Alchemy Acquires Top 30 Floors of Woolworth Building, Plans Condo Conversion

NEW YORK—An investment group led by Alchemy Properties Inc. has acquired a condominium interest in the top 30 floors of the Woolworth Building, located at 233 Broadway, for approximately $68 million. Alchemy acquired the floors from The Witkoff Group and Cammeby’s International, which will continue to own the lower 28 floors to house office tenants.

Representing Alchemy Properties in the transaction was Jeffrey Schwartz of Wolf, Haldenstein, Adler, Freeman and Herz. HSBC Bank provided the acquisition financing for the purchaser.

On its top 30 floors of the building, Alchemy plans to create 40 residences. Preliminary plans lay out 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 ft. above ground level and are expected to be completed by 2015.

Constructed in 1913, the 58-story Woolworth Building was the world’s tallest skyscraper until 1930. It was designated as a National Historic Landmark in 1966.

The floors acquired by Alchemy are all currently vacant, allowing the company to move forward with plans for development. Penthouse units will be more than 700 ft. above ground, and all units will be designed to include 11-ft. to 14-ft. ceiling heights.

“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.

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