Our development activities enter a new phase with our acquisition of the tower portion of the iconic and landmark Woolworth Building. A striking fixture on the Lower Manhattan skyline, the building sits amidst a reenergized and reinvigorated neighborhood. Uber-luxury residential development is sprouting throughout the area spurred by two new multi-modal transit hubs and a transitioning commercial tenant base. Our entry into this highest end marketplace signals the next chapter in our history of anticipating and capitalizing on market shifts.
The Woolworth Building
New York, NY
The Woolworth Building is counted among a limited class of world-renowned buildings – a true architectural icon. When presented with the unique opportunity to acquire the tower portion of the building for a potential residential condominium conversion, we jumped at the chance. In a strictly private, off-market transaction, we structured an enormously complicated deal – our acquisition encompasses only the tower of the property with power, transport and support systems inextricably linked to the lower commercial portion of the structure.
In addition, as a New York City landmark, there were significant governmental concerns regarding the integrity of the property while allowing for a partial change of use. We successfully navigated a complex closing and financed the acquisition and extensive renovations in a challenging market. Our reputation as both sensitive developers and savvy, ethical investors were integral to our success on all fronts.
The conversion of the property, which is ongoing, requires a talented and skillful team of architects, engineers, designers and consultants to develop respectful and enchanting residences. We are as enamored by the business challenges as by the opportunity to husband and develop one of the world’s architectural treasures.
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