sentences:  Originally contemplating closing the building due to a very high vacancy rate, Chaim Chochet and Chip Marous proposed in September 2014 a $231 million renovation of the building into a mixed-used facility combining offices, apartments, condominiums and a boutique hotel.In June 2015, Terry Coyne, a commercial real estate broker from Newmark, negotiated the sale to Hudson Holdings LLC for $22 million.Hudson began a $280 million renovation of the building which will feature 550 apartments, a 300-room, high-end hotel, 200,000 square feet of retail, a banquet hall, conference space, and a lobby open to the public.