Trump Tower selling quickly

Trump Tower, the lavish new project by New York real estate maven Donald Trump, sold more than 300 residences during the first couple of months of marketing, according to the Trump Organization.
“The rapid sales pace has not slackened since the sales center opened in late September,” said Charles Reiss, senior vice president of the Trump Organization.

The project includes both traditional condos and “hotel condominiums,” a concept that’s caught on in New York but is new to Chicago.

“Hotel condominium buyers own their suite as a fee simple purchase of a deeded condominium,” said Tere Proctor, director of sales. “They can spend as much time in the residence as they like. When not using their unit, owners have the option of making it available for rent in the Trump International Hotel rental program.”

The arrangement has been popular with both individual buyers and corporations, according to Reiss. “The great advantage for both individuals and corporations is that owning a hotel condominium is completely carefree,” Reiss said. “Everything is managed and cared for by the hotel staff.”

The 90-story tower will include 174 hotel condos, priced from the $420s for a studio to more than $1 million for a two-bedroom. The 326 traditional condos are priced from the $510s to more than $11 million.

Groundbreaking is scheduled for summer of 2004.

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