LCOR lands rental deal with Booking.com for empty condos

Developer is converting 25 Broad Street to condominiums

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.”

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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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