Press Mentions

Back

Trump Soho Offers Refunds to Buyers if They Promise Not to Sue

Curbed_logo

By: Joey Arak

November 17th, 2010

It looks like the developers of the Trump Soho are more than a little worried about that lawsuit filed by buyers looking to get their deposits back. According to the Wall Street Journal, the building’s owners are offering buyers who have yet to close on their units half their money back if they agree not to join the lawsuit, which alleges that the Trump Soho fraudulently talked up its sales figures to entice more buyers. A developer voluntarily offering refunds to folks already in contract? That happens about as frequently as a developer getting arrested for running an international hooker ring. Which is once, and wouldn’t you know it, also involves the Trump Soho!

Are these refunds basically settlement offers? Depends on who you’re asking. Some think that the developers are going to drop the whole “condo” thing from the condo-hotel equation, in which case buyers would get their money back, anyway. The Donald favors that hotel-only plan, saying, “Because the hotel is doing so well, I’m personally going to recommend it.” You know what that means: More awesome letters!

Adam Leitman Bailey, P.C.

NEW YORK REAL ESTATE ATTORNEYS