The Woolworth Building, much like the Empire State Building or the Chrysler Building, has been one of the most iconic buildings dotting the New York City skyline. While it is one of the oldest skyscrapers in the whole of the United States, it also is one of the 50 tallest buildings in the country as well. Designed by the acclaimed American architect, Cass Gilbert, the Woolworth Building is a classic neo-Gothic construction and truly deserves both its National Historic and New York City landmark statuses.
But now, this iconic building in the Financial District is going to have another defining moment in its timeline. An investment group led by Alchemy Properties has bought the top 30 floors of the Woolworth Building for a whopping $68 million, and the New York City developers are intent on converting them into about 40 luxury apartments. This news comes close on the heels of other good news from the Manhattan luxury real estate market, and developers have reason to be extremely excited about the Woolworth apartments that will become available in 2015.
The condominiums at the Woolworth Building will start at about 350 feet above the ground, thereby affording the lucky residents of these homes some of the best views in New York City. The copper cupola, one of the most noteworthy features of the 792-feet tall building, will now house a five-level, 8,000 square foot penthouse. The development project, which covers about 100,000 square feet, will cost Alchemy Properties a princely sum of approximately $150 million, which includes its purchase price.
The project has understandably sent New York City’s real estate community into a wild tizzy, and their excitement can be perhaps best summed up by Kenneth Horn, the president of Alchemy Properties, who told The New York Times: “It’s very exciting for us. We’ve done a lot of historic buildings in the city, but this is ‘the mama.’” Frank Woolworth’s building has had a lot of admirers through the ages, and now, a lucky few among these aficionados will get to live in this stunning vestige of a bygone era.