Due to slow sales, condo turns into hotel

December 01, 2008 08:31AM

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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