Due to slow sales, condo turns into hotel
December 01, 2008 09:30AM
Jasper rendering
Sales started last year at the Jasper condo, at 114 East 32nd Street, between Park and Lexington avenues, but developer Harry Jeremias is now returning deposits to buyers and turning the building into a boutique hotel. Just 43 of the 80 units were in contract, and faced with an uncertain market and the need to provide millions of dollars to cover cost overruns, Jeremias decided to pull the project. The developer has entered into agreement with a European investment fund to convert the 18-story building into a 200-room hotel expected to open in a year. The hotel plans will keep some of the condo's features, like the pool, floors, fixtures and most of the lobby.
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Comments
Anonymous
That buildings elevators were too small and slow when it was offices, now it"s going to be a 200 room hotel? Good luck with the repeat business!
Comment #1 Posted By: Anonymous 12/01/08
Anonymous
hello - they installed new elevators.
Comment #2 Posted By: Anonymous 12/01/08
Anonymous
There are already several hotels in that area. None of them are that great, but a Ganesvoort should be going up on 29th and Park.
Comment #3 Posted By: Anonymous 12/01/08
Anonymous
Take your xanax number 4. This condo/hotel/glue factory/warehouse/office building/bowling alley/ will be in foreclosure in 9 months.
Comment #4 Posted By: Anonymous 12/02/08