NEW YORK CITY—Amidst reports of sluggish business and Trump-related investigations, the Board of the Trump SoHo Condominium and New York Trump International Hotels Management are parting ways. Trump SoHo experienced declining room prices and the onsite Koi Restaurant closed earlier this summer, citing lack of business. News headlines reported basketball teams and stars including Cleveland Cavaliers' LeBron James refusing to stay there when traveling to New York.
CIM Group, a California-based real estate investment firm, had acquired control of the Trump SoHo property in a 2014 foreclosure auction. The real estate owners paid the Trump Organization to manage the property and to allow use of the Trump name. Last week, the Trump Organization announced a buyout, bringing an end to its management and licensing agreement with the hotel condo by the end of this year.
Trump SoHo's launch was initially announced in 2006 on Donald Trump's reality TV show, “The Apprentice.” At the onset, the 46-story, 391 residence property, located at 246 Spring Street, faced strong community oppositions for its size, and location in a commercial and industrial zoned area.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
