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Old Posted Nov 26, 2013, 4:21 PM
Crawford Crawford is online now
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Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
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Originally Posted by antinimby View Post
And you all would be setting up yourselves to be disappointed when they decide to just renovate.
If they do renovate, yeah, I would be disappointed. But I don't see why they would do this.

The hotel has super-low floor heights. It's completely unworkable as luxury housing.

The value is in the land, not the building, which is why they spent so much to acquire the parcel. And it's probably also why they brought in Macklowe, who does super-luxury housing, and the Malaysian investors, who do new construction housing.
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