A New jersey physician who was among the early investors in the Trump International Hotel & Towers hotel-condo units has slashed the prices on the four units he’s been trying to sell for nearly a year.
On Feb. 19, Stephen Soloway, an arthritis and rheumatology specialist based in Vineland, New Jersey, cut a combined $650,000 off the asking prices of his four units on the 23rd, 24th, 25th and 27th floors of the 92-story tower. The units, which Soloway bought separately, are being sold individually, not as a package, and are all represented by Marc Kaufman of Baird & Warner.
Since putting the quartet on the market in March 2020 at a combined $4.3 million, represented by a different agent at the time, Soloway has made a little more than $2 million in price cuts. He’s now asking a combined $2.25 million, slightly less than the $2.28 million he paid to purchase the units separately.
Soloway did not respond to Crain’s requests for comment. He appears to have tired of discussing his Trump investments. In 2018, the Washington Post asked Soloway about his investments in a Trump property in New York, where Soloway had joined Donald Trump, Jr. in opposing an effort to strip the Trump name from the building. Soloway’s response, according to the Post, “included 62 exclamation points. ‘Don’t write or attempt to reach me again!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,’ he wrote.”
That year, Trump nominated Soloway to the President’s Council on Physical Fitness, though Soloway reportedly withdrew his name from nomination a month or so later.
The units are part of the Trump building’s hotel-condo section, where unit owners can put them into the hotel rental pool when not using them. Kaufman, the listing agent on the units, said that Soloway “did make money (on rentals) in 2018 and 2019.” He was not authorized to release specific dollar figures. As for 2020, he said, “I didn’t request the forms, because it doesn’t matter,” with the sharp downturn throughout the hotel industry.
Occupancy and operating revenue have dropped sharply at the hotel, Crain’s Alby Gallun reported in January, both because of the general drop in the hospitality industry from COVID-19 and because of some people’s discomfort with the name Trump in the wake of the New York hotelier’s divisive Presidency. Investor owners who rely on rental of their units would lose under those circumstances.
Kaufman said the four units are all in the 04 tier, where units face “straight east, so you’re looking right down the river.”
In three cases, Soloway is asking less than he paid for the unit 13 years ago. For his units on the 23rd, 24th and 25th floors of the 98-story tower, Soloway paid $533,500 each in 2008, according to the Cook County Recorder of Deeds. He closed on his purchases of those units before the hotel’s services opened in January 2009. Soloway paid $680,500 for the 27th-floor unit in 2010, according to the recorder.
Soloway would not be alone in selling at below the prices he paid for his Trump units. Crain’s found ten sales of Trump units in the past eight months where the sellers sold for less than they paid for the unit, and one where they sold for more than they paid for the unit.
Among the sellers who lost were those who sold a two-bedroom condo—purely condo, not a hotel-condo—on the 32nd floor in November for just under $1.18 million, or about 51 percent of what they paid to buy the home in 2009, according to the recorder. At least three hotel-condo units have sold in the past eight months for more than $100,000 off what their sellers paid for them in 2008, the same year Soloway bought his.
A parking space in the building also sold at a loss. In December, an owner who paid $200,000 for a spot in 2011 sold it for $147,000, or about 26 percent off the 2011 price.
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February 23, 2021 at 06:02AM
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