If you were to buy a condo on it, I think you would want to amortize for say 30 years. If you then sold it, the new buyer would want similar life. The ship is already about 70 years old. How much life is left in it sitting in the water?
We agree, an old mild steel hull is not likely to be condusive to realestate like values if the spaces are condos. Owner managed rental spaces for hotel operations, lounges, eateries, etc. could work. But we don't think the new owners have a long term propritery/ managerial interest in mind. But another buyer might. We doubt the story of the SS UNITED STATES is over yet.