Manhattan's Trump Soho facing foreclosure
Add BT as a preferred source[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.
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Father-and-son duo Raj Kumar and Kishin in exclusive due diligence to buy Scotts Square
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
The factors that make South-east Asia’s top conglomerates stand out
