Tuesday, September 9, 2008

From $40 for 4 Hours to $11 million... The Bronx is Booming

You know you've passed it before while waiting in traffic to get through the toll at the Whitestone Bridge and thought to yourself, "Holy good God, what goes on in that place?" But hopefully you've never actually gone in to try their $40 for four hours "fantasy room."

It's the Capri Whitestone Motel in the Ferry Point section of the East Bronx, and Lois Weiss of the New York Post is reporting that it's been sold for $11.675 million to Baywood Hotels of Maryland.

The city-owned Ferry Point Golf Course is right across the street and is currently undergoing (after much drama including allegedly mob-connected carting companies profiting from their gigs dumping dirt on the site) its transformation from an old landfill to a Jack Nicklaus Signature Golf Course, complete with a community park and waterfront promenade.

Clearly the business savvy honchos at Baywood Hotels smell a good business deal here which will put them front and center as the Ferry Point area undergoes revitalization.

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