August 8, 2005 -- STANLEY Bard, who was born and raised in the Chelsea Hotel, vows he'll resist pressures to sell the landmark on West 23rd Street as long as he's alive. Bard, the principal owner, is 71... From Page Six
These days, most of the hotel is rented out far below market value as apartments to the artistic types Bard cherishes. "Someday when I'm gone, they (the investors) can sell it."
This is a rumor that surfaces from time to time at the Chelsea. According to the article in the Post the recent sale of the similarly grand Gramercy Park Hotel to Ian Schrager has rekindled interest in the Chelsea.
Mr. Bard appears to be fit as a fiddle and destined to live a long and productive life! Let's keep our fingers crossed.
Examples of Ian's recent contributions to condo/hotel living. Can't he just relaunch a disco.
Mr. Schrager, along with a developer, Aby Rosen, is now finishing 50 Gramercy Park North, which has 23 co-op apartments, and the adjacent Gramercy Park Hotel, with 181 rooms. Downtown, the two partners plan to build a condo on Bond Street. (New York Times, July 12, 2005)
Hotelier Ian Schrager, for example, is converting a former hotel into a luxury hotel-condo property at 1901 Collins Ave (South Florida). When the 240-unit conversion is completed, Schrager expects to sell the units anywhere between $400,00 and $20 million? A price that, if achieved, would be a record for hotel-condo units. The property will blend luxury condo units with hotel rooms, and both uses will tap into the hotel's services. (National Real Estate Investor Online Exclusive, July 27, 2005)
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