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iStar Financial Inc. Message Board

  • substancial14 substancial14 Jan 18, 2012 3:27 PM Flag

    Trump Soho

    Trump SoHo Developers Will Auction Hotel, Unsold Condos in March or April

    By Oshrat Carmiel and Tal Barak Harif - Jan 18, 2012 12:32 PM ET

    The developers of Manhattan’s Trump SoHo will put the hotel and its unsold condominium units up for sale, said Alex Sapir, one of the property’s builders.

    The Sapir Organization, which developed the property with Bayrock Group LLC, has hired brokers Eastdil Secured LLC and
    Jones Lang LaSalle Inc. to hold an auction for the unspecified number of unsold condominium units and the hotel’s common areas, said Alex Sapir, president of the Sapir Organization.

    Prospective buyers will receive preliminary information about the sale as early as today and the auction probably will be held in March or April, he said.

    “This is a real trophy property,” Sapir said in an interview today. “An asset like this is a once-in-a-lifetime opportunity.”

    The 46-story Trump SoHo, managed by the Trump Organization, offers condos for sale that may only be used by their owners for 120 days of a calendar year. For the rest of the time, they’re offered as hotel rooms, with owners sharing in the rental revenue.

    The decision to hold the auction comes after the group received unsolicited offers for the hotel, Sapir said.

    “They were numbers that we would be very happy selling at,” he said.

    Sapir and Bayrock paid down $100 million of debt on the property owed to iStar Financial Inc. at the end of 2010 after receiving a new loan from CIM Group.

    The Sapir Organization, based in New York, owns office and apartment buildings in Manhattan including 11 Madison Ave., home to Credit Suisse Group AG, and 2 Broadway, where the Metropolitan Transportation Authority is based. The firm is in talks to acquire a parcel of land near the World Trade Center where it plans to build a hotel, Sapir said.

    To contact the reporters on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net; Tal Barak Harif in New York at tbarak@bloomberg.net

    To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net

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