These former hotels are among those being brought back to life.
1. AKA Wall Street
the AKA Wall Street Hotel, now a rental building called The Howell, was one of the first in town to undergo such a transition.
When no visitors came for five months, the building’s owner, Prodigy Network, stopped paying its mortgage. Vanbarton Group, the lender of the hotel property, bought the debt at auction, took control of the hotel and immediately began the conversion process.
The entire conversion took about six months and cost $ 8 million and required minor renovations such as
“With the market and everything that happened during 2020, it was really clear that an apartment building was the way to go,” said Joey Chilelli, senior vice president of the Vanbarton Group.
2. Excelsior Hotel
The 200-room, 133,000-square-foot Excelsior Hotel, which was owned by Harry Krakowski for several decades, was sold to Emmut Properties for $ 79.9 million this month, almost two years after the hotel closed due to the pandemic in March 2020.
The new owner plans to convert the entire building into apartments.
From 2016 to 2019 the property was used by the Office for Homeless Assistance to temporary accommodation to New Yorkers who are homeless according to the city. It did not house them during the pandemic.
But because the Excelsior didn’t reopen on November 1, a new law passed by the city required Krakowski to pay each of his workers a $ 500 per week severance pay for nearly seven months, forcing him to sell.
3. The hotel in New York City
The 117 rooms Hotel in New York City at 161 Lexington Ave. was sold last month by Apple Core Holdings partners William Kohane, Larry Horn and Kenny Greif to Prem Jyotish, who will partner with the Bowery Residents’ Committee, a nonprofit dedicated to providing services to homeless New Yorkers.
After closing its doors to the public in March 2020, the hotel was used by the Department of Homeless Services as temporary accommodation to reduce overcrowding in traditional accommodation. When this program ended late last year, the hotel was sold. The DHS is now involved in converting the building into a transitional apartment for 160 people.
This hotel was also subject to the new severance payment law, but the law provides for an exception for properties that are used for other purposes. Employees of the former workforce are currently clearing the building in order to prepare for the renovation.
