The news that the Sutton Hotel on East 56th Street will refund the deposits of eight buyers and, instead of going condo as planned, continue to operate as—wait for it—a hotel, offers another poignant moment to reflect on the changing dynamics of the Manhattan real estate scene. Reports Josh Barbanel:
As hotels were sold and converted into condos in the last few years, a shortage of hotel rooms developed, and the value of hotels soared, along with rates for Manhattan hotel rooms, making hotels potentially as valuable as condominiums, with less risk to developers.Nostalgic for the go-go days of Spring 2005? Thanks to Google Cache, revisit the offering babble for the now-defunct Sutton East Condominium, "The premier service, elegance, and location of the Sutton East Condominium make this one of Manhattan’s best pied-a-terre residences." Or, you know, not.
· No New Condos at Old Sutton Hotel [NYTimes, 2nd item]
· About the Sutton East Condominium [thesutton.com via Google Cache]
· More Hotels Slated for Condo Mania [Curbed]