A relatively high-profile real estate property in New York may end up undergoing a conversion in the near future. That property is Hotel Wales. As the number of luxury condo real estate transactions grows in New York, Hotel Wales very well could become one of the newest condos available on the Upper East Side.
The Hotel Wales features 89 rooms and sits 10 stories high. DLJ Real Estate Capital recently bought the property for $35 million. The company that was marketing it, Cushman & Wakefield, emphasized that the hotel offered a rare chance for transformation into a luxury condo building.
The building also has more than 6,000 square feet of air rights that have gone unused. These rights could be utilized to create a penthouse. The building was converted from a small hotel to a high-end one back in the 1980s, and it currently has retail tenants such as Paola's and Sarabeth East restaurants. Two units in the building are single-room-occupancy units.
When it comes to buying commercial real estate in the New York area, knowing the ins and outs of a transaction is paramount for making a purchase dream a reality. However, making a mistake during the buying process can end up causing a commercial real estate deal to fall through or might end up costing the buyer in the long run. A qualified attorney can help with navigating real estate transactions in a way that will help buyers to achieve their particular goals in today's complicated and competitive real estate market.
Source: therealdeal.com, "Hotel Wales NYC", Aug. 23, 2017