What Happened to Glenwood Hostel?

Don't look now, but Brooklyn's infamous Glenwood Hostel has disappeared.  Arising from its ashes, seemingly overnight, is the shiny and fresh B Hotel, now available for bookings.  A fresh paint job won't stop the low rumble of the J and M trains, but it just might keep out the riff raff and increase ReVPAR for the owners.  Well in advance of the rollout of proposed new hostel regulations, the B Hotel & Hostel has 90 rooms, with one to six beds per room.  It's unclear from the photos whether each room will meet the cubic air space per bed requirements in the proposed legislation (400 cf per bed), but it sure looks nicer than the Glenwood.

Walking past the building yesterday evening, the hotel appears to be operating -- visitors were checking in, and workers were putting the finishing touches on some common area space.  A recent search shows that on Friday, July 12th, a single room is available for $54.99 plus tax, and a bed in a 2-bed dormitory is available for $49.99 plus tax.

The property changed hands in 2012 for $1.45M ($365,000 cash, with the seller financing the remainder), and is now owned by 339 Development LLC, an entity that appears to be affiliated with David Levitan.  Levitan is listed as a contact person for the Bay Family Center, a homeless shelter in South Brooklyn.

The only recent building permits issued for the building involve minor plumbing and staircase work.

The 13,500 square foot building is zoned for residential use, with a C1-3 commercial overlay.  It would be interesting to know the back story here.