TRUMP SOHO– For the Fabulously Fortunate, not the Weak Walleted

Do you want to live like a star?  Then check out the Trump Soho.  Trump is no chump so be prepared to spend top dollar…

The average price per unit in this ultra luxury building is around $1.8 M, mostly all studios and one bedrooms, though there are 5 penthouses and one presidential suite. The average maintenance is $5,121. YIKES!

One of their larger studios, unit 3901, is listed at $1.83 M and is 532 SF (can you believe that is one of their larger ones!). That is $3464 per square foot…OUCH!!!…maintenance is $4578 and taxes are $665. So if you put 20%, your monthly costs would be around $13,366 ($11,432 after taxes). 

According to the “Corcoran Report,” the average cost per studio in the first quarter of 2010 for apartments in Manhattan is $390,000. Let’s say your maintenance and taxes would ad up to $1000…If you put 20% down on a purchase like this you would be paying $2,719 dollars a month before taxes and $1,956 after taxes!!!* Now that is a little more like it…Now you might not have a night club and restaurant in your lobby, along with full room service, valet, and a masseuse who resembles Fabio that answers to your every need, BUT you’ll definitely save your money!

*Mortgage interest rates used 5.23, tax bracket 38.5, % deductable 62%.