Manhattan's Trump Soho facing foreclosure

[NEW YORK] Lower Manhattan's Trump Soho hotel-condominium tower, which has struggled to find buyers since sales started in 2007, is facing foreclosure.

CIM Group, a Los Angeles-based investment firm that holds a loan on the property, is planning to take control of the building and has hired brokerage Eastdil Secured LLC to handle the auction of the remaining condos, according to a person with knowledge of the matter, who asked not to be named because the details aren't public.

Developed by the Sapir Organization and Bayrock Group LLC, the 46-story tower houses condos that may only be used by their owners for 120 days of a calendar year.