Witkoff, Schron weigh sale of Woolworth building

April 04, 2012 09:30AM

The Witkoff Group and Cammeby’s International partnership that owns the historic Woolworth building is in talks to sell the property for as much as $500 million, the New York Post reported. Steve Witkoff and Ruby Schron’s companies joined forces to purchase the 59-story, 935,633-square-foot building, at 233 Broadway near Barclay Street, for $137.5 million in 1998.

They had planned to empty the 184,483-square-foot top section of the tower, from the 29th floor upward, and convert it into residential condominiums, rentals or hotels. But those plans have been stalled for years and those floors remain vacant.

The Post said the ownership group were not actively seeking a sale, but with the rising prices of condos and hotels, Witkoff and Schron are getting offers to good to refuse. Some of the offers are for just the empty upper tower, while others are for the entire building. [Post]