FOUND Study, a provider of affordable student and intern housing, now operates one of largest hotel-to-residential conversion projects in Manhattan history. Located at 525 Lexington Avenue in Turtle Bay, the landmarked building was completed in 1923 and is designed by Empire State Building architect Arthur Loomis Harmon.
More than a century later, the 34-story building now houses 1,355 short-stay beds. Accommodations include single, double, triple, and quad rooms with four beds. Guests will also have access to 30,000 square feet of communal amenities, including a fitness center, a laundry room, a game room, a performing arts studio, a study room, a shared kitchen, and multiple lounges.
The development team partnered with BDB Construction Enterprise to complete the renovation project.
“As a former large-scale hotel, the existing property provided us with the opportunity to create new housing options for hundreds of students, with amazing amenities and a prime location,” said Andrea Colagrande, managing director at Hawkins Way, FOUND Study’s parent company. “We see FOUND Study Turtle Bay and its sister property FOUND Study Midtown East as the future of student housing in NYC and we’re thrilled to start welcoming residents this fall.”
After ceasing operations as a Marriott Hotel in 2020, 525 Lexington Avenue was sold by Deka Immobilien to a joint venture of Hawkins Way and Värde Partners. The transaction was completed in 2023 with JLL’s Hotels & Hospitality Group representing the seller.
Today, daily rates begin at $67 for a standard double and $100 for a standard single. Monthly rates range from $2,000 to $3,000.
For longer stays, the price varies per semester and duration. A full year of lodging in a standard single is just under $33,000, or about $2,750 per month.
Applications for fall housing at Found Study Turtle Bay are now open.