Trump SoHo, the luxury hotel in Manhattan, New York City, that was first unveiled by property mogul Donald Trump on his show "The Apprentice" will hit the auction market soon.
According to Bloomberg, CIM Group - a lender of the property - is reportedly taking control of the building through a foreclosure process and has hired Eastdil Secured to sell the unoccupied condos in the luxury tower.
Since it's unveiling, Trump SoHo has been struggling to find buyers for its condos. The Wall Street Journal reports that less than one-third of the rooms in the building have been purchased. The owners are allowed to use their rooms for 120 days a year. The rooms serve as hotel suites for the rest of the days and the profits are shared by the builders and the owners.
Trump SoHo is managed by Donald Trump's organization, but the real estate giant does not have an equity stake in the building.
Asking prices of a unit at Trump SoHo range from "$915,000 for a studio to $50 million for a 10,000-square-foot presidential suite," Bloomberg notes. The high price tag is the main reason why the building hasn't been able to sell many condos.
However, experts say that the building could create considerable demand given the condo-hotel style ownership was done away with. Developer Alex Sapir, one of the builders of the trump SoHo added that if the auction doesn't do very well, they could consider re-purchasing the building, according to the Journal.
Regardless of the ownership, Donald Trump's organization will continue to manage the building, the publication noted.
About Trump SoHo
Trump SoHo was the first Trump building to be constructed in downtown New York City. Located at 246 Spring Street, the 46-storey building has 391 units ranging from 422 to 905 square feet and 10 impressive penthouse units ranging from 1,194 to 2,331 square feet that occupy the top three floors of the tower.
Its exclusive features include doorman and elevator services along with a spa, swimming pol and gym facilities.
Bonus Fact: Jessica Alba, the "Fantastic Four" actress, was spotted checking out a $50 million duplex penthouse in the building last year.
Take a virtual tour of the building below:
Find more photos and virtual tours of the hotel here.