After a prolonged economic slump and a not-so-subtle rebranding, Soho’s Dominick Hotel—formerly known as the Trump Soho—has experienced a formidable increase in revenue, as Bloomberg reports. The revenue per available room rose more than 20 percent from last year. The hotel’s average nightly rate increased by $51 (a 20 percent increase compared to just 2 percent among the hotel’s competitors) and had 7,000 more bookings in 2018 than in 2017.
After an 11-year economic slump, local protests and multiple lawsuits, the Trump Soho condominium and hotel at 246 Spring Street has officially become the Dominick Hotel and Spa. Last month, the Trump Organization cut ties with the property after making a deal with the building’s owner, CIM Group, to step away from the hotel amid a decline in room prices. Between 11 pm on Wednesday and 3 am on Thursday, workers removed the Trump Soho lettering from the facade of the glitzy 46-story hotel, literally erasing President Trump’s association with the building.
Zoom of the 1852 Dripps map of Manhattan, showing the proximity of downtown cemeteries, via David Rumsey Map Collection
Most New Yorkers spend some time underground every day as part of their daily commute, but some spend eternity beneath our streets, and in a few cases occupy some pretty surprising real estate.
Manhattan cemeteries are tougher to get into than Minetta Tavern without a reservation on a Saturday night because as far back as 1823, New York forbade new burials south of Canal Street. In 1851 that prohibition was extended to new burials south of 86th Street, and the creation of new cemeteries anywhere on the island was banned. But thousands of people were buried in Manhattan before those restrictions went into effect. And while some gravesites remain carefully maintained and hallowed ground, such as the those at St. Mark’s in the Bowery Church on Stuyvesant Street, Trinity Church on Wall Street, and St Paul’s Church at Fulton and Broadway, others have been forgotten and overlaid with some pretty surprising new uses, including playgrounds, swimming pools, luxury condos, and even a hotel named for the current occupant of the White House.
New York City has never, barring perhaps a short stretch of the go-go ’80s, been Trump country. But the Trump Organization’s high-profile Midtown properties blend with the area’s flow of international money and glamour-seeking tourists. Much further downtown, the Trump Soho condominium/hotel at 246 Spring Street has been at best a minor embarrassment in the neighborhood since the ambitious announcement of its birth on Donald J. Trump’s TV show “The Apprentice” 11 years ago. Now, what was launched as “an awe-inspiring masterpiece,” is being severed from the Trump fold, the New York Times reports. In addition to poor economic performance, the 46-story luxury hotel has attracted opposition from locals since its arrival, protests during Trump’s candidacy and scrutiny after the election due to its ties to a Russian dealmaker.
Photo of Trump SoHo via Trump Hotels
Trump SoHo, a $450 million, 46-story hotel condominium at 246 Spring Street, has suffered from a sharp decline in corporate event bookings and an increase in staff layoffs. Documents reviewed by WYNC show the once $700-per-night hotel now offers rooms for under $400 a night, less than most of the city’s five- and even four-star rated accommodations. Plus, managers plan on laying off 12 room attendants out of the hotel’s 80 total housekeeping staff and removing turn-down service. While last year the hotel booked 29 large corporate events between January and mid-May, this year just 11 events were booked, with fewer well-known names.
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Let’s face it, if you’re the average New Yorker and aren’t shacked up or down with having a roommate, a studio is probably where you’re heading. According to data from CityRealty, the median price for available studio condominiums in Manhattan and northern Brooklyn stands at $782,000. While there are a paltry number of these apartments available, roughly 200, these pint-sized units allow many first-time condo buyers and those with smaller budgets to enter the condo market.
For neighborhoods with more than two studio condo units on the market, Washington Heights has the cheapest median average, coming in at just $633 per square foot, less than half the city’s median of $1,389 per square foot. Soho, on the other hand, with its 18 availabilities, has the city’s most expensive studios with a median price per square foot of $2,025. Keep in mind, however, that many downtown studios are “studios” in name only. For instance, the most expensive such unit in the city right now is a $6.75 million penthouse loft at 37 Greene Street, encompassing 3,200 square feet of raw space and a 2,400-square-foot rooftop terrace–likely not what that minimalist, low carbon footprint-seeking buyer has in mind. So, below is a list of the five best individual studio deals on the market right now, and a map showing the studios priced farthest below their neighborhood median averages.
Real Estate Wire: Trump Soho Off to the Auction Block; Moynihan Station Project Gets $40M in Federal Funding, Wed, September 17, 2014
- Unsellable condos at the Trump Soho have sent the building into foreclosure and off to the auction block. [WSJ]
- The Federal Transit Administration handed out $1.9B for Sandy-related upgrades, yesterday. $40M of the available funds will go towards the Moynihan Station and about $13 million will go to the planned $700 million second phase of the project that will turn the Farley Post Office into a terminal for Amtrak. [Crain’s]
- Abby Rosen is throwing down big bucks for 190 Bowery, the hotly sought after home of photographer Jay Maisel. The building was originally built in 1898 as a location for the Germania Bank an has been Maisel’s home since 1966. Estimates value the home at $50M. [NYT]
- The construction of college buildings is booming and spending will top $2B this year. This trend will continue at the same level for at least the next three years, reports say. [WSJ]
- 31 Bond is getting a penthouse addition. [Curbed]
Trump Soho (left); Moynihan Station (right)