NEW YORK (AP) — A flashy Manhattan condominium development was taking drastic steps to boost sluggish sales.
The 46-story Trump SoHo was offering a 25-percent discount to buyers who have signed contracts but haven’t closed on their properties.
That’s according to the Wall Street Journal, which reviewed documents connected to the deal.
A spokesman for Trump SoHo said the discounts were not automatic and were being negotiated on a case by case basis.
About a quarter of the 391 condo units in the building were under contract, but just 23-percent of those have closed.
The building has proven to be a tough sell. Owners of the units were allowed to stay in them just 120 days a year. They’re part of a hotel operation the rest of the year.
(Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)