Trump settling lawsuits over discount condo deals

The Chicago Tribune reports:

Donald Trump has been making peace with some of the early condo buyers at his 92-story tower under construction overlooking the Chicago River.

As part of his "friends and family" program, the developer had let a few dozen insiders purchase units at the Trump International Hotel & Tower at attractive prices, sometimes about $500 a square foot, to get sales rolling for market-rate units selling closer to $1,000 a square foot. But as the residential market softened last summer Trump notified these buyers, most of whom had professional connections to the project, that they would have to pay higher prices or the sales would be canceled.

On Monday, Trump settled a lawsuit with Judi and Nathan Diamond-Falk of Evanston. She is an architect who designed an early sales office for the 825-unit tower and ended up purchasing a two-bedroom condominium on the 46th floor with her attorney husband.

"We're pleased with the settlement and glad the case is over," said Nathan Diamond-Falk, who declined to divulge the details. "I can say that it's an exquisite building—understated elegance—although I don't know if we'll ever move in."

Trump, in Las Vegas where he is opening one of several projects he is building around the country, said, "We've settled many of these cases. I believe there were 25."

The tower, with 339 hotel condominiums and 486 residential condominiums, still has about 200 units left to sell, according to Mike Hart, regional manager of Hanley Wood Market Intelligence.

200 units left to sell.Good luck to The Donald.