Posted in Real Estate on November 04, 2010 by Kevin Brass
Donald Trump says he is no longer involved with a controversial Florida tower development which bore his name.
The Trump International Hotel & Tower planned for Ft. Lauderdale, billed as a “signature Trump development,” is in foreclosure. And more than 100 buyers are suing the developers and Trump, claiming the project promoters misrepresented Trump’s role.
But Trump says he only licensed his name to the project and severed his ties long ago.
Posted in Real Estate on August 04, 2010 by Kevin Brass
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.
Posted in Real Estate on June 30, 2010 by Kevin Brass
 Trump site on the coast of Scotland |
Construction could begin as early as Thursday on Donald Trump’s new golf course project on the coast of Scotland, after a local council approved the plan.
However, the Aberdeenshire council won’t rule for several weeks on Trump’s controversial plan to build more than 1,400 holiday homes around the sandy dunes of the waterfront golf course. Located near Aberdeen, the project was initially turned down at a local level, but eventually gained support over the objections of environmentalists.
Posted in Real Estate on March 31, 2010 by Kevin Brass
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.
Posted in Real Estate on March 14, 2010 by Kevin Brass
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.
Posted in Real Estate on March 10, 2010 by Kevin Brass
A lawsuit filed Monday by a group of buyers who lost their deposits in a Baja California resort charges Donald Trump and his executive children with fraud and negligence.
The seven plaintiffs say they were “duped” into buying hotel-condo units in the Trump Ocean Resort, a 526-unit, twin-tower project planned for 17 coastal acres a short drive south of the Mexican border. When the project collapsed in 2009, dozens of buyers lost their deposits, totaling more than $32 million.
Trump only licensed his name to the project's developer, Los Angeles-based Irongate. In the wake of the project’s demise, Irongate said there was no money to return—the deposit money was used to fund early development in the project, which was allowed by its contracts, the company said.
Posted in Real Estate on February 14, 2010 by Kevin Brass
Lenders foreclosed this week on the site for the oft-delayed Trump Towers Atlanta, which was getting the Trumponian sales push three years ago.
The land for the project could be sold at auction as early as next month, according to local press reports.
Hailed as The Donald’s first foray into Atlanta, the first phase of the project featured a 48-story tower with 360 condominium units, priced between $500,000 and $1.6 million. In 2007, “after just weeks since the opening” of the sales center, the Trump Towers Atlanta was “nearly one-third sold,” a press release proclaimed. Construction was set to begin in 2007 with a grand opening planned for 2020.
Posted in Real Estate on January 15, 2010 by Kevin Brass
 Trump Soho |
Even by New York City and Donald Trump standards, the 319-unit Trump Soho has been controversial.
From the start, neighborhood groups waged all out war against the project, arguing the 46-story tower was out of proportion with the low-rise area. Even worse, the plan violated zoning laws restricting new residential towers, they argued.
But Trump Soho, which is officially set to open in Feb. 1, was strictly defined as a “hotel-condo” for “transient occupancy” only, with owners forbidden from using the units for more than 120 days a year. Apartments ranging from 442 to 905 square feet, which were going for $1.2 million in the glory days, have limited storage space, no mailboxes and no kitchens, to discourage users from hanging out too long.
Posted in Uncategorized on December 16, 2009 by Kevin Brass
 Las Vegas CityCenter |
Get this: Donald Trump, the king of gold bathtubs, is criticizing a rival project as too expensive and over the top.
The Donald’s target is CityCenter, the massive project on the Las Vegas Strip often referred to as the largest commercial project in the United States. Co-developed by MGM Mirage and Dubai World, the troubled Dubai conglomerate, the 67-acre CityCenter includes five towers designed by star architects Daniel Libeskind, Pelli Clarke, Helmut Jahn, Kohn Pedersen Fox and Rafael Vinoly, with more than 2,000 condo units.
In an interview with Larry King, Trump called the project “an absolute catastrophe." The next day, in an interview with the Las Vegas Review-Journal, Trump said, “The biggest problem is it costs so much. It cost billions more than anticipated and it's going to be hard to recover from that."
Posted in Uncategorized on November 22, 2009 by Kevin Brass
Headlines from the world of property:
Scotland: Locals Take a Shot at Trump Golf Resort Plan
The controversial Scottish project is going forward over objections of local holdouts. (Financial Times)
NYC Politician Leads West Bank Homebuying Junket
The trip is focusing on new developments in the territory. (Falafel Media)
Cosmopolitan Vegas Condo Owners Were Misled, Suit Alleges
Deutsche Bank has taken over the troubled resort and casino. (Bloomberg)
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