Belvedere Hotel's success leads to second offering of condominiums in area

September 15, 1991|By Edward Gunts

To capitalize on strong sales from the Belvedere Hotel's recent condominium conversion, a local development group has begun converting a nearby apartment complex to condominiums well.

Belvedere Court, a 23-unit, $1.5 million residential and office complex, stands across East Chase Street from the historic hotel. Prices for its condominiums start at $33,000.

The buildings at 10, 12, 14 and 16 E. Chase St. date from the 1870s and were renovated for residential and office use more than five years ago by James D. Locke Development Corp., said Barbara Cooper of Cooper and Associates, the firm handling sales. The building at 14 E. Chase St. is the birthplace of Emily Post, the etiquette authority.

More than half of the 112 residences in the former Belvedere Hotel have been sold or put under contract since sales started last spring, say the new owners, a group headed by Elliott Sharaby.

Meanwhile, the flurry of ads and publicity surrounding the hotel conversion has aided efforts to market the Belvedere Court condominiums, Ms. Cooper said.

"We've had a lot of interest and we're putting together the first contracts right now," she said. "The Belvedere has gotten people down here. Because they've run so many ads, they've gotten people back to the area. Since we're right across the street, people are coming to see us when they go to see the Belvedere."

A special financing program requires just a 5 percent down payment, which makes the units affordable to many first-time buyers, she added.

Prices for Belvedere Court's 18 residential units range from $33,000 to $108,000, and prices for its five office units range from $72,000 to $375,000.

Parking spaces are available for $8,000 apiece. Condominium fees are about $125 per month for each unit.

A sales center and furnished unit are open from 11:30 a.m. to 4 p.m. weekdays and from 1 p.m. to 4 p.m. on weekends.

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