The Real Deal has reported that L-Hostel, at 1961 ACP/7th Avenue and 118th Street, will not open its doors again in the future. Last month, the Department of Buildings shut down the business for building violations and now it seems that those issues can not be resolved. To make the matters even more complicated, the real estate company that represented the building, when it was originally marketed as Lotta Condominiums, is now suing the owners for up to $150,000 in unpaid advertising bills and services. Part of this sum also included a reported $50,000 "break-up fee" which would penalize the developer if they decided to walk away from the condo deal. So, maybe it's time to change it back to a condo development? Read more about it in the Real Deal: LINK. Photo by Ulysses
Tuesday, May 25, 2010
☞ READ: L-Hostel Shuts Down Permanently
The Real Deal has reported that L-Hostel, at 1961 ACP/7th Avenue and 118th Street, will not open its doors again in the future. Last month, the Department of Buildings shut down the business for building violations and now it seems that those issues can not be resolved. To make the matters even more complicated, the real estate company that represented the building, when it was originally marketed as Lotta Condominiums, is now suing the owners for up to $150,000 in unpaid advertising bills and services. Part of this sum also included a reported $50,000 "break-up fee" which would penalize the developer if they decided to walk away from the condo deal. So, maybe it's time to change it back to a condo development? Read more about it in the Real Deal: LINK. Photo by Ulysses
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Ya' know, I think alot of the new developing businesses & residential enterprises going up in Harlem represent the proverbial double-edged sword. Its a good thing in that much of Harlem hasn't looked this good in many years-my grandparents would be proud to walk down ACP Blvd today! It has also caused many brownstone & townhouse & small apt building owners to take pride in their property which is a good thing. The level of civic pride on the part of those still here is great, it has given them something to work towards.
ReplyDeleteBut at the same time some of these developers (commercial, residential, etc.) are just out to make a fast buck on the next trendy nabe and when things go sour as they probably will in a few years or some other nabe becomes 'fabulous' then they will move on and infiltrate that. Some of these developers in order to cash in on the 'fabulosity' of a nabe circumvent the rules, regulations & laws governing proper building & development and then later when the issues show up as violations they pretend they didn't know any better. There is a lot of 'predatory equity' going on in Harlem & Washington Hts and many people are becoming victimized by it including some crooked developers who when they get caught shrug their collective shoulders, plead ignorance and run away. God Help Us!
Please go back to being a condo. It benefits the city and neighborhood tremendously.
ReplyDeleteThe retail space at the ground floor could really turn around this corner of 7th Avenue. The owner should rent it out in the meantime and make the block more attractive for future buyers.
ReplyDeleteThis was a great idea and I'm sad to see it go. Tourists are good for Harlem. While I'm not sure of the exact situation I wish the city could have worked with the owners to keep this place open. The last thing we need is more vacant buildings.
ReplyDeleteI agree with the above post and the hostel seemed to be doing a brisk business so maybe someone who is more on the up and up will open one nearby.
ReplyDeleteI live on this block of 118th & the Hostel was doing an amazing business. If someone could do the same thing in the neighborhood, but with legal zoning & emergency exits, they would have a truly solid business. Young and old travelers were flocking here while it was open. That being said, part of the appeal was that it is a beautiful building with a lovely roof terrace. I would love to see this go condo, or actually rental wouldn't be bad either, and soon. I just want to see these buildings full and the neighborhood flourishing.
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