Price Cut at Trump Soho Condominium

Many units at the Trump Soho have received drastic price cuts of approx 30%. Prudential Douglas Elliman and Prodigy International, who co-exclusively market the building, declined to comment on the strong price cut today. Elliman joined Prodigy last year, as sales didn’t meet expectations for the luxury building. For instance, a one-bedroom unit cost $1.78 million ($2,406 per square foot) and now it costs $1.27 million ($1,714 per square foot).

In May of this year, the last time information was released on sold apartments in the building showed that only one quarter of the 391 apartments had been sold.

The Trump Soho Condominium Hotel has 46 stories with 391 condo units. A reason for poor sales might be that owners are not allowed to stay more than 120 days a year at their apartment and no more than 29 days in any 36-day period. The construction cost of the building was $450 million although none of the Trump family members invested their own personal capital.