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241 Fifth Avenue Will Actually Be Condos, Not a Hotel

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It's hard to keep up with all the goings on at the various Flatiron and Madison Square Park-area hotels these days, between the foreclosure judgement at the MAve and the possible sale of the Flatiron Hotel. The latest: the four-story building at 241 Fifth Avenue that was supposed to become a 100-room hotel is...not actually becoming a hotel. According to the Journal, Victor Homes is in the process of taking control of the property through a foreclosure auction. After that, the developer?also at work on a 100-unit condo on West 29th Street?plans to put up a 20-story, 48-unit condo building. (The original Landmarks Commission permit calls for a "glass and terra cotta clad" structure.) The building will have one- through four-bedroom units. As for prices, one Victor Homes exec tells the Journal three bedrooms will probably ask between $2 million and $2.5 million. Start saving now?
· Condo Plans Replace Hotel [WSJ]

241 Fifth Avenue

241 Fifth Avenue, New York , NY