Volume 80, Number 2 | June 9-15, 2010
West and East Village, Chelsea, Soho, Noho, Little Italy, Chinatown and Lower East Side, Since 1933

Trump sales are in a slump

Less than 16 percent of the 391 units at the Trump Soho condo hotel have been sold, according to recently released documents from the state Attorney General’s Office.

The Real Deal reported the low sales figure last week. Two years ago, the Trump Soho’s developers claimed they had sold more than half of the building’s units.

However, according to The Real Deal, Alex Sapir, president of the Sapir Organization, one of the project’s developers, in a sworn affidavit filed with Attorney General Andrew Cuomo’s Office in late March, stated that Trump Soho had only 62 units under contract.

Ivanka Trump, another executive on the project, told the Times of London in 2008 that 60 percent of the units were under contract. Others associated with the project, at various times, have similarly said that more than 50 percent of the units were under contract.

Sapir developed the 46-story building at Spring and Varick Sts. with Bayrock Organization and an affiliate of the Trump Organization.

An executive with the project reportedly told The Real Deal: “During the pre-opening phase, Trump Soho went into contract with over half the units. Phase two is to begin after these closings are completed.”

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