Tuesday , 22 August 2017
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Landmark Woolworth Skyscraper Sold for Condo Conversion

NEW YORK — The top floors of the historic Woolworth Building, the world’s tallest skyscraper until 1930, have been acquired for conversion into high-end residential units.

Constructed in 1913, the iconic 58-story Woolworth Building is one of the most recognizable buildings in the world.  With its ornate neo-Gothic spire rising above City Hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in 1966.

An investment group led by Alchemy Properties, a major real estate owner and developer based in New York City, has acquired a condominium interest in the top 30 floors of the Landmark Woolworth Building.  Alchemy will create 40 of Manhattan’s most exclusive residences within the tower of the downtown property. Completion is slated for 2015.

Alchemy acquired the condominium interest for approximately $68 million from The Witkoff Group and Cammeby’s International, which will continue to own the lower 28 floors to house office tenants.

“We are eager to begin writing a new chapter in the storied history of the Woolworth Building,” said Kenneth S. Horn, President of Alchemy Properties.

Representing Alchemy Properties in the transaction was Jeffrey Schwartz, Esq. of Wolf, Haldenstein, Adler, Freeman and Herz. HSBC Bank provided the acquisition financing for the purchaser.

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