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The owners of the iconic Woolworth Building are mulling serious offers from several potential suitors that could reach a price of $500 million.
“This is not a five-and-dime deal,” said one source, referring to the corporate slogan for the original developer’s Woolworth department stores.
The 1913 building was cleaned and restored in 2002. It has 935,633 square feet in 59 stories, and at one time, was the tallest in New York City.
Sources said the owners, a venture between Steve Witkoff’s Witkoff Group and Ruby Schron’s Cammeby’s International, are weighing several offers for just the vacant tower top, as well as two offers for the entire building.
Interested parties that are already reading contracts include groups with locals, along with real-estate investment trusts and foreign buyers.
The owners paid roughly $137.5 million for the tower in 1998, and later planned to empty and convert the top to residential condominiums. But grand plans for glass-enclosed penthouses stalled even as documents were approved to divide the building into two condos. The vacant upper tower that overlooks City Hall Park rises from the 29th floor upward and encompasses 184,483 square feet.
Just last May, Witkoff told The Post that the owners had dusted off the blueprints but were still deciding whether to go residential or hotel and thought that a decision would be made by the summer.
Now a year later, with the city’s condominiums routinely selling for as much as $5,000 a foot and hotels renting for $1,000 a night, the owners appear to be getting offers they simply can’t refuse.
Neither Witkoff nor Schron would return calls or emails for comment.