Luxury Living in Old Temple of the 5 and Dime

Transcription

1 Luxury Living in Old Temple of the 5 and Dime By MICHELLE HIGGINS Published: August 7, Comments The Woolworth Building s neo-gothic tower, one of New York City s most recognizable landmarks, is about to be turned into luxury condominiums, a transformation that would be second only to placing penthouses atop the Chrysler Building or the Empire State Building. The world s tallest building when it opened in 1913, the Woolworth Building was called the Cathedral of Commerce, its copper-domed tower soaring 792 feet into the skyline. Now, in a $68 million deal made final last week, the tower will be turned into about 40 luxury apartments, including a five-level penthouse in the cupola. In a condo market still recovering from the Lehman Brothers crash in 2008, some developers have focused on conversions as a way to create new luxury apartments that cater to an eager, astronomically wealthy clientele who in the past few months have spent tens of millions of dollars on sumptuous apartments. With its historic status downtown, the Woolworth Building has the cachet to give it an edge over its competitors. An investment group led by Alchemy Properties, a New York developer, bought the top 30 floors of the landmark on July 31 from the Witkoff Group and Cammeby s International, which will continue to own the lower 28 floors and lease them as office space. It s very exciting for us, said Kenneth S. Horn, president of Alchemy Properties. We ve done a lot of historic buildings in the city, but this is the mama, as they say.

2 The agreement promises to reinvent the tower that telescopes up at 233 Broadway, between Park Place and Barclay Street, as one of Manhattan s most sought-after addresses, adding yet another chapter to the history of this Cass Gilbert-designed monument to Frank W. Woolworth and his five-and-dime empire. Apartments will begin at 350 feet above ground level, offering panoramic views of Lower and Midtown Manhattan, Brooklyn and New Jersey. The condos, with ceiling heights of 11 to 14 feet, are expected to be completed by Penthouses will be among the highest-altitude residences in the city, soaring above 700 feet. An abandoned 55-foot-long basement swimming pool, originally part of a health club, will be restored as an amenity for residents. A new entrance on Park Place will serve residents with an elevator bank separate from that used by the office tenants on the lower floors. Not many people in the world would get to say they live in the Woolworth Building one of the city s most recognizable buildings, said Andrew Gerringer, an executive for the Marketing Directors, a New York development, leasing and marketing company. I think they re coming on the market at the right time to do this. The trick to a successful conversion, he said, will be designing the large apartments the downtown luxury market prefers, despite the constraints imposed by the building s infrastructure. The project will cost approximately $150 million, including its $68 million purchase price, a spokesman for Alchemy Properties said. Although apartment prices have not been set, they may sell for as much as $3,000 a square foot, said Howard Lorber, chairman of the brokerage firm Prudential Douglas Elliman. That could mean $7.5 million for a 2,500-square-foot unit. The penthouse at the pinnacle could command more. By comparison, the average price per square foot of apartments sold in the second quarter of 2012 in the Woolworth Building s ZIP code was $1,250, according to data from Miller Samuel, a real estate appraisal and consulting firm. Mr. Gerringer described $2,000 a square foot as the new normal for iconic buildings, noting that the Woolworth tower apartments will begin on higher floors than most traditional prewar buildings. You re already raising the bar to begin with, he said. In 1998, the Witkoff Group and Cammeby s International formed a partnership to buy the Woolworth Building for $126.5 million. They at one point considered remaking the tower as office space with country-club exclusivity. As part of that plan, the top 25 floors, ranging from 3,500 to 8,000 square feet, were gutted. They have been vacant for several years. There has been much speculation over the years about potential buyers, including Italian businessmen and an Israeli investor group. In the end, four serious buyers looked at the property, according to people with knowledge of the deal who spoke on the condition of anonymity.

3 The deal has been kept quiet since negotiations began in April. But after it was finished, Mr. Horn, of Alchemy Properties, said, I walked out of the signing and said, Did this really happen? Nothing Alchemy has done quite compares with the challenge of transforming a signature piece of Manhattan real estate into residences, but the physical size of the project, at roughly 100,000 square feet, is similar to other developments the group has handled. It s our sweet spot, Mr. Horn said. Alchemy has developed 30 properties in the New York metropolitan area, and most of its residential projects have been boutique buildings with just a few dozen apartments. Even owners of newer skyscrapers that tower over the Woolworth Building seem in awe of it. Bruce Ratner, chairman of Forest City Ratner Companies, which developed the 870-foot, Frank Gehry-designed residential rental at 8 Spruce Street currently the city s tallest residential building marveled at the view of its shorter neighbor from a penthouse window at the Gehry building recently. The Woolworth Building is what is really extraordinary, Mr. Ratner said. What I always say to Frank is that this building dances with that building. Alexei Barrionuevo contributed reporting.

4

5 W worth Bldg. to go condo Top 30 floors of historic skyscraper to be converted into 40 high-end apartments BY JASON SHEFTELL AND OREN YANIV / NEW YORK DAILY NEWS TUESDAY, AUGUST 7, 2012, 10:29 PM One of New York s iconic skyscrapers is going condo. The top 30 floors of the Woolworth Building in lower Manhattan will be converted into luxury apartments as part of a mega deal made public Tuesday. Alchemy Properties paid $68 million and will invest about $80 million more in converting existing office space into 40 residences in the landmark tower, the developer confirmed. This is a very exciting deal, said Alchemy President Kenneth Horn. We will be working with a truly iconic building which is a landmark not only in New York but internationally as well. The lower 28 floors will remain in office use. High-end condominiums, slated for completion in 2015, will offer some of the grandest views in the city, with the penthouse rising nearly 800 feet above ground. A long-abandoned swimming pool in the basement will also be renovated, according to the New York Times, which first reported the story. We intend to design the apartments and the residential common elements in a first-class manner that will work with the architecture and light, air and views, to truly develop homes that are worthy of the building's pedigree, Horn said. Designed in 1913 by architect Cass Gilbert in the Neo-Gothic style, the Woolworth was the tallest building in the world when it opened opposite City Hall on 233 Broadway. The building was commissioned by discount store magnate Frank Woolworth to be a Cathedral of Commerce. The apartments can fetch some $3,000 per square foot. That would be significantly higher than other buildings in the same area. "It s going to be one of the best apartments in the world, said Khashy Eyn, CEO of Platinum Properties, a Financial District real estate agency. There is nothing like it. oyaniv@nydailynews.com

6 Top Floors of Woolworth Building Sold, Will Have New Life as Condos The Woolworth Building, a New York City landmark and icon, may soon see its top 30 floors developed as luxury condos, according to a report by Michelle Higgins in the Times. Developer Alchemy Properties led the investment group that bought the floors last month from Steve Witkoff s Witkoff Group and Ruby Schron s Cammeby s International. The Commercial Observer had previously reported that a sale was in the works. The deal was for $68 million, according to the Times report, and paves the way for renovations of approximately $150 million that would yield 40 luxury apartments at the 233 Broadway building. The renovated condos should be done by 2015 so start saving. cgaines@observer.com Follow Carl Gaines via RSS. topics:alchemy Properties, Cammeby's International, If You Have to Ask You Can't Afford It, Ruby Schron, Steve Witkoff, Witkoff Group, Woolworth Building

7 Alchemy closes on upper portion of Woolworth August 07, :30PM From left: Alchemy Properties president Kenneth Horn, the Woolworth Building, the building's lobby and the building's namesake Frank Woolworth A $68 million deal to transforming the top 30 floors of the iconic Woolworth Building into 40 luxury condominiums has been finalized and the units are expected to be ready for occupancy by 2015, according to the New York Times. An investment group led by Alchemy Properties closed July 31 on the upper portion of the building from a partnership of the Witkoff Group and Cammeby s International, which will continue to lease the bottom 28 floors as offices. Witkoff and Cammeby s, led by Steve Witkoff and Ruby Schron, respectively, purchased the entire building for $137.5 million in The 57-story building s new apartments will be some of the highest in the city at approximately 700 feet above the ground, with one five-level, 8,000-square-foot penthouse, occupying the copper cupola reaching 792 feet. The top-floor penthouse will also include the original observation deck accessed by a private elevator. The renovation which Alchemy estimated would cost an additional $90 million over the purchase price will restore some of the buildings forgotten amenities, including a basement pool that company Frank Winfield Woolworth himself is said to have used. Prices for the units have not been set but the developer is expecting nearly $3,000 per square foot $1,750 above the average condo price in the same zip code in the second quarter of It s very exciting for us, Alchemy Properties president Kenneth Horn, said. We ve done a lot of historic buildings in the city, but this is the mama, as they say. [NYT] Christopher Cameron Tags: alchemy properties, condo conversions, woolworth building

8 Woolworth Building's Top Floors Will Become Luxury Condos Tuesday, August 7, 2012, by Sara Polsky Step aside, 70 Pine Street. When it comes to office buildings going residential, the Woolworth Building has just won the day. The Times reports that the building's top floors will become 40 luxury apartments. It's not a new idea, but this time there are some firm numbers attached. The building's highest 30 floors sold on July 31 for $68 million, and the owner, an investment group that includes usually-smaller-scale developer Alchemy Properties, plans to take those floors condo by As for the apartments themselves, they sound pretty nice! Here's the Times on the planned penthouse: A five-level penthouse of around 8,000 square feet will be housed in the copper-clad cupola that tops out at 792 feet. Originally designed as a public observation area, the cupola has a wraparound outdoor deck reached by a private elevator. In the basement of the 1913 Cass Gilbert-designed building is a 55-foot-long pool, and it will be cleaned up and available for residents' use. Owners will also be able to access their apartments through a separate elevator, not the one used by the poor commoners who work on the building's first floors. And those owners will pay for the privilege: prices could be around $3,000/square foot. We're pretty excited to see all this happen! So, anyone planning on buying? Top Floors of Woolworth Building to Be Remade as Luxury Apartments [NYT] Woolworth Building coverage [Curbed]

9 Top floors of Woolworth Building to become luxury apartments The Cathedral of Commerce will soon double as one of the most deluxe living spaces Manhattan has to offer. Though the iconic Woolworth Building has remained exclusively office spaces since its 1913 construction, in late July a deal was finalized for the top 30 floors to become luxury condos, according to The New York Times. The investment group, led by Alchemy Properties, bought the space for $68 million on July 31 from Witkoff Group and Cammeby's International and plans to finish the project by skyscraper is named. The Cass Gilbert-designed New York City landmark was famously purchased in cash for $13.5 million by fiveand-dime store king Frank W. Woolworth, for whom the Kenneth S. Horn, president of Alchemy Properties, is excited by the potential but notes that development is only in early stages. "We are currently in the process of working on the design," Horn said. "We want the building to have large apartments clearly capitalizing on the views - not many residences in the city start at 350-feet up." He added: We will of course be respectful of the iconic nature of the building." As if living at what is sure to become one of the most sought-after city addresses was not drool worthy enough, some amenities Horn shared include two-bedroom and larger apartments with panoramic views, private elevator banks for residents, and access to a "high-end" health club with a restored pool reportedly used by Woolworth himself. Additionally, NYTimes reports the cupola atop the Woolworth building, will become an approximately 8,000 square foot penthouse with a "wraparound outdoor deck." The current estimated cost for the conversion of the floors, including the purchase price, is a whopping $150 million. Hold your horses, though: Horn said that although the amount of calls he has received since the news broke is "astounding" he also explained, "We don't have anything to sell yet." Horn then added: "But we are keeping a list of potential buyers." The Witkoff Group and Cammeby's International could not be reached for comment.

10 Woolworth Building To Become Luxury Apartments And suddenly, those fancy $100 million apartments on 57th Street look positively quaint. Because BOOM, whoever gets the penthouse apartment in the now-officially-going-residential Woolworth Building clearly wins at New York real estate. Hands down. After years of rumor and speculation, the Witkoff Group and Cammeby have sold the top 30 floors of the iconic tower to an investment group led by Alchemy Properties with the intention that they will turn it into apartments (the lower 28 floors will be leased as office space). And oh, sweet Peter Stuyvesant, we want to go to there: Penthouses in the building once called the Cathedral of Commerce will be among the highest-altitude residences in the city, soaring above 700 feet. A five-level penthouse of around 8,000 square feet will be housed in the copper-clad cupola that tops out at 792 feet. Originally designed as a public observation area, the cupola has a wraparound outdoor deck reached by a private elevator. Apartments will begin at 350 feet above ground level, with panoramic views and 11'-14' ceiling heights, when they are completed (in theory by 2015). Oh and that is not all. The $150 million conversion (which includes the $68 million purchase price) will also include restoring the 55-foot-long basement swimming pool for the residents. And, and, and... ugh, anybody want to go halfsies or, more realistically, fiftysies? We could handle going SRO in that building on one of those apartments with us? They are estimated to go for only about $3,000 per square foot.

11 August 7, 2012, 11:51 p.m. ET Condos coming to NYC's iconic Woolworth Building Associated Press NEW YORK These apartments will cost a lot more than a dime. The tower of the iconic Woolworth Building, one of the city's most well-known structures, is going to be transformed into luxury condominiums. The New York Times reports ( ) that an investment group has bought the top 30 floors of the landmark building for $68 million and plans to create 40 apartments. That includes a five-floor penthouse. A spokesman for Alchemy Properties, a developer that is part of the investment group, said the project would cost about $150 million including the purchase price. The apartments are scheduled to be completed by The building was finished in 1913 and housed the headquarters of the Woolworth Company, which ran five-anddime stores. Information from: The New York Times, Copyright 2012 Associated Press

12 Luxury Condos Coming To Woolworth Building August 8, :39 AM NEW YORK (CBSNewYork) Some floors of a historic Manhattan building created by a five-and-dime fortune are being transformed into apartments. The tower of the iconic Woolworth Building in lower Manhattan has been sold to an investment group for $68 million, the New York Times reported. They plan to turn the top 30 floors into luxury condos. There will be 40 apartments, including a five-floor penthouse. The apartments are expected to sell for as much as $3,000 a foot. The apartments are scheduled to be completed by 2015.

13 Woolworth Building Makeover Includes Luxe Apartments, Report Says August 7, :55pm By Amy Zimmer, DNAinfo News Editor MANHATTAN The Woolworth Building one of the city's most iconic towers will undergo a transformation into luxury apartments, the New York Times reported Tuesday. As part of an estimated $150 million renovation, the top floors of what was once called the "Cathedral of Commerce," will be overhauled into 40 high-end units by 2015, including an 8,000-square-foot penthouse in the copper-clad cupola soaring nearly 800 feet above ground, the paper said. A long-abandoned 55-foot long swimming pool in the basement, once used by five-and-dime magnate Frank W. Woolworth himself, will be renovated for the new residents. Alchemy Properties bought the top 30 floors for $68 million from the Witkoff Group and Cammeby's International, which will continue to own and operate the 28 lower floors of the Cass Gilbert-designed neo-gothic skyscraper as office space, the Times said. When the building at 233 Broadway, between Park Place and Barclay Street, was completed in 1913, it was the tallest building in the world and remained so until 1930.

14 In the News: Top of Woolworth Building to Go Condo

15 Tower of NYC's iconic Woolworth Building to become home to luxury condominiums NEW YORK These apartments will cost a lot more than a dime. The tower of the iconic Woolworth Building, one of the city's most well-known structures, is going to be transformed into luxury condominiums. The New York Times reports ( ) that an investment group has bought the top 30 floors of the landmark building for $68 million and plans to create 40 apartments. That includes a five-floor penthouse. A spokesman for Alchemy Properties, a developer that is part of the investment group, said the project would cost about $150 million including the purchase price. The apartments are scheduled to be completed by The building was finished in 1913 and housed the headquarters of the Woolworth Company, which ran five-and-dime stores. Information from: The New York Times, (Story distributed by The Associated Press)

16 Alchemy Properties Acquires Interest in Landmark Woolworth Building * Reuters is not responsible for the content in this press release. Wed Aug 8, :18am EDT Alchemy Properties Acquires Interest in Landmark Woolworth Building Long Anticipated Jewel in the Crown Residential Conversion to Become Reality An investment group led by Alchemy Properties Inc. ( Alchemy ), 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 approximately 40 of Manhattan s most exclusive residences within the tower of the downtown property. 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. With full details yet to come, Alchemy said today that the vacant top floors, which provide extraordinary panoramic views of the surrounding area and most of Manhattan, Brooklyn and New Jersey in all directions, will be converted into luxury residential condominium units. Current plans call for a separate lobby for residents to be constructed on Park Place, with private elevators serving the residential condominiums. All of the residential units will start 350 feet above ground level thereby creating extraordinary light, air and views for each of the residences. Units are expected to be completed by Constructed in 1913, the iconic 57-story Woolworth Building is one of the most recognizable buildings in the world. It was the world s tallest skyscraper until With its ornate neo-gothic spire rising above City Hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in The floors being acquired are all currently vacant, allowing for Alchemy to move forward with its designated plans. The penthouse units will be more than 700 feet above ground, making them some of the highest luxury residential quarters in the City. All of the units will be designed as spacious, super high-end homes with ceiling heights, on average, from 11 to 14 feet, adding to the grandeur of the residences. 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. 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. 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. About Alchemy Properties Alchemy Properties Inc. is a privately held, fully integrated real estate firm whose principals have over 75 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and selling of real estate in the New York City Tri-State area. To date, they have developed 30 properties in the New York Metropolitan area in excess of two million square feet. For more information, visit

17 Aug. 8, 2012, 7:18 a.m. EDT Alchemy Properties Acquires Interest in Landmark Woolworth Building Long Anticipated 'Jewel in the Crown' Residential Conversion to Become Reality NEW YORK, Aug 08, 2012 (BUSINESS WIRE) -- An investment group led by Alchemy Properties Inc. ("Alchemy"), 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 approximately 40 of Manhattan's most exclusive residences within the tower of the downtown property. 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. With full details yet to come, Alchemy said today that the vacant top floors, which provide extraordinary panoramic views of the surrounding area and most of Manhattan, Brooklyn and New Jersey in all directions, will be converted into luxury residential condominium units. Current plans call for a separate lobby for residents to be constructed on Park Place, with private elevators serving the residential condominiums. All of the residential units will start 350 feet above ground level thereby creating extraordinary light, air and views for each of the residences. Units are expected to be completed by Constructed in 1913, the iconic 57-story Woolworth Building is one of the most recognizable buildings in the world. It was the world's tallest skyscraper until With its ornate neo-gothic spire rising above City Hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in The floors being acquired are all currently vacant, allowing for Alchemy to move forward with its designated plans. The penthouse units will be more than 700 feet above ground, making them some of the highest luxury residential quarters in the City. All of the units will be designed as spacious, super high-end homes with ceiling heights, on average, from 11 to 14 feet, adding to the grandeur of the residences. "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. "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." 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. About Alchemy Properties Alchemy Properties Inc. is a privately held, fully integrated real estate firm whose principals have over 75 years of handson, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and selling of real estate in the New York City Tri-State area. To date, they have developed 30 properties in the New York Metropolitan area in excess of two million square feet. For more information, visit

18 Alchemy Properties Acquires Interest in Landmark Woolworth Building BUSINESSWIRE NEW YORK An investment group led by Alchemy Properties Inc. ( Alchemy ), 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 approximately 40 of Manhattan s most exclusive residences within the tower of the downtown property. 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. With full details yet to come, Alchemy said today that the vacant top floors, which provide extraordinary panoramic views of the surrounding area and most of Manhattan, Brooklyn and New Jersey in all directions, will be converted into luxury residential condominium units. Current plans call for a separate lobby for residents to be constructed on Park Place, with private elevators serving the residential condominiums. All of the residential units will start 350 feet above ground level thereby creating extraordinary light, air and views for each of the residences. Units are expected to be completed by Constructed in 1913, the iconic 57-story Woolworth Building is one of the most recognizable buildings in the world. It was the world s tallest skyscraper until With its ornate neo-gothic spire rising above City Hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in The floors being acquired are all currently vacant, allowing for Alchemy to move forward with its designated plans. The penthouse units will be more than 700 feet above ground, making them some of the highest luxury residential quarters in the City. All of the units will be designed as spacious, super high-end homes with ceiling heights, on average, from 11 to 14 feet, adding to the grandeur of the residences. 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. 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. 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. About Alchemy Properties Alchemy Properties Inc. is a privately held, fully integrated real estate firm whose principals have over 75 years of handson, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and selling of real estate in the New York City Tri-State area. To date, they have developed 30 properties in the New York Metropolitan area in excess of two million square feet. For more information, visit

19 Alchemy Properties Acquires Interest in Landmark Woolworth Building Long Anticipated Jewel in the Crown Residential Conversion to Become Reality August 08, :21 AM Eastern Daylight Time NEW YORK--(BUSINESS WIRE)--An investment group led by Alchemy Properties Inc. ( Alchemy ), 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 approximately 40 of Manhattan s most exclusive residences within the tower of the downtown property. 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. With full details yet to come, Alchemy said today that the vacant top floors, which provide extraordinary panoramic views of the surrounding area and most of Manhattan, Brooklyn and New Jersey in all directions, will be converted into luxury residential condominium units. Current plans call for a separate lobby for residents to be constructed on Park Place, with private elevators serving the residential condominiums. All of the residential units will start 350 feet above ground level thereby creating extraordinary light, air and views for each of the residences. Units are expected to be completed by Constructed in 1913, the iconic 57-story Woolworth Building is one of the most recognizable buildings in the world. It was the world s tallest skyscraper until With its ornate neo-gothic spire rising above City Hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in The floors being acquired are all currently vacant, allowing for Alchemy to move forward with its designated plans. The penthouse units will be more than 700 feet above ground, making them some of the highest luxury residential quarters in the City. All of the units will be designed as spacious, super high-end homes with ceiling heights, on average, from 11 to 14 feet, adding to the grandeur of the residences. 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. 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. 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. About Alchemy Properties Alchemy Properties Inc. is a privately held, fully integrated real estate firm whose principals have over 75 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and selling of real estate in the New York City Tri-State area. To date, they have developed 30 properties in the New York Metropolitan area in excess of two million square feet. For more information, visit

20 Alchemy Properties Acquires Interest in Landmark Woolworth Building Wednesday, August 08, :18 AM An investment group led by Alchemy Properties Inc. ( Alchemy ), 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 approximately 40 of Manhattan s most exclusive residences within the tower of the downtown property. 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. With full details yet to come, Alchemy said today that the vacant top floors, which provide extraordinary panoramic views of the surrounding area and most of Manhattan, Brooklyn and New Jersey in all directions, will be converted into luxury residential condominium units. Current plans call for a separate lobby for residents to be constructed on Park Place, with private elevators serving the residential condominiums. All of the residential units will start 350 feet above ground level thereby creating extraordinary light, air and views for each of the residences. Units are expected to be completed by Constructed in 1913, the iconic 57-story Woolworth Building is one of the most recognizable buildings in the world. It was the world s tallest skyscraper until With its ornate neo-gothic spire rising above City Hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in The floors being acquired are all currently vacant, allowing for Alchemy to move forward with its designated plans. The penthouse units will be more than 700 feet above ground, making them some of the highest luxury residential quarters in the City. All of the units will be designed as spacious, super high-end homes with ceiling heights, on average, from 11 to 14 feet, adding to the grandeur of the residences. 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. 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. 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. About Alchemy Properties Alchemy Properties Inc. is a privately held, fully integrated real estate firm whose principals have over 75 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and selling of real estate in the New York City Tri-State area. To date, they have developed 30 properties in the New York Metropolitan area in excess of two million square feet. For more information, visit (Source: Business Wire ) (Source: Quotemedia)