Sections of what was once known as the world’s tallest building will be converted into luxury condos.
An investment group led by New York developer Alchemy Properties, has purchased the top 30 floors of the iconic Woolworth Building located in lower Manhattan, The New York Times reports.
“Not many people in the world would get to say they live in the Woolworth Building — one of the city’s most recognizable buildings,” Andrew Gerringer, an executive for the Marketing Directors, told the Times. “I think they’re coming on the market at the right time to do this.”
Renovating the building will be a costly feat, as the project is expected to cost about $150 million. That figure includes the $68 million purchase price.
While $150 million is a hefty amount, it’s not unrealistic to surmise that upwards of $250 million could be garnered once the condos are placed on the market.
Since prices for the 40 coming apartments haven’t yet been set, that figure is a modest guess. However, Howard Lorber, chairman of brokerage firm Prudential Douglas Elliman, told the Times that each condo could sell for as much as $3,000 a square foot. At that price, a 2,500 square-foot unit (the size of each apartment also hasn’t yet been confirmed, but remember, these aren’t your typical tiny NYC apartments) could retail for about $7.5 million.
You can read the entire report from The New York Times at the publication’s website.