Donald J. Trump, CEO of the Trump Organization, comments:

‘Last week I had the honour of globally launching Trump International Hotel & Tower Dubai, currently being built on Palm Jumeirah. With The Trump Organization’s continued growth throughout the Middle East, we thought it was only fitting to bring sales of our unique Trump SoHo penthouses to the UAE. Our penthouses are the most desirable places to stay in New York City, and will provide one of the most luxurious hotel experiences available anywhere in the world.’

Prodigy International’s President, Rodrigo Niño comments:

‘There is a great desire among sophisticated Arabic buyers to invest in Manhattan. As they have already a strong participation in the real estate markets of London and other capitals in Europe, they want to consolidate their presence around the world by incorporating New York to their portfolio.’

Of the 400 hotel condominium units, there will be 141 deluxe suites, 253 studio suites, five penthouse suites and one Presidential Suite. Some studios and deluxe suites can be combined to create luxurious two bedroom suites. Units will range in size from approximately 422 to 905 square feet with expansive penthouses and the Presidential Suite on the three highest floors. Owners will be able to choose from a range of panoramic views including the Hudson River, Statue of Liberty, Empire State Building and the Manhattan skyline.

Leading global real estate firm, Prodigy International, is the exclusive sales and marketing organization for Trump SoHo Hotel Condominium. Prodigy International has an impressive track record of driving sophisticated international buyers to the most exclusive properties in New York, Miami, Dominican Republic, Panama, Mexico and Costa Rica, through a global network of brokers from locations around the world.

The New York City Board of Education Retirement System is looking to deploy approximately $130 million to private equity real estate investments and is seeking exposure to a diverse range of property types through stable return and enhanced/opportunistic investments.

The system has issued a request for qualifications from managers to implement its new mandate via fund of funds or limited partnerships. Individual direct property investments, funds of predominantly debt securities, and discrete real estate investment trust portfolios will not be considered.

Firms must have at least $100 million of committed capital in a prior fund, at least $1 billion in committed capital in all real estate investment vehicles and at least one public fund investor with aggregate assets over $1 billion. Firms must also have a five-year track record managing private real estate products.

The RFQ is available on the New York City Comptroller’s Web site and proposals are due July 30.
source: www.finalternatives.com

The New York Times and the International Herald Tribune announced today that they will launch an international edition of The New York Times Real Estate Magazine on Oct. 6.

KEY, The New York Times Real Estate Magazine – International Edition “will be distributed inside the IHT to subscribers, at hotels and on newsstands in major markets in Europe and the Middle East,” a release stated. “It will be published twice a year offering a mix of original content with articles from the U.S. publication.”

The Times and IHT are both owned by The New York Times Company.

Acording to latest report prices in Manhattan real estate prices now sliding. The average price of a Manhattan apartment ranged from $1.66 million to $1.68 million in the second quarter of 2008, according to separate reports released Wednesday by Brown Harris Stevens, the Corcoran Group, Halstead Property and Prudential Douglas Elliman. That represents an increase of anywhere between 25% and 36% over average apartment prices for the second quarter of 2007.

When two of the most elite addresses in Manhattan with units on the market are excluded - 15 Central Park West and The Plaza - the average price comes down to about $1.49 million.

Slow Sales
Sales figures vary from agency to agency, but all report that volume is down significantly. Second quarter sales were down 38% from the same quarter a year ago according to the Corcoran report, which was put together in collaboration with PropertyShark.com. Sales were down 21.8% on a year-over-year basis, according to Prudential Douglas Elliman, and down 18% according to Brown Harris Stevens. Halstead saw a dip of 14%.

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