On Fifth Ave., the Stanhope Readies for Its Second Act

The Stanhope Hotel, once one of the most desirable residences in the city, is set to regain some of its original luster.Since its construction in 1926, the Rosario Candela-designed hotel has hosted its share of society notables, both in its rooms and lobby. In the 1950s, Greta Keller performed regularly in its cabaret show in the Rembrandt Room, and in 1955 Charlie Parker passed away in one of its suites.The Upper East Side icon has done a bit of a spring cleaning, opening two model units to lure potential buyers as part of a renewed push to sell its remaining apartments before construction is finished in early 2008. The 17-story, 81-year-old building sits just across from the Metropolitan Museum of Art and apartments have been on the market since 2005, when Gary Barnett’s Extell Development began renovating in preparation for its conversion.The once posh hotel, which has tried to reinvent itself as a set of 26 luxurious co-ops redesigned for art collectors, has met with some resistance along the way. The building’s history and location have not been not enough to entice buyers to pay more than $10 million, plus $9,000 a month in maintenance fees, and early sales of its 26 apartments have lagged beneath expectations.While it is unclear how many units have been sold thus far, the development company is apparently looking to garner some attention and interest as the spring sales season gets into full swing.Last fall, Extell moved forward on a plan to complete one floor with model units, in an attempt to spur more sales. After a few months of construction, the curtain was unveiled on the two fully furnished sample units Tuesday, offering a peek at the four- and five-bedroom units, both of which are larger than 4,000 square feet and priced around $12 million.The two units on display building resemble livable galleries. While the stately building’s low ceilings have been cited as a potentially undesirable feature for private living, architect John Simpson incorporated detailed molding to enhance the ceilings’ recesses, and interior designer Eric Cohler decorated the ceilings with eyecatching fixtures.Mr. Cohler said his goal in redesigning was to incorporate the units’ existing design elements into new furnishings. Pointing to the old-fashioned features, such as a butler’s pantry off the kitchen, Mr. Cohler said the design was intended to look traditional. He said he worked with an imaginary family in mind.“These people are traditionalists, but they don’t want to be like their parents,” Mr. Cohler said of the building’s potential inhabitants. “It’s all about the kids and the family and having fun.”“Based on sneak previews, the public is loving it,” a vice president of Extell Development, Raizy Haas, said. “We expect this project to do extremely well now that we’re getting started.”For now, aside from its finished fifth floor, home to the two sample units, the building is still under construction. Its lobby awaits renovation and the construction of a highend gym and spa, La Palestra, which will occupy 2,500 square feet. When all is ready, though, 995 Fifth Ave. residents will even have access to an in-house wine consultant.Because the land beneath the building could only be leased, rather than purchased, the building is a co-op, but its rules resemble those of condos, as buyers are not subjected to any kind of board approval process. The steep monthly maintenance charges remain, but a sales agent for the Corcoran Group, Deborah Grubman, said she expects that the lure of a building that is a co-op in name only will be powerful.“It’s very hard to get a building that has condo rules with everything new,” she said. According to Ms. Grubman, there are only two pre-war condominium buildings on Fifth Avenue between 60th and 96th streets.

On Fifth Ave., the Stanhope Readies for Its Second Act

On Fifth Ave., the Stanhope Readies for Its Second Act

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