Trump SoHo Residents Sue Over Lack Of Neighbors They'd Never Talk to Anyway
Fifteen condominium buyers of the Trump Soho hotel have filed a lawsuit against the feather-haired millionaire for fraud. The disgruntled would-be residents of the $1.2 million (or more) condos claim they were misled into signing contracts through false statements of the project's financial health, believing the Trump SoHo had sold more units than they actually had. With less people to file noise complaints and better chances for a spare elliptical at the gym, what exactly are these rich people crying about?
Basically, the Trump SoHo is looking like the Overlook Hotel's empty corridors in The Shining. According to Reuters, the Trump SoHo has only sold 16 percent of the units (62 out of 391), but Ole Boy Donald claims the hotel portion of the biz has done "exceedingly well since opening four months ago."
Unit ownership is kind of a weird situation to begin with. Condominium owners are limited to staying in their units no more than 120 days a year and no more than 29 consecutive days in any 36-day period. Units are rented to hotel guests when owners are away. Which means that Trump SoHo residents willingly pay millions of dollars to live in a hotel part-time. Whatta deal.
But the transient vibe isn't an issue. Reuters suggests that the plaintiff's concerns might involve the fact that "many banks will not lend to buyers of condominium units when sponsors still own a large percentage of the units, often 50 percent," because the sponsors' obligations to their own lenders and to the condominium itself poses an uncertain risk. So, since the 46-story hotel is pretty much in that boat, their buyers aren't getting any help from the bank.
To which Donald Trump responded, "This case is simply a matter of buyers' remorse." In other words, "If you're not rich enough, GTFO."
We think the part-time residents are just feeling a little lonesome for people to silently compare commuter luggage with on the elevator. Don't fret, Trump SoHo residents, Donald's got more important matters to deal with.