After four long years of waiting, the iconic Woolworth Building is finally moving toward a residential conversion of its top floors.
Steve Witkoff of the Witkoff Group, and a partner in the building’s ownership that includes Ruby Schron‘s Cammeby’s International, told us the only question is whether it will be a hotel or rental apartments. “We’ll make a decision in the next 30 to 45 days,” he said.
Witkoff said the top of the 57-story landmarked terracotta building has been vacated. According to CoStar data, the building’s highest office tenants inhabit the 27th floor. Two other elevator banks serve floors 28 and up.
Permits to relocate stairways and elevators on the 30th through 47th floors were partially approved in 2007, but the permits for the entire $6 million job were finalized with the city’s Buildings Dept. on May 2.
“Now, we are spending all the money necessary to do all the systems,” Witkoff said. The building is already divided into an “upper” and a “lower” condo.
City records show a mortgage on the upper portion was made by Hypo Real Estate Capital a year ago for $9.7 million.
While Witkoff declined to get into a “name game,” he noted, “We’ve had a lot of people come to us to do hotels.”
But the owners are also deciding whether or not they should do it themselves as rentals because the after-tax basis “is better.”
Residential consultant Louise Sunshine said, “Rentals would really work well in the Woolworth Building as long as they had a lot of amenities.”
Sunshine is not involved in the current project but previously advised the Woolworth owners when they were contemplating dramatic upper-floor condominiums.
Recently, Sunshine had been discussing the hotel conversion of another landmark tower downtown but said the hoteliers weren’t willing to put any money into the deal and it had to be funded entirely by the developers.
Stay tuned.
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While many bookstores are closing around town, Barnes & Noble has actually renewed its 22,178-square-foot lease at Muss Development’s 70-00 Austin St. retail property in Forest Hills at the intersection of 69th Road. The asking rent was $75 a foot.
An added attraction for avid readers is a Starbucks located inside the bookseller.
The transaction was handled in-house on both sides with Stan Markowitz of Muss Development and Don Kuszmar, Barnes & Noble’s northeast real estate director.
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The New York Compensation Insurance & Rating Board is expanding from 30,000 square feet to 45,000 square feet in a move between two Durst buildings.
In a 15-year deal, the firm will move from 655 Third Ave. to the fourth and fifth floors of 733 Third Ave.
The longtime Durst tenant first moved into 655 Third in 1957. “It was the first Durst building and one of the first tenants,” said John Grotto of the Durst Organization, who represented the ownership along with Tom Bow.
The Compensation Board was represented in the move by Jim Gross and Peter Gross of Williamson Picket & Gross.
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Ricky’s is moving into 3,000 square feet at 2385 Broadway, where it will also install a Revolver Salon.
The building at the northwest corner of 87th Street is owned by the Zabar family. The local owners kept the retail vacant in an effort to protect the neighborhood feel.
Sources said the family had previously turned down banks and drugstores, which were all willing to pay the $150-a-foot tab.
Ricky’s, which will also get a full basement for its 27th store, was represented by Craig Slosberg of Newmark Knight Frank Retail, while Christine Emery of The Lansco Co. represented the Zabar family.
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Financial advisory firm Gerstein Fisher & Associates is moving from downtown to Midtown while more than doubling in size.
The firm, with $1 billion under advisement, just leased the entire 27th floor of 9,280 square feet at 565 Fifth Ave. The asking rent was $60 a foot and the space is now being built out.
Gerstein Fisher was represented by Gregg Lor berbaum and Debra Larsen of Centric Real Estate Advisors, while building owner, Stawksi Partners, was represented by Derrick Ades and Ed Goldman of CB Richard Ellis.
“They wanted to move to Midtown and wanted a solid owner that was a person who was unlikely to sell the building,” said Lorberbaum. “Axel Stawski has a great reputation as an owner manager.”
The firm will move from 100 William St., where its current 5,419-square-feet space is now on the market with an asking rent of $37 a foot.
That building is undergoing a full renovation designed by Rogers Marvel Architects to the plaza, atrium, lobby and elevators, said its agent, Mark Ravesloot of CB Richard Ellis. “Mitsui Fudosan bought the building three years ago and there are many improvements being made to the asset,” added Jonathan Cope, also an agent on the building with CB Richard Ellis.
Rogers Marvel is also the architect handling the four-story hotel addition that is being constructed on the landmarked Battery Maritime Building.
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The not-for-profit food bank City Harvest has signed a 10-year lease for a 45,400-square-foot pantry at 55-01 Second St. in Long Island City that will have 20,000 square feet of parking.
It will move from a mere 3,000 square feet at the Brooklyn Navy Yard.
City Harvest needs to store, refrigerate and freeze, yet quickly redistribute donations while providing space for its volunteers, education programs, food workers and dispatchers.
The new location allows the group to use its own fleet of trucks to efficiently redistribute the perishables to programs feeding the hungry while keeping the cost to “rescue” the food and deliver it at a minimum.
The former sugar warehouse was previously used by an Anheuser-Busch distributor.
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The very first Museum of Elevator Artifact and History will open on the second floor of 21-03 44th Ave. in Long Island City as soon as it is approved by the state Board of Regents as a non-profit.
The museum’s founder, Patrick Carrajat, is a 48-year veteran of the industry. He founded Century Elevator in 1973, started Certified Elevator in the 1980s and is now with his LIR Consulting Group.
Ryan Maltz of Greiner-Maltz represented the museum and the building owner in the transaction. Asking rent in the building is $25 a foot. Lois@BetweenTheBricks.com