SOURCE: Trump SoHo Hotel Condominium

Trump SoHo Hotel Condominium

March 01, 2011 08:58 ET

Trump SoHo Unveils New Pricing as a Result of Recapitalization Plan

Sponsors Address the Competitive Market

NEW YORK, NY--(Marketwire - March 1, 2011) - The sponsors of Trump SoHo Hotel Condominium (Trump SoHo) are announcing a new pricing structure to address current market conditions. Through the debt recapitalization plan announced last December that included an investment by the CIM Group, debt obligations to iStar Financial have been substantially paid down and all project indebtedness has been extended. Hotel condominium studios and suites are now priced from approximately $1 million to $2.26 million in the new structure. Penthouses are priced from approximately $2.5 million to $8.7 million. 

"Nowhere in New York City can you buy an asset of this caliber at the current offering price," said a spokesperson from The Sapir Organization, the lead sponsor of Trump SoHo. "We believe that not only are we offering an unparalleled property, but also we have competitively priced it in this improving market."

"Trump SoHo is a one-of-a-kind property with a strong and stable team, and we are pleased to enable the sales opportunities that will result from the recent capital investments," added Julius Schwarz of Bayrock Group, LLC. "It has been thrilling to see the overwhelming success of the hotel, and we look forward to a strong and successful spring selling season at this unique asset."

"Trump SoHo is ideal for the sophisticated jet-setter or frequent New York visitor looking for a place in the best downtown neighborhood in the City," said Ivanka Trump, executive vice president of development and acquisitions for The Trump Organization. "The location, views and luxury standard that Trump SoHo embodies is incomparable, with turn-key living in an amenity-rich environment like none other downtown."

Opened in April 2010 and managed by the Trump Hotel Collection™, Trump SoHo has already earned rave reviews and accolades, including the World Travel Awards' Leading New Hotel in North America 2010.

Owners at Trump SoHo are able to use their fully furnished and serviced studios, suites and penthouses for up to 120 nights each year. When not in use by owners, they are placed into an available rental management program providing a convenient ownership model.

"Purchasing at Trump SoHo offers a distinct advantage, as owners have all the services, amenities and luxury appointments of a world-class hotel at their disposal," said Rodrigo Nino, president of Prodigy Network, the exclusive sales and marketing agent for the property. "We are pleased to extend an unprecedented value proposition to eager domestic and international purchasers who are looking to buy a studio, suite or penthouse in this iconic hotel condominium." 

ABOUT TRUMP SOHO
A joint venture among The Sapir Organization, Bayrock Group, LLC and an affiliate of the Trump Organization, the dramatic building with a silver-glass curtain wall facade was designed by Handel Architects and boasts unrivaled views of the city skyline, the Hudson River, Statue of Liberty and Empire State Building. Located at 246 Spring St., Trump SoHo boasts 391 hotel condominium studios, suites and penthouses, all designed by the Rockwell Group with custom furnishings by Fendi Casa to blend classically inspired interiors with contemporary New York design.

Studios, suites and penthouses feature expansive baths with custom fixtures, a detached extra-large shower and soaking tub and separate enclosure for the water closet. Fendi Casa has custom-designed furniture, carpets, draperies and lighting in each of the units, and large flat-screen televisions and integrated media systems are included in each as well.

Trump SoHo offers world-class dining at Quattro Gastronomia Italiana, the second location of the acclaimed South Beach restaurant; Kastel cocktail lounge; The Spa at Trump®, with New York's first luxury Turkish hammams; Bar d'Eau, a seasonal indoor-outdoor bar along the 6,000-square-foot outdoor pool deck; and The Library, complete with books by TASCHEN.

Owners and guests also enjoy the resources of Trump Attaché, a luxury on-site concierge; state-of-the-art fitness center; SoHi, an 1,800-square-foot top-floor private venue; an open-air urban plaza along the east side of the property; a 30-person screening room; a private business center and an event space for up to 220 guests, as well as 24-hour room service, evening turndown service, and more.

Trump SoHo is surrounded by Manhattan's best shopping, art galleries, restaurants and nightlife.

For more information, to visit the onsite sales gallery or to schedule a private appointment, call 212.965.0008 or visit www.trumpsoho.com.

The Sapir Organization
The Sapir Organization is a private, family owned real estate holding and development firm with over six million square feet of prime commercial and residential properties in Manhattan. The Sapir Organization owns, develops, and manages architectural landmarks, iconic commercial properties, and luxury downtown residences such as 11 Madison Avenue, 2 Broadway, 260 Madison Avenue, 261 Madison Avenue, 50 Murray Street, 53 Park Place, and Trump Soho Hotel and Condominium. The company's vision is to continue to expand its real estate and equity holdings in Manhattan as well as other major markets in the U.S. www.sapir.com

Bayrock Group, LLC
Bayrock Group, LLC is an international real estate investment and development company, specializing in luxury residential, commercial, resort, hotel, and mixed-use projects. In the United States, Bayrock is currently developing projects in New York and Florida. www.bayrockgroup.com

Prodigy Network
Prodigy Network is a fully integrated real estate company, dedicated to representing third-party developers as the exclusive organization for sales and marketing of premier condominium projects. The company has an impressive track record of driving sophisticated buyers to the most exclusive properties in New York, Miami, Dominican Republic, Panama, Mexico and Costa Rica, through a global network of brokers from locations around the world including Spain, Italy, Switzerland, Russia, Colombia, Argentina, Mexico, India, Singapore, China, Hong Kong, and Korea. www.prodigynetwork.com

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