Buyers Say Trump Inflated Soho Unit Sales

     MANHATTAN (CN) – Donald Trump and his children enticed investors to buy units at the Trump Soho Hotel Condominium New York by misrepresenting how well the units were selling “despite lagging sales,” 15 buyers claim in Federal Court.

     Palmer Gardens LLC and 14 others sued Trump and his children, Ivanka and Donald Jr. and Eric, for allegedly making “false, misleading or inaccurate” statements about the number and percentage of units sold to entice more buyers.
     They say the Trump Soho sales representative told a prospective buyer that 60 percent of the building units were sold, when at that point, only 12.5 percent had been sold.
     Another buyer says he was told, “The demand is overwhelming. We have over 1,400 people on a wait list.”
     The owners say the Trump Organization also made false representations to the media, citing articles in The New York Times, New York Daily News, New York Post, The Real Deal and the Huffington Post that allegedly overstated Trump Soho’s success.
     The buyers say Trump Organization made the fraudulent statements to “generate initial enthusiasm for the project and create a continuing perception that the project is a success.”
     They demand a return of their deposits, plus unspecified damages and legal fees.
     The Trump Soho building is located at 246 Spring St. in New York City.
     Along with the Trumps and their businesses, defendants include the Bayrock/Sapir Organization, Alex Sapir, Tevrik Arif, 246 Spring Street Holdings II, Bayrock/Sapir Realty, Bayrock Spring Street, Bayrock Group, Julius Schwarz, Prodigy International NYC, Rodrigo Nino, Core Group Marketing, Shaun Osher, Thomas Postilio and Akerman Senterfitt LLP.

%d bloggers like this: