January 17, 2006
More hotel transformations into condos: now The Mark and The Drake will join the likes of The Plaza, St. Regis, Mayflower and Stanhope in becoming condos. The money is just too good to pass up, certainly when a 176-room property can net roughly $850,000 a room before being gutted and turned into a condo. What's more interesting to ponder, however, is how rapidly the hotel business in Manhattan is changing. Rather than renovating historic or perhaps 'problematic' properties, developers are simply gutting and altering the use. It's a rather fascinating development in the city's history, certainly at a time when property values are at a record high.
Tags:
drake, hotels, mark
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Posted on 1/17/2006
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