LCOR lands rental deal with Booking.com for empty condos

Developer is converting 25 Broad Street to condominiums

New York /
Jan.January 14, 2020 10:02 AM
25 Broad Street and renderings of interior units from Booking.com (Credit: Google Maps and Booking)

25 Broad Street and renderings of interior units from Booking.com (Credit: Google Maps and Booking)

Amid a sluggish Financial District condo market, development firm LCOR has fo a novel way to put unsold units to use — and just maybe to attract potential buyers as well.

In a short-term deal announced in late December, international travel website Booking.com has refurbished 20 units at the Broad Exchange Building into New Year’s resolution-themed suites and is offering two-night stays this weekend for just $20.20. Bookings for the suites opened at noon Monday.

“We thought it was a great way to showcase the building,” LCOR senior vice president Anthony Tortora told Bloomberg. “You don’t know where the next sale comes from, so there’s always an opportunity.”

In addition to one- and two-bedroom apartments with luxury amenities, Booking.com’s “Resolution Suites” promotion will also provide renters with “custom programming – think activities and affirmations – to help kick-start resolutions in style.”

For example, the “Find Your Funny” suite will include a script-writing session with a comedy writer, while the “Be More Stylish” suite comes with a personal stylist and money to spend at Nordstrom.

LCOR, which is majority-owned by the California State Teachers Retirement System, is converting the 308-unit rental building at 25 Broad Street into condos with a targeted sellout of $395 million.

About 100 of the building’s units have been converted to condos so far, and sales launched last April with prices ranging from $850,000 for a one-bedroom to $5.3 million for a penthouse. Tortora told Bloomberg that about 30 units are now under contract. [Bloomberg] — Kevin Sun


Related Articles

arrow_forward_ios
Tribeca Associates managing partner Mark Gordon. (Moxy, LinkedIn via Gordon)
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
Quay Tower at 50 Park Drive and Ryan Serhant (ODA, Getty)
Ryan Serhant’s brokerage takes over sales at Brooklyn Bridge Park condo
Ryan Serhant’s brokerage takes over sales at Brooklyn Bridge Park condo
A rendering of One Boerum Place with Avery Hall Investments' Avi Fisher (top) and Brian Ezra (SLCE Architects, Avery Hall Investments)
Shifting gears: Brooklyn condo tower to debut as rental
Shifting gears: Brooklyn condo tower to debut as rental
Lionel Messi and photos of the Regalia unit (Getty)
Goooooool: Lionel Messi’s family scores condo in South Florida
Goooooool: Lionel Messi’s family scores condo in South Florida
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
Bella Hadid and 63 Greene Street (Getty, StreetEasy)
Bella Hadid’s $6.5M Soho penthouse finds a buyer
Bella Hadid’s $6.5M Soho penthouse finds a buyer
Assemblyman N. Nick Perry and Sen. Brian Kavanagh (Getty, iStock, NY State Assembly)
New bill would force co-op boards to explain rejections
New bill would force co-op boards to explain rejections
323 East 79th Street with Spruce Capital's Robert Schwartz and Boomerang’s Marco Auteri (Google Maps, Elliman)
Manhattan, Elmhurst notch $83M in mid-market sales
Manhattan, Elmhurst notch $83M in mid-market sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...