The Real Deal New York

Top of the Woolworth Building either going rental or hotel

May 18, 2011 01:27PM

The wheels are finally turning on the long-awaited conversion at the top of the Woolworth Building. According to the Post, the building’s ownership is prepared to make a decision on whether the upper portion of the building will be rental apartments or a hotel within the next 30 to 45 days. Office tenants at the 57-story landmark currently occupy floors as high up as the 27th — above that, the floors are vacant, said Steve Witkoff, CEO of the Witkoff Group and a partner in the building’s ownership group, which also includes Cammeby’s International head Ruby Schron. Floors 28 and up are also served by separate elevator banks, and permits to move the stairways and elevators on floors 30 through 47 — a $6 million project — were approved by the Department of Buildings earlier this month. The ownership also took out a $9.7 million mortgage for the upper part of the building last year from Hypo Real Estate Capital. “We’ve had a lot of people come to us to do hotels,” Witkoff said, declining to name names. [Post]

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