A Hotel Next to BAM?
[nggallery id=”53819″ template=galleryview] A listing just hit the market for 37 Lafayette, a four-story apartment building with air rights in tow as well as “preliminary plans for a boutique hotel that is eco friendly with a green construction.” The plans call for a 56-room hotel and the price tag is $5,560,000. While this listing is…
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A listing just hit the market for 37 Lafayette, a four-story apartment building with air rights in tow as well as “preliminary plans for a boutique hotel that is eco friendly with a green construction.” The plans call for a 56-room hotel and the price tag is $5,560,000. While this listing is new, the idea of selling the property with hotel plans dates back a few years; the building last traded in late 2007 for $3,400,000, according to Property Shark. Even though a hotel across the street from BAM seems like a decent bet in the long term, is financing out there for a project like this?
37 Lafayette Avenue [StreetEasy] GMAP
Oh, cool…I think a boutique hotel in the area would do well and the location seems good with all the entertainment, restaurants and nightlife nearby.
I’ve been out of the loop for a few years now, but the budgeting for a fancy hotel (W or equivalent), $180,000 per room, or $9M total for 56 rooms. There is no way to by a parcel, demo and build a luxury property if you pay $5.6M – that’s OPM stupidity right there.
This one also comes with a whole lotta air rights. That’s not chopped liver.
Obviously the corner is better, but 33 Lafayette Ave with Dare Books two buildings over is on the market at $2.2M. Hmmm. You get the building for $2M and a pretty rendering for $3.5M.
Rendering is nice but they don’t show the side with the blank wall… which is sure to be horribly ugly.
Nice location for a hotel, but $325 per buildable square foot? That seems crazy. There isn’t enough room in the budget to actually build the place.
Without having any knowledge of the business – what a great location for a hotel! Right next to lots of transportation, and in a lovely neighborhood. In sharp contrast to the hotels in Gowanus and along the LIRR on Atlantic.
I think a hotel would do well there, especially with the Arena opening in the same time frame.
I think that’s what the project would sell for if it were built already. That’s about 300% overpriced.