Last week a pair of new listings in Trump Soho popped up online, notable because the condo-hotel's listings don't usually pop up anywhere. Getting any sort of concrete intel on Soho's glass elephant is on par with learning the KFC recipe, so we were intrigued. The long-delayed tower?where residents can technically only live 120 days per year?is planning a fall opening (at least Ivanka thinks so), so are these new listings coming from buyers looking to assign their contracts or flip their units after closing? Nope. According to the broker, Nest Seekers' Graham Gordon, these are sponsor units (he also pointed us to his very enlightening blog). Hey, speaking of Trump Soho buyers, uh, are there any?
Last week The Real Deal threw the spotlight on developer Alex Sapir, partner in Trump Soho and son of Tarzan. The Trump Soho, it turns out, has hit a rough patch. Those involved have long stood by a 55% to 60% sold claim, but one outside source tells TRD, "They didn't sell many, and the ones they did sell, they're not going to be able to close." And then there's the financing. Trump Soho's lender is reportedly fielding offers for the mortgage loan and there's speculation the debt will be foreclosed upon and another party will take control of the project. All of these headaches should further delay the launch of non-core Soho's king of controversy.
· Sapir stares down the slowdown [Real Deal]
· Trump Soho coverage [Curbed]
· Trump Soho [Official Site]