"But with high-priced trophy properties, like large office towers and regional shopping malls, the deals are too complex for auctions."

And even some Japanese companies are writing off investments they made in office buildings, golf courses, movies studios and other trophy properties around the world.

"We get really excited when an architecturally significant trophy property sells, because we have something to hang our hat on," he said.

"In 1997 you are likely to see $300 a foot for trophy properties in midtown," she said.

Last year, 399 Park Avenue, a trophy property in Manhattan, sold for more than $600 a square foot.

Brokers say there have fewer bidding wars this year for all but trophy properties.

They said some buyers might see it as a trophy property that could create its own worldwide brand.

The Russians are looking for trophy properties.

As a result, he said, money flowed into the development of luxury housing and other trophy properties until there were so many that the market collapsed.

The filing disclosed a few new details about the Zell group's plans for gaining control of the trophy property.