Overview

995 Fifth (formerly The Stanhope Hotel) is part of the Upper East Side hotel condo-conversions trend, and it has been a controversial property for the past two years or so. There original buzz earmarked the Fifth Avenue condo project—still called the Stanhope at the time—for lucrative greatness. This was followed by rumors reported in the Observer that it wasn’t selling at all, which quickly led to denials by the brokers. Then, a few months ago, the name Stanhope was suddenly and completely banished and replaced by 995 Fifth. Presumably this was a reaction to a growing stigma that must have been attaching itself to the name Stanhope. Although, one wonders if Extell (the development firm) could really have supposed that buyers spending eight figures on an apartment would be taken in by a branding gimmick. (more…)