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Rumormongering

In a memo to residents this week, it was announced that the 52 units comprising the top ten floors of the Loews Hotel in Midtown are being bought up by a (deep-pocketed) investor, according to a source. Part of "12th & Midtown," the apartments currently rent for about $3,000 for a one bedroom (to $6,000 and up for three-bedroom units), and are estimated with a median listing price over $1 million. All indications are that, under new management, some of the units will be retained as rentals, while others could soon show up in the red-hot Midtown condo market.