Top floors of Woolworth Building to become luxury apartments
The Cathedral of Commerce will soon double as one of the most deluxe living spaces Manhattan has to offer.
Though the iconic Woolworth Building has remained exclusively office spaces since its 1913 construction, in late July a deal was finalized for the top 30 floors to become luxury condos, according to The New York Times.
The investment group, led by Alchemy Properties, bought the space for $68 million on July 31 from Witkoff Group and Cammeby's International and plans to finish the project by 2015.
The Cass Gilbert-designed New York City landmark was famously purchased in cash for $13.5 million by five-and-dime store king Frank W. Woolworth, for whom the skyscraper is named.
Kenneth S. Horn, president of Alchemy Properties, is excited by the potential but notes that development is only in early stages.
"We are currently in the process of working on the design," Horn said. "We want the building to have large apartments clearly capitalizing on the views - not many residences in the city start at 350-feet up."
He added: We will of course be respectful of the iconic nature of the building."
As if living at what is sure to become one of the most sought-after city addresses was not drool worthy enough, some amenities Horn shared include two-bedroom and larger apartments with panoramic views, private elevator banks for residents, and access to a "high-end" health club with a restored pool reportedly used by Woolworth himself.
Additionally, NYTimes reports the cupola atop the Woolworth building, will become an approximately 8,000 square foot penthouse with a "wraparound outdoor deck."
The current estimated cost for the conversion of the floors, including the purchase price, is a whopping $150 million.
Hold your horses, though: Horn said that although the amount of calls he has received since the news broke is "astounding" he also explained, "We don't have anything to sell yet."
Horn then added: "But we are keeping a list of potential buyers."
The Witkoff Group and Cammeby's International could not be reached for comment.