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Stanhope Hotel Converted; Riff-Raff Need Not Apply



The Observer's got the goods on recently converted Stanhope Hotel, where 27 units are on sale for up to $47 million. Of course, if you buy two, you're welcome to spend more -- Corcoran super-broker Sharon Baum told Michael Calderone that a potential buyer is looking to break records with a purchase of two floors (16,000 sqft) for over $60 million.

Some more nuggets on Fifth Ave. Met neighbor: Units come with 150-year land-leases. “Basically, it’s a co-op with condominium rules. Everything you can do in a condominium, you can do here,” Baum said. Except, of course, get in for the cheap. There are first-floor studios for about $1 million, but they're only available to those who pony up for the goods upstairs, because, as Baum says, “you can’t come and live in the Stanhope in a studio.” Amen.
· The $60 M. Co-op? [Observer]