Trump Soho Heads to Foreclosure Due to Unsellable Condos

[tomm2thumbs]

Source: NYcurbed

When more than two-thirds of a building's units languish on the market, that's never a good sign, and the Trump Soho has sold less than a third of its 391 condo-hotel units. Now the Journal reports that the development's lender, CIM Group, is taking control of the building through a foreclosure and will auction off the property.

<snip>

Trump doesn't seem to concerned with all of this, telling the Journal that the foreclosure is "a situation between the lender and the owner," and said that they will continue to manage the hotel, which "is doing extremely well."

Read more: http://ny.curbed.com/archives/2014/09/17/trump_soho_heads_to_foreclosure_due_to_unsellable_condos.php

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That Trump name sure is golden....

[tomm2thumbs]

1. .... showers

that is

[DRoseDARs]

7. God bless you for being the first comment...

...and god damn you for beating me to it.

[bullwinkle428]

2. On the heels of the Atlantic City casino last week, I've lost count of

all of his bankruptcies. He is STILL bigger than Jesus with lots of wing-nuts, though!

[Dawson Leery]

3. Trump's failure in business/economic matters can explain

why the teanuts are fans of his.

[yeoman6987]

9. All those workers out of work

Not exactly great news. Trump won't even feel it.

[MisterP]

4. the boss won't be pleased

[Brother Buzz]

5. That lawsuit in 2011 put the kibosh on sales

Occupy Spring St.: Trump SoHo to give 90% refunds on deposits

November 3, 2011

They cried "fraud!" — and now, a bunch of well-heeled apartment hunters will get a staggering 90 percent of their deposits back on posh pads they intended to buy at the troubled Trump SoHo condo-hotel because they relied on the developers' "deceptive" sales figures.

In a federal lawsuit settled yesterday, woulda-been buyers of 10 condos — including former French soccer star Olivier Dacourt — will get back 90 percent of $3.16 million total deposits they put down on $16.914 million worth of David Rockwell-designed luxury apartments, court documents show.

Their suit claimed the sponsors "fraudulently misrepresented" the number of apartments that had previously been sold at Trump SoHo.

The sponsors are Bayrock Group and the Sapir Organization. Although the Trump Organization manages the 46-story tower and is a joint-venture partner with Bayrock and Sapir, Donald Trump is not the developer, nor is he involved in the 391-unit condo conversion.

The buyers sued last February, claiming apartments had been advertised as being "30, 40, 50, or 60 percent" sold when in fact only 16 percent had been sold at the time the conversion plan was declared defective.

<snip>

Ivanka Trump, who manages the hotel, said, "Business is so strong that we’re delighted to get the units back. It’s a great settlement for everyone.”

<more>

http://nypost.com/2011/11/03/occupy-spring-st-trump-soho-to-give-90-refunds-on-deposits/#ixzz1xWxqSz3t

[shenmue]

6. Why this idiot kept getting bailed out, and normal people don't...

I'll never be able to stomach.

[rpannier]

8. rump name sure is golden

golden shower

[Quantess]

10. He's fired!

[Historic NY]

11. The Trump name is really taking a dump lately..

[hatrack]

12. "My next bankrupty is going to be HUUUUUGE!!!"

What is this, implosion number three for this clown? Four?

[brush]

13. Unfortunately for us Trump just licenses out his name

He doesn't own this building, or many of the others with his name on them, just gets fees from the licensing deal.

Too bad, we'll have to continue to put up with his boasting.