The absolutely stunning 19th-century building at 5 Beekman Street, known as 5 Beekman, has been abandoned for decades, and developers have been circling the skylit-topped spot like vultures. During its abandoned years its been home to a few parties and fashion shows, and we even brought in a band to play there back in 2010. But the death rattle for this kind of fun came around the time a $200 champagne brunch was held inside in 2011—a portend of things to come.

Around that time Andre Balazs was attached to transform the 9-story building into a luxury destination, but a year later it was GFI Capital (also known for Ace Hotels) who ended up purchasing it, and the abandoned lot next door, for $64 million (+$22 million for the lot). They are now turning it into The Beekman Hotel, which will house restaurants, bars, and 287 rooms, plus a condo building next door. The towers off the top floor atrium will also be available for rent.

GFI Capital's president told the NY Times, "Not only is there a market down here for this, there’s not a person who hasn’t walked into this building without their tongues hanging out," adding they would retain some original elements of the building (it is landmarked, after all). Except those old elevators, which you can see in the beginning of this video (they were the third elevators in all of New York City!):

Sales will start this summer, and according to the Times, "prices at the units, with 16-foot ceilings, are expected to be more than $2,000 a square foot." Start saving.