This past weekend's New York Times article on condo comeback stories confirmed that the former L-Hostel at ACP/7th Avenue and 118th Street will indeed be converting back into condos. Originally the Lotta condominium back in 2008, the owners took a smart move by converting the new adaptive reuse project into a popular hostel when it was clear that the condo market was not going anywhere anytime soon. Business had been good for a couple of years until the city closed down the establishment this past spring for not having the necessary 2nd stairwell for hotel safety reasons. Currently under renovations, the "one-bedrooms will sell for about $350,000 and two-bedrooms for about $550,000, roughly 20 percent less than original asking prices." Also noted is that price and value are now the focus and not glitzy extras in many developments that are starting to sell again: LINK. On a side note, the new Lotta condo could really make a difference to this section of ACP if they get a good tenant for their storefront which already has outdoor seating (lower photo). Read our past posts on L-Hostel: LINK. Photos by Ulysses
This is great news! Really pleased that this isn't going to sit unoccupied forever.
ReplyDeleteIt's a pretty building on a pretty stretch of 7th. And it would be lovely to have a restaurant on the street level.
ReplyDeleteFar, far nicer in my opinion than sterile 8th. Hope they do right by it with the interior.
Great news. ACP has some beautiful buildings and it is a shame that there isn't more along there in the way of restaurants etc.
ReplyDeleteThis is a lovely building and I agree with sanou's mum that it's more interesting than many of the condos on fdb (while still being close enough to these amenities). This of course depends on individual taste, but this has the advantage of at least being different than the other inventory. Prices appear to be competitive unless these are really small one and two bedrooms ...
ReplyDelete