Aug 21, 2009 11:27 pm US/Eastern
Trump Hollywood's Luxury Aims To Beat The Odds
HOLLYWOOD (CBS4) ―
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The new Trump Hollywood tower in Hollywood Beach.
CBS
Welcome to the grand unveiling of the newest jewel to hit Hollywood beach: Trump Hollywood.
At first entry, with the impressive two story lobby featuring an 18-foot polished sculpture, the Trump Hollywood is all about luxury. It has a private cigar room with personal humidors, a comfortable and elegant game room, a cozy theater and elegant library with private dining.
Each resident gets their own private locker in the wine cellar and each resident gets to store up to 2,000 bottles in ultra cool glass units.
Jorge Perez told
CBS4's Lisa Petrillo, "The great thing is there are no hallways. The elevators come straight to your apartment."
It's high living at Trump Hollywood, as Donald Trump Jr. and real estate mogul Jorge Perez showed Lisa Petrillo around a two bedroom $2.4 million dollar unit—there was no ignoring the fact that the condo market is way down. So how will a building with residences starting at $1.3 million, and reaching up to $8 million sell?
"We figured when we're doing ultra luxury and that's what we do," says Trump, "we say there's going to be a market for those people with a different level of income."
"Jobs like this one that the average $2 million plus per unit," says Perez, "that the buyer isn't speculating...they're looking at this for long-term hold."
For Trump, showing off his dad's latest project is part of his overseeing all developments and deals for Trump International. He's no Paris Hilton.
"We found out at an early age that things from our dad weren't going to be ours if we didn't work for it," says Trump.
And both men say they are hopeful and even confident the buyers who have already shown interest in Trump Hollywood will seal the deal.
"The building is over 70 percent sold. We are going to concentrate on the people who have already bought. Most of them have expressed a desire to close, so before we go back public, we want to deal with existing buyers."
"So yes, there's that difference between buying and then closing--making it a done deal," said
CBS4's Lisa Petrillo.
"Oh yes, if there wasn't, I'd be a happy man," said Perez.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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