Wall StreetJournalJournal
According to the Journal, only about one-third of the46-story tower's 391 units are in contract, with buying havingstalled since the fall of 2007. Additionally, it isn't clear howmany of the sales will actually close following the project's April9 opening.
First announced in 2006 on Donald Trump's hit TV series TheApprentice, Trump Soho does not involve any of Trump's ownmoney. The Trump Organization's involvement with the project is alicensing and hotel-management agreement with the developers,giving Trump and his children Ivanka, Eric and Donald Jr. an 18%equity stake, according to the Journal.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
