Trump SoHo Goes Into Foreclosure
It has been widely reported that the Trump SoHo Condo Hotel is going into foreclosure and will be sold. GVSHP, along with many other local community groups, strongly opposed the construction of the Trump SoHo, contending that it was illegal in light of the area's zoning prohibitions against residential or residential hotel development (such uses remain prohibited on this site, in spite of a recent rezoning).
In response to GVSHP and others' contentions about the illegality of the development, the prior administration required that the development abide by a restrictive declaration that limited owner's stays to no more than 120 days per year, and 29 days per any 36 day period. The enforcement of such regulations was supposed to be made possible by close oversight by the City, including requiring the Trump SoHo to conduct annual audits of its records by an outside independent entity and submit those audits to the City for review. However, a Freedom of Information Request filed by GVSHP last year revealed that no audits had ever been submitted since the Trump SoHo opened, none had been requested by the City, and no penalties had been levied for the Trump SoHo's failure to do so.
In light of this, GVSHP has written to Mayor de Blasio and new Building Commissioner Chandler to urge that the close oversight promised but never delivered by the prior administration be undertaken at Trump SoHo, especially with a change in ownership on the horizon. Apparently the development's failure and foreclosure emanate from exactly the issues we raised -- that buyers do not want to be limited in their ability to stay in a unit they own, but rather want and expect to be able to live there as they please -- like a residence, which the zoning prohibits.