Feb 25, 2008

Sale of the Week

Sale of the Week—First Resale at Trump’s Tower

List Price: $1,025,000
Sale Price: $890,000
The Property: Less than a month after the hotel floors opened at Trump International Hotel & Tower, a 21st-floor hotel-condo unit has become the first residence in the 92-story building (which is still under construction) to be resold on the open market. That is, it is the first to be resold by somebody other than Trump; his company canceled some of its original deals in order to resell those units at higher prices.

The unit is a 607-square-foot studio with views to the north, east, and west. It is part of the hotel-condo pool, meaning that the owners can use it themselves or let the hotel rent it to guests, with a sizable cut of the rental income going to the owner. Whoever stays in the unit—the owner or a renter—can use all the hotel’s lavish amenities, as well as the unit’s own high-end kitchen. The unit does not come with a parking space in the building.

This was one of three units—two hotel-condo units and a conventional condo—that the Chicago real-estate investors Paul Kotsiopoulos and Deanne Thomas, a brother and sister, bought at preconstruction prices. Through their agent, Andrew Feldman, the pair said they have already been impressed with the hotel’s nearly full bookings, which defray the costs of ownership. They listed the unit for sale with Feldman on February 15th, found their own buyer (whom they would not identify), and closed the deal on February 21st.
   
Price Points: The $890,000 sale price is 13 percent below the sellers’ asking price, but Feldman says they were “intending on coming down a little bit.” Through him, Kotsiopoulos and Thomas reported that they turned a profit on the unit, although they wouldn’t specify how much. Trump’s reported prices for units of this size started in the low $800,000s.

Listing Agent: Andrew Feldman, Andco Real Estate Group, (312) 245-2000 or andy@andcorealestate.com.

Posted at 07:43 AM in Sale of the Week | Permalink

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