New York Top Hotels Convert to Condo’s at Rapid Rate

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

It is not only the Plaza that has converted some of its rooms in New York City recently as this International Herald Tribune article states, but many of the top properties in the city are converting to condo’s. And the list of potential buyers continues to grow. The cachet of living in one of the top hotels is too much to resist for some of the elite. To be able to say, I am staying at my Plaza apartment is the newest game to play.

In the past three years hundreds of hotel rooms in New York have been converted into condominium apartments, including space at some of the city’s most historic and elegant hotels. The list includes The Plaza, the St. Regis, The Stanhope and the St. Moritz. About 1,200 rooms were converted in 2004 and in 2005, up from about 200 in 2001 and in 2002.

The conversions have been spurred, in part, by intense market demand for luxury real estate, as well as for homes that come with a broad range of hotel-like services, such as housekeeping, room service and someone to park the car. The demand for such hybrid residences has far surpassed the expectations of market analysts and even those of the most optimistic developers.

“We are not just selling real estate. We are selling a way of life, and the response has been overwhelming,” said Ian Schrager, the hotelier and developer who converted part of the Gramercy Park Hotel to condominiums last year. “It’s the ultimate luxury: an effortless, carefree way of living in a modern, complex, hectic city.” via International Herald Tribune

Crossposted at the Travel Bloggers.

Related posts:
  1. Is New Yorks Plaza Hotel Selling False Promises?
  2. More Downward Pressure For New York Real Estate As Wall Street Bonuses Down 44 Percent
  3. Candy Spelling Trades in Mansion For Record 47 Million Dollar LA Condo
  4. New York City Flat Iron Building Purchased For Future Hotel Project
  5. Top 10 Cities With Highest Rate Of Non-Smokers

There Are 2 Responses So Far. »

  1. What a great way to maximize return on property? I wish a common man knows that much about property, finance, mortgages and stuff? :-)

    I have been collecting articles on mortgage property management, and found that most of the time, a mortgage owner doesnt have a clue of what he is paying back. Blog like this give them a broad smart ideas. Good work.

  2. Ooops, sorry wrong link I put in…it should be mortgage property management

    Sue

Post a Response

« Back to text comment
  • Popular

    Most Comments

    Search

    Tags

    Archives

  • Recent Comments

    • My Representative is one of the infamous eight Republicans who voted to support this disgraceful legislation, Frank LoBiondo in South ...
      Susan | 3Jul09 | More
    • When selling our homes, what takes place should be between the seller and the buyer. Not the government. ...
      sam | 3Jul09 | More
    • Yea I guess I would be mad or should I say disappointed if I missed the cut off date for ...
      Lauren | 3Jul09 | More
    • If you haven't read this bill I could easily see how one could support it. I mean the bill ...
      Corey K | 3Jul09 | More
    • Pain is gain. I really support this, and the change may be hard but it has to be done. ...
      M Realty | 3Jul09 | More
    • I can't tell you how many people I've talked to in the past week who are completely unaware that the ...
      Trish | 3Jul09 | More
    • The liberal government policies have facilitated the expansion of the foreign involvement in the Real Estate Investment sector.
      genetic cancer testing | 3Jul09 | More
    • We all know EPA has the most murders per 100k ever. 175 murders per 100k.
      hmmm | 3Jul09 | More
    • I am confused...I closed on my house 1 April 2008, I did not get $7500 pay back or $8000 no ...
      Jeff Hammack | 2Jul09 | More
    • I am a person that has been qualified for a loan and really would love to see this enacted. ...
      Gretchen | 2Jul09 | More
  • Statistics

  • Friends

  • Recent Friends Visiting

  • Subscribe





    Get Updates Delivered Daily By E-Mail:

    Delivered by FeedBurner