Approvals

City Council Approves Woolworth Building’s Additional Pavilions

The Woolworth Building

The City Council has approved the development of two new pavilions at Alchemy Properties‘s redesigned Woolworth Building. The terraces will flank the 29th floor wings of the classic skyscraper, whose top 30 floors Alchemy is converting into luxury residences. The Landmarks Preservation Commission approved the pavilions last week.

“We have proposed subtle changes for the Woolworth Building, which will help to preserve and restore it to its true New York City landmark form,” Kenneth Horn, the president of Alchemy, said in a prepared statement. Read More

Lower Manhattan 2013

‘Worth’ the Wait: As Lower Manhattan Population Soars, Alchemy Properties Builds Condos Atop Woolworth Building

The Woolworth Building

The luxury residential real estate market has soared to unprecedented heights in the past year, in terms of both price tags and building heights. But none of today’s $100 million penthouses rest atop a quintessential New York building. That will change next year, when new condominiums at the Woolworth Building hit the market.

Last August, The New York Times reported that Alchemy Properties had paid $68 million in a deal with building owners the Witkoff Group and Cammeby’s International to turn the top 30 floors of the 100-year-old landmark building into 40 luxury apartments—including a trophy penthouse spanning a whopping five stories at the top. Read More

Lease Beat

CVS Takes 14,274SF Retail Condo at Griffin Court, Recently Sold to Heskel Group for $11.3M

cvspharmacy

CVS Pharmacy has leased a 14,274-square-foot retail condominium space below Alchemy PropertiesGriffin Court Condominium development at 454 West 54th Street, which was also sold to Heskel Group earlier this month, The Commercial Observer has learned.

The 25-year lease includes 9,000 square feet of street level frontage, set below the eight–story residential towers, where 95 condo units that hit the market in 2010 are roughly 85 percent occupied.

The property is located in the Hell’s Kitchen neighborhood, a first for CVS, and in close proximity to the theatre district. Read More