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Somebody Get Peter Som a Tissue

In this week's edition of Gimme Shelter, Braden Keil spills the delicious dish on the condo conversion going on at the old Tommy Hilfiger headquarters at 485 Fifth Avenue (and skip all that celebrity stuff so it'll be new to you when we do a wrap-up). The building was rebranded the Peter Som Collection of Residences ... at least, it was the Peter Som Collection of Residences. Now it's the Peter Som Collection of Residences turned Hotel to be Named.

In the ultimate example of real estate schadenfreude, Keil reports that poor sales over the last eight months or so have caused the developers to return deposits to buyers and explore making the whole shebang a hotel. We're suprised that not even the building's sparkling location?right across the street from the New York Public Library?could turn buyers on. Looks like the whole burgeoning boutique designer condo trend thing isn't as much a sure bet as we thought it would be. If you need us, we'll be in our pod.
· Gimme Shelter [NYPost]
· Midtown Getting its Own Collection [Curbed]
· 485 Fifth Avenue []

RELATED: The listings for 485 Fifth Avenue are still up on Corcoran. For now.