Sep 19, 2007 5:09 pm US/Eastern
A new tower developed by Donald Trump is rising in a trendy section of Manhattan. It's called the "Trump SoHo."
But as CBS 2 HD has learned, neighborhood activists are out to trump "The Donald."
Demonstrators tried their best to ruin Trump's big announcement ceremony. While the developer basked in a glitzy ceremony inside, protestors owned the street outside.
Chanting "Dump that Trump!" and "Trump is a fraud!," residents of this hotbed of shabby-chic showed just how appalled they are at the rise of this 46-story Trump extravaganza.
When it's completed, it will be triple the height of many surrounding buildings.
"It's gonna look out of place," one woman said.
But the city has given the project a green light, and it's already risen 10 stories. On Wednesday, Trump mocked his critics.
"I want to thank the protestors outside for making this job so successful," Trump said. "It's gotten 3,200 applications, so I want to say thank you."
The zoning for this land permits 46-story hotels, but not 46-story residential buildings. Thus, Trump's plan for what he calls a hotel-condominium.
That means that people who buy apartments here can only spend 120 days a year in them, and must rent them out the rest of the year.
Critics say it's illegal.
"We're going to bring it before an independent judge, since the city refuses to hear our arguments why this clearly violates the zoning laws," said Andrew Berman, executive director of the Greenwich Village Society for Historic Preservation.
The development has clearly struck a nerve here.
"It just seems to be huge building on this postage-size piece of land," textile designer Loren Valenti said.
But barring a legal setback, it will open its doors in early 2009.
The smallest studio apartment in the building is selling for $1.2 million. If you're interested in a 10,000 square-foot suite, it will set you back $30 million.
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