$60m Regent Hotel set to undergo conversion.Another one of New York's famed hotels, this time The Regent REGENT. 1. A ruler, a governor. The term is usually applied to one who governs a regency, or rules in the place of another. 2. In the canon law, it signifies a master or professor of a college. Dict. du Dr. Call. h.t. 3. at 55 Wall St., is about to undergo a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. conversion. The property, set to be purchased by the Witkoff Group and Cipriani for a reported $60 million, has served as a four-star hotel for five years, before closing its doors in 2004. However, the new owners plan to convert the building into 106 condominiums, complete with a ballroom
A ballroom is a large room inside a building, the designated purpose of which is holding formal dances called balls. , a private club and, of course, Cipriani's Restaurant. "I think that downtown is going to be incredible, there are more investment dollars going in there than any other sector of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," said Steven C. Witkoff, principal of the Witkoff Group. "I regret we didn't invest more [in the area.]" Constructed in 1842 for the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Merchants Exchange, 55 Wall St. has also served as home to the New York Customs House and the National City Bank, as well as The Regent. The Witkoff Group has been in contract to buy the property since March of last year. In addition to the conversion, the new owners plan to kick-off another venture at the building--an eight months long concert series featuring such performers as Sheryl Crow, the proceeds of which will go to the downtown charity Wall Street Rising. |
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