995 Fifth Avenue

995 Fifth Avenue is a 16-story co-op apartment building at 995 Fifth Avenue and East 81st Street on the Upper East Side of Manhattan, New York City, across Fifth Avenue from Central Park and the Metropolitan Museum of Art.[1] It was constructed in 1926 as The Stanhope Apartment Hotel and designed by Rosario Candela. The building was converted to a residential co-op with 27 units in 2005 and renamed The Stanhope.[2] It has since been renamed simply 995 Fifth Avenue.

995 Fifth Avenue
General information
LocationManhattan, New York
Address995 Fifth Avenue
Opening1927
Closed2005
Technical details
Floor count16
Design and construction
ArchitectRosario Candela

History

The Stanhope Apartment Hotel opened in 1927 under the ownership of the 955 Fifth Avenue Corporation. It shortly passed into the ownership of Benjamin Winter, Inc. in 1928, followed by joint ownership among four banks, including the Bank of United States, in 1932, after Winter's default.[3] Following acquisition by Hopestand Realty Corporation, the Stanhope Hotel built a reputation for luxury and live music. The hotel's Rembrandt Room cabaret featured George Feyer from 1968–1980, and Greta Keller for several weeks each year[4] through 1964, returning for a week's encore in 1971.[5]

Hotel ownership changed twice in 1961, first to Webb Knapp, Inc. in August, then to the Alliance Realty Company in October. The hotel continued its reputation as home to many well-to-do New Yorkers and entertaining celebrity visitors like Ringo Starr in 1969.[6]

Judson Realty purchased the hotel in 1980 and renamed it the American Stanhope Hotel as a statement about several major local hotels passing into foreign ownership. In 1982, Herbie Mann established the music policy at the hotel's Saratoga Room restaurant.[7]

The hotel was acquired by New York developer Gerald Guterman's Hanover Companies for $19 million in 1986. He undertook a $26 million Louis XV-style renovation with plans to sell the 132 rooms and suites as cooperatives while running the building as a luxury hotel.[8] When the hotel reopened following renovations, it was among the first hotels in the city to pass the room cost of $200 per night.[9] Unfortunately, the expected profit was not realized and the Hanover subsidiary that owned the Stanhope PRE-packaged and filed for Chapter 11 bankruptcy protection in February 1988. [10]

The hotel was purchased by Tobishima Associates at a November 1988 bankruptcy auction for $76 million.[11] Tobishima invested $5 million more in renovations, but then sold the hotel in 1998 for only $15 million to a partnership of Richard Born, Ira Drucker and Los Angeles-based Colony Capital.[12]

In 1999, the hotel was purchased by Hyatt Hotels for $65 million. At that point, the hotel also paid $2 million annually to the estate of Sol Goldman, which owned the leased ground on which the structure sat.[12] Hyatt renamed the property The Stanhope, A Park Hyatt Hotel, and then later The Stanhope Park Hyatt New York. The hotel's cabaret was revived as the Melrose Room, featuring talents including pianist Steve Ross[13] and soprano Anna Bergman.[14] It ceased operation as a hotel on January 13, 2005. It was converted to co-op[15] that year and first operated as The Stanhope, later changed to 995 Fifth Avenue.

Notable people

Famous residents

Famous deaths
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See also

References
  1. http://www.thecityreview.com/ues/fifave/fif995.html
  2. Barbanel, Josh (2006-11-09). "A Classic Candela With a Storied Past, but Few Takers". The New York Times. Retrieved 2007-02-21.
  3. New York Times: "BANKS GET HOTELS FOR WINTER'S DEBTS; Bank of United States and 3 Others Acquire Bretton Hall, Stanhope and Other Realty. GET DELMONICO INTEREST Release Some of Properties Now Held for $2,090,330 Indebtedness -- Court Approves Settlement." December 3, 1932
  4. Drake, David (2002-10-28). "Ross Recovers a Rembrandt". Playbill. Retrieved 2007-02-21.
  5. Wilson, John S. (1971-03-05). Greta Keller Sings And Evokes Aura Of the Twenties. The New York Times.
  6. Judy Klemesrud. (1969-06-01). But His Teeth Are Regular Pearls. The New York Times.
  7. Wilson, John S. (1982-04-09). "Pop Jazz; HERBIE MANN ESTABLISHES MUSICAL BASE ON FIFTH AVE". The New York Times. Retrieved 2007-02-21.
  8. Foderaro, Lisa W. (1988-02-17). "A King's Fall: Tax Changes Reverse Rise Of Developer". The New York Times. Retrieved 2007-02-21.
  9. Lyons, Richard D. (1986-11-30). "Manhattan Hotels Break the $200 Barrier". The New York Times. Retrieved 2007-02-21.
  10. "S.E.C. Cites Realty Unit". The New York Times. 1988-06-07. Retrieved 2007-02-21.
  11. Associated Press (1989-01-14). "Japanese Company Buys Hotel". The New York Times. Retrieved 2007-02-21.
  12. Keil, Braden (August 26, 1999). "$65M HOTEL BILL – HYATT BUYING THE RITZY STANHOPE; EXCLUSIVE".
  13. Holden, Stephen (2002-11-12). "CABARET REVIEW; Channeling Cole and Noël For Starters". The New York Times. Retrieved 2007-02-21.
  14. Holden, Stephen (2004-03-04). "CABARET REVIEW; A Line Between Rodgers and Gounod, You Know". The New York Times. Retrieved 2007-02-21.
  15. "Building: 995 Fifth Avenue in Upper East Side", StreetEasy.com.
  16. Krupnick, Ellie (2012-09-27). "Daphne Guinness' Bathtub Lawsuit Find Heiress Guilty Of Overflow". Huffington Post.
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