Developers Offer Credit facility to Boost Sales

By GlobeSt News Portal

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NEW YORK CITY-In a bid to boost sales, developers of Trump SoHo, Bayrock Group and Sapir Organization are offering credit facility to potential buyers for purchasing condos in the hotel/condo tower. Of the 391 units only 20 have been sold.

One reason why sales have not picked up is the new zoning law, which states that owners can occupy them for only 120 days in a year and for the remaining it will function as a part of the hotel. For the full story, go to Wall Street Journal.

Categories: Northeast, Hotels, Multifamily, Capital Markets, Sales, New York