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Upper East Side Luxury Hotel Headed for Conversion

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In a particularly scoop-filled Between the Bricks column (Vornado to buy landmarked 510 Fifth! Urban Outfitters backed out of a deal for the UWS's Metro Theater!), the Post's Lois Weiss dishes on Extell's purchase of the Helmsley Carlton House at 680 Madison Avenue. According to a source, the developer does indeed want to turn the 16-story hotel into a residential building, and a co-op conversion might be the easiest route because the building is on a land lease (albeit one with 150 years left). In the meantime, the retail space is in for a makeover. New storefront action will be created by moving the hotel lobby and combining space on the second floor and lower level into the retail fold?all subject to Landmarks Preservation Commission approval. World's fanciest Duane Reade, perhaps?
· Vornado Wants 510 Fifth [NYP]
· Developer Buys Helmsley Gem [Curbed]

The Carlton House

680 Madison Avenue, New York, NY 10065