NEW YORK CITY — An investment group led by New York City-based Alchemy Properties has purchased the top 30 floors of the Landmark Woolworth Building, an iconic tower located at 233 Broadway in Manhattan, for $68 million. The Witkoff Group and Cammeby’s International, the sellers, will continue to own the remainder of the 57-story building, which houses office tenants.
Alchemy Properties plans to convert the space into 40 luxury residential condominiums, with views of most of Manhattan, Brooklyn and New Jersey. Additionally, a separate lobby with private elevators for residents will be constructed on Park Place. Completion is slated for 2015.
The Landmark Woolworth Building, which was constructed in 1913, is designated as a U.S. National Historic Landmark. Until 1930, the tower was the world’s tallest skyscraper.
“We are eager to begin writing a new chapter in the storied history of the Woolworth Building,” says Kenneth Horn, president of Alchemy Properties. “Transforming this jewel of the crown, which coincidently will celebrate its 100-year anniversary in 2013, into some of the city’s finest residential condominium units will be a complex but hugely rewarding experience for everyone involved. There will be nothing like these residences when they are delivered.”
Jeffrey Schwartz of Wolf, Haldenstein, Adler, Freeman and Herz represented the buyer in the transaction. HSBC Bank provided acquisition financing.
Alchemy Properties is a privately held company that has developed 30 properties in the New York metropolitan area, totaling more than 2 million square feet.
— Savannah Duncan