sapir; and Tevfik Arif, as well as people involved with sales and marketing, including Mr. Trump’s children, Ivanka Trump, Eric Trump and Donald Trump Jr."
I learned something new about the "condotel" concept from this piece:
"The Trump SoHo Hotel Condominium, at 246 Spring Street, is neither a standard hotel nor a straightforward condominium. Units start at more than $1 million for a studio, but buyers are limited to staying in their units for 120 days a year, and for no more than 29 days in a 36-day period. The rest of the time, the units are rented out as hotel rooms."

Our Lady of Vilnius hunkers down silently on Broome Street, waiting, as we continue to pray and hope for the resurrection of the parish in this fragile ecosystem of New York real estate.

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