The iconic Woolworth Building in New York is currently being transformed into a luxury condo by Alchemy. Recently, the ongoing conversion was featured in the second episode of "Real Estate NYC with Katherine Clarke."
According to Daily News, the building's top floors are being converted to high-end condos especially intended for wealthy buyers. The penthouse in the said unit will reportedly be around $110 million.
In an interview with Alchemy Properties CEO Kenneth Horn, he revealed that the ongoing renovation will not include modern changes to the building but will instead restore its "grandeur and character." He also shared that the restoration cost of the building was more than they anticipated.
However, J.P. Forbes, head of sales for the building, is confident that it will attract wealthy buyers for its prime location alone. "The fact that it's the Woolworth Building is a huge draw. It's the Empire State Building, the Chrysler Building and the Woolworth Building. It's limited addition," he said.
Last month, Observer dubbed the renovation of Woolworth Building as "Downtown's most ambitious conversion project." According to the website, pulling off a transformation that retains the building's character and caters to the demands of a luxury buyer pool at the same time is not an easy feat. The fact that Woolworth Building's iconic status in New York also reportedly adds to the challenge. The project is expected to "come under closer scrutiny and harsher judgment than almost any other project in the city," according to Observer.
Woolworth Building dates back to 1913 and is one of the known skyscrapers in the U.S. It is one of the 100 tallest buildings in the country as well as one of the twenty tallest in New York. The 40th floor of the building is where Frank Woolworth, founder of F.W. Woolworth Company, kept his office for many years. Real Deal has previously posted several renderings and condo floor plans for the conversion of the building.
