The Sutton

330 East 56 Street

An Alchemy Properties Inc. affiliate purchased and operated a 70 unit extended-stay hotel for the purpose of converting the building to second-home luxury condominiums. After nearly completing the conversion, the partners felt the second home market had weakened enough to negatively impact our business plan. We aggressively changed course with our business plan to take advantage of a still-robust hospitality market and sold the entire property to a hotel operator for a very attractive price. The success and challenges of this confirmed the importance that we must be readily adaptive to dynamic market conditions.