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Illegal East Village Hostel Seeks New Life as Expensive Townhouse

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When the five-story walk-up building at 27 East 7th Street was converted to a hostel called the Village Inn, it caught the eye of nightlife blog Down By The Hipster (the place is only a quick stumble from McSorley's!), got some Curbed commenters worked up and was eventually shut down by the Department of Buildings following a full vacate order, which is the scary paperwork still stuck to the building's front door. But forget the past, because 27 East 7th Street might one day be a jewel of an East Village townhouse!

The 26-foot-wide vacant building just hit the market via Elliman for a cool $6.85 million, with a number of possibilities in play. If converted to a single-family townhouse, it would be a whopper, at 9,000 square feet. The asking price also would make it the second most expensive East Village townhouse listing, behind the $6.95 asking price on 123 East 10th Street (and if you want to get really technical, it's also behind the $12.95 million combo listing of 123 and its neighbor). Other options: floor-through condos, non-profit organization, rental building. Yep, the zoning is lenient, but let's not try that hotel thing again, k? Our inspectors are overworked as it is.

According to StreetEasy, the building was previously on the market for $8.5 million back in 2008. During the hostel discussion, a Curbed commenter said the building had last sold for just $4.5 million. Maybe the transient tenants grabbed some mops and brooms?
· Listing: 27 East 7th Street [Elliman]
· Not Quite the Cooper Square Hotel [Curbed]