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Old 10-18-2006, 10:56 AM   #1
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New York's Hit Factory Goes Residential

Sad news but at least it's not being torn down. The Capital Records building in LA may also be turned into condos soon.

It doesn't mention this in the article but John Lennon was working on "Double Fantasy" at the Hit Factory before his murder. And U2 has also recorded there.

New York's Hit Factory Goes Residential

By Dan Wilchins

NEW YORK (Reuters) - In a sense, the story of the Hit Factory is the story of New York.

The Manhattan building being converted into condominiums was built in the 1920s for industrial use but in the 1960's, as manufacturing was becoming less important for New York's economy, and media and finance becoming more crucial, the building became a recording studio.

Over the next few decades, countless classic records-from Stevie Wonder's "Songs in the Key of Life" to Bruce Springsteen's "Born in the USA" were recorded at the Hit Factory.

In 2005, as real estate values hovered at sky-high levels after at least four years of strong growth, and digital recording equipment made it increasingly easy for artists to record outside of traditional studios, the Hit Factory's studios in New York closed.

This year the building began selling residential loft units.

The Hit Factory housed one of the largest recording studios in the world -- big enough to accommodate a 140-person orchestra.

That large studio on the sixth floor of the building is being turned into duplex condominiums as large as about 3,550 square feet.

The building's conversion is coming at a difficult time for the Manhattan luxury real estate market, as rising interest rates dampen once eye-popping price growth.

The average Manhattan loft sold for $1.61 million in the second quarter of 2006, down 13 percent from the same quarter the year before, according to a report from Corcoran Group, but prices on the largest lofts still increased.

Borrowing rates are still relatively low by historical standards, and the Hit Factory is selling well-designed units made with high-quality materials, and should be able to sell well regardless of market conditions, said Scott Turkington, one of the building's owners.

"We decided when we planned this project that if there's a hiccup in the market, quality is going to sell, so we built this as a quality project," Turkington said.

The units are being listed at prices ranging from $1.025 million to $4.25 million, and will be ready for residents beginning in the first quarter of 2007.

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Old 10-18-2006, 07:46 PM   #2
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NYC is turning into crap.
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