Licensed Real Estate Salesperson at Brown Harris Stevens - The E. Clayman/J. Bray Team - Certified Negotiation Expert
REAL ESTATE SERIES: THE RENAISSANCE AND CONTINUED RISE OF THE CONDO HOTEL IN NEW YORK CITY From the opulent Ansonia Hotel on the Upper West Side to the storied women-only Barbizon on Lexington Avenue (both of which have since closed and been converted to regular condos), New York has long been home to hotel-style living. While these residences may be best known for their luxury features and famous residents, most were originally constructed for a practical reason—a desire to bypass local zoning bylaws. As per the Tenement Act of 1867, residential buildings had to adhere to height and lot size restrictions. Hotels were exempt, creating a convenient loophole to build higher-density residences while still appearing to comply with local laws. Over 100 years later, hotel residences are back in the headlines. Before Billionaires’ Row became famous for its supertall condos with equally staggering prices, the Four Seasons New York hotel between Madison and Fifth Avenues opened in 1993 on 57th Street, joining a growing crop of high-end towers with top-floor views of Central Park. The hotel closed at the height of the pandemic in March 2020, but building owner Ty Warner and operator Four Seasons Hotels and Resorts recently reached a deal to reopen this fall, one that includes converting 50 of the 368 rooms to residential units. Details about the residences are not yet available, but Four Seasons guests are familiar with fine dining, luxury spas, and well-appointed suites with bathtubs that fill in only two minutes. #listings hashtag#apartments hashtag#manhattan hashtag#residentialrealestate hashtag#onthemarket hashtag#sellers hashtag#average hashtag#inventory hashtag#price hashtag#active hashtag#closings hashtag#ny hashtag#newyorkcity hashtag#report hashtag#months hashtag#apartmentsforsale hashtag#market hashtag#resale hashtag#pricedown hashtag#lowerprice hashtag#buyersmarket hashtag#bestopportunity hashtag#linkedin hashtag#buyersmarket hashtag#listings hashtag#realtor hashtag#realestate hashtag#apartmentsforsale
Daniel Gonzalez
3mo
Fascinating look at the history and resurgence of condo hotels in NYC! 🏙️ It's interesting how these developments, originally designed to bypass zoning laws, are making a comeback. Thanks for sharing! 📈
Licensed Real Estate Salesperson at Brown Harris Stevens - The E. Clayman/J. Bray Team - Certified Negotiation Expert
3moFor some people buying an apartment in a condo hotel in New York City can be very convenient. They can enjoy all the amenities of a luxury hotel and when absent they can have the hotel lease out and manage the unit on their behalf. It can be a very convenient way how to invest in residential real estate, with many advantages and very few disadvantages