LCOR lands rental deal with Booking.com for empty condos

Developer is converting 25 Broad Street to condominiums

TRD 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


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