Thursday, February 5, 2009

From luxury condos to transient hotels

From the Real Deal:

One luxury condominium developer has found a way to keep the cash flowing even if units aren't selling -- furnish the apartments and rent them as hotel units.

Cardinal Investments New York has been renting unsold apartments in at least two of its luxury condo projects -- M127 at 127 Madison Avenue in Murray Hill and 17 Orchard Street at Canal Street on the Lower East Side -- as fully furnished short- and extended-stay hotel suites, according to Trevor Stahelski, a partner at Cardinal.

Stahelski admitted the arrangement isn't necessarily legal under city zoning laws. Inquiries from The Real Deal have prompted an investigation of the Cardinal properties by the mayor's Office of Special Enforcement, which handles illegal hotel usage, said Jason Post, a spokesperson for the agency.

6 comments:

Bryan said...

So the partner of the development acknowledges the hotel as illegal, and nothing happens? Shocker. And the fact that one of the mayor's offices is investigating the place means that nothing will happen.

Anonymous said...

Short stay...maybe hourly rates...

HOT SHEETS BABY!

Anonymous said...

Maybe the Muss can convert
"Sky Parc View" into a luxury
mega-brothel/concubine residence
to recoup some of his loses.

Parking included...
and it's convenient to Wilpon's
new stadium.

After watching a boring ball game,
you can go and have a real ball afterwards.

Maybe dine at a 4 star restaurant and eat some delicately prepared
"catch of the streets".

The F-Liu-xhing Chamber of Commerce has to learn to be a little more flexible in promoting the area.

Times are tough now.

Anonymous said...

DUTCH KILLS HERE WE COME!

Anonymous said...

True regarding Dutch Kills!

They'll put any warm bodied
rent payer (whore or hustler)
into some of those
high vacancy buildings
and look the other way!

Watch out that CB#1
doesn't approve the creation of
a "pleasure zone" in LIC!

"Take a jump for a hump...
only minutes from Manhattan"!

Delis "the Devil"
and CB#1...the community board from hell!

Danny said...

Thanks For sharing about condos...