Luxury condos planned at 93 Worth Street

October 05, 2011 02:08PM

The new owners of 93 Worth Street in Tribeca plan to convert the
commercial building into luxury condominiums, Crain’s reported. A
subsidiary of Izaki Group Investments USA bought the building for
$49.8 million, in a deal which closed yesterday. Under the plans, the 13-story property will become 90
apartments, six penthouses and 10,000 square feet of
commercial space. Eldad Blaustein, CEO of Izaki, said he already had
construction financing lined up for the conversion, which is expected
to cost $320 per square foot.

“The building is located in a great neighborhood, where there is
limited inventory,” said Blaustein, adding that this will be the
firm’s first condo conversion in the city. “It also has great floor
plates that will allow us to create efficient apartment layouts. It is
a beauty.”

The apartments will range from studios to four-bedrooms, according to
Doron Zwickel, executive vice president of CORE, which will be the
sales and marketing agent for the project. ODA-Architecture will be
the project’s architect. The lobby and elevators in the building were
recently renovated and 75 percent of the property was last occupied by
city government offices, according to CoStar.

The New York State Attorney General still needs to approve the
conversion plans. According to Blaustein, Izaki is also working on a
new residential development in Soho that is still in a preliminary
phase. [Crain’s]