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.
Last August, Alchemy paid $68 million in a deal with landlord the Witkoff Group and Cammeby’s International to construct 40 “ultra-luxury” apartments in the century-old Financial District standout. Units are expected to start at $3,000 per square foot when they hit the market, most likely in the second quarter of 2014.
The recently christened Woolworth Tower Residences also got the LPC’s unanimous consent on rooftop additions, window replacements and the installation of a canopy above what will be a separate residential entrance to the tower.
In an interview earlier this year with The Commercial Observer, Mr. Horn said “we are 100 percent going to be respectful,” of the historic property, which was briefly the world’s tallest building.