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Faced with lawsuits from angry buyers, the developers of Trump Soho in New York are offering partial refunds to buyers who agree not to join the legal actions.

Only buyers who have not closed their purchases will be eligible for refunds up to half their deposits, the Wall Street Journal reports.

The lawsuits accuse the developers of fraud and misrepresenting the project in sales pitches. Specifically, the developers consistently over-reported the number of sales in the much-discussed project, which was heavily marketing to international buyers, the suits allege.

Contacted by the WSJ, Donald Trump refused to comment. But he did say the prospect of converting the condo-hotel units into pure hotel rooms was appealing because “the hotel is doing so well." Trump has a licensing and management deal for the 46-story tower, which was developed by the Sapir Organization and Bayrock Group.

South Americans are replacing Middle East investors and Russian oligarchs as key real estate buyers in New York City, agents say.

International buyers usually account for anywhere from 10 to 15 percent of property buyers in the city, which attracts a global array of investors and second-home buyers. Even through the economic struggles of the last 18 months, Realtors reported a steady stream of international clients looking for bargains.

But the buyers have changed in recent months, a New York Times article suggests.

Pelli Clarke Pelli Architects

A skyscraper billed as a rival to the iconic Empire State Building was approved Wednesday by the New York City Council.

The 1,190-foot 15 Penn Plaza is planned for two blocks west of the Empire State Building, drawing criticism that it will alter New York’s famed skyline. Anthony Malkin, owner of the 80-year-old Empire State Building, called the project an “assault on New York City and its iconography.”

Corcoran

In a further sign of the globalization feared by many of his listeners, conservative radio personality Rush Limbaugh’s New York City apartment was purchased last week by a foreign buyer.

Described only as a “couple from Asia,” the buyer reportedly paid $11.75 million for the Fifth Avenue penthouse, including the ornate furnishings. The apartment was originally listed at $13.95 million in February.

The 4,600-square-foot, 10-room apartment includes four terraces, two with Central Park views; direct elevator access; wood-paneled library; and his and her dressing rooms and bathes, according to the Corcoran Group listing. It also features an oddly over-the-top baroque style, with cherub-centric hand-painted murals, gold leaf moldings, herringbone mahogany floors, an Italian marble entranceway and walls upholstered in silk Damask.

For jaw dropping prices and extravagance, Monaco is still the champ.

A used home in Monaco costs an average of 45,000 euro a square meter, or about $57,000, making the principality the most expensive market in the world, according to the latest Prime International Residential Review from Chesterton Humberts.

The nearest competitor was France’s St. Jean Cap Ferret at a relatively wimpy 32,500 euro a square meter, followed by London at 22,500 euro a square meters. (Even though London may lay claim to the most expensive home in the world, after the recent sale of the penthouse in One Hyde Park for $220 million.)

A group of buyers is suing the developer of the Trump Soho in New York City, alleging the company and members of the Trump family lied about sales figures in the troubled project.

In May buyers learned that only 15 percent of the condo units in the 45-story project were sold, despite years of “extravagant” statements about big sales, the suit charges. Defendants include the Bayrock/Sapir Organization LLC and Donald Trump, as well as Trump’s children--Ivanka, Eric and Donald Jr.—who help run the Trump Organization.

U.S. real estate executives sound like bad mystery writers these days. The hot topic of discussion is “shadow inventory,” a mysterious and frightening figure hovering around the corner ready to stick a shiv in the recovering residential market.

Recent debate focuses on a report from Standard & Poor’s, which suggests that it may take three years to absorb the current shadow inventory of distressed properties.

After a long dry spell, new condo sales are picking up in New York City, thanks to steep discounts.

In the first quarter, 460 condos went under contract, a 181 percent increase from a year earlier, according to Corcoran Sunshine Marketing Group. Of course, a year earlier the market was in the dark cave of the downturn, but the increased activity—the highest level volume since the second quarter of 2008--is certainly good news for the industry.

Turns out only about one-third of the units in the controversial Trump SoHo in New York are under contract, according to a media report.

In June, 2008, Donald Trump, Jr. announced that 60 percent of the 391 units in the 46-story hotel-condo project had been sold, “largely to foreign buyers.” That figure was often repeated even as the market collapsed and skeptics scoffed at the idea of paying $1.2 million for a unit in the hotel-condo scheme, which restricts owners from using their unit for more than 120 days a year.

The news is the latest installment in the saga of Trump SoHo, which is scheduled to open April 9, after a long series of delays.

Trump Soho, the controversial New York condo-hotel, is definitely, absolutely, we-really-mean-it-this-time set to open in April.

A few months ago management indicated the oft-delayed tower would open in February, but that didn’t happen. Now those darn last minute kinks have been worked out and the hotel is officially set to open April 9, according to a press release.

The 46-story Trump Soho, which towers over most of the neighborhood, drew the ire of activists for using the condo-hotel concept to circumvent local zoning laws restricting apartment construction.