While many developers are now renting out unsold units as hotel rooms, most don’t talk about it to the Real Deal because, um, it’s technically illegal (zoning and permits and all that jazz).
But one Cardinal Investments partner is happy to explain why the company is advertising units at Murray Hill’s SHoP-designed m127 and 17 Orchard Street on the LES on a vacation-rentals Web site: "You’ve gotta pay the mortgage, you’ve gotta keep the lights on."
Even if the Buildings Department cracks down and busts the developers in the act, fines range only from $800-$2,000. Meanwhile, kudos to TRD for entering the world of humorous Photoshopping. [Real Deal]
Copyright (c) 2009 Curbed.com LLC
What’s your opinion? Leave your comments below or send a letter to the editor.