Eric Trump, VP of acquisition and development for his father'sNew York City-based company, admitted to GlobeSt.com that it wasall about timing. "It's a bit of a crazy world right now," he says."Timing is our saving grace. I think the chances of gettingfinancing in this market for a project like ours, or the Spire, arepretty much non-existent. There's just not too many projects goingforward in this market."

|

However, he admits that though 75% of the condos have buyers,the remaining 25% have been difficult to sell. "With Bear Stearnsfailing, the market flopping, it's hurt everybody, there's noquestion about it. But I think when you're dealing with thishigh-end type of buyer, it's not going to affect them as much, theyhave more access to capital than those in mid- to lower-levelprojects."

|

Plus, he says amenities such as 20,000 sf of fitness and spa, apool on the 27th floor, 100,000 sf of retail, a restaurant(Sixteen) that is already booked solid for more than a month andincredible views of Lake Michigan and the Chicago River, havereally attracted buyers. "We put together the best in every marketwe're in," Trump says.

|

The 2.7-million-sf skyscraper has 286 hotel suites, 53 spaguestrooms and 486 condominiums. The firm is closing on the first,bottom phase of residential condos. The retail on the ground flooris not open yet, Trump says. There was talk of selling the retail,but Trump tells GlobeSt.com that while several purchase offers camein, his company is just not interested in unloading the stores. "Wehave a couple small tenants signed, and we're in talks with severalanchor tenants." He says he can't give a firm date for when theretail will open.

|

He says the company is also doing well with projects around theworld, with new buildings opening in Las Vegas and Soho in New YorkCity, as well as new sites in Waikiki, Scotland and Panama. "Theeconomy has been good for companies such as ours, it provides agreat opportunity to buy amazing pieces of land, we're gettingproperties for 20 cents on the dollar. We just bought an incrediblegolf course in New Jersey, and have other options on otherproperties. Times are tough, but I don't think we've been busier,"Trump says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.