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 Real Estate Bloggers.