Financial District landlords work with LPC ahead of hotel conversion

New York /
Jun.June 12, 2012 09:00 AM

While the Landmarks Preservation Commission comes under fire from multiple angles, one Financial District landlord is working with the agency on the designation for his building. The New York Post reported that Allan Fried, who bought the vacant 15-story American Stock Exchange building at 86 Trinity Place for $17 million last year with Michael Steinhardt, wrote to the LPC saying he has no objection to designating the building’s exterior — even as he plans a hotel conversion of the building.

The Post said Fried’s GHC Development plans to lease out the lower floors of the building, including the former 60-foot-tall ground-floor trading area, to retailers, while transforming the upper floors into 174 hotel rooms. In order to unlock the retail value, Fried and Steinhardt would need to enlarge the street-level windows and make other alterations to the facade.

But the owners are trying to minimize confrontation with the LPC, whose aggressive landmarking was the impetus for the recent creation of an activist group lobbying against the committee, and will support the landmarking process while seeking a “certificate of appropriateness” to make changes to the lower floors once tenants are in place. The Post said the LPC will likely designate the building later this month but only after working with the ownership group. [Post]


Related Articles

arrow_forward_ios
The Strand Bookstore and store owner Nancy Bass Wyden (Credit: Getty Images)
Over owner’s protests, city landmarks Strand bookstore
Over owner’s protests, city landmarks Strand bookstore
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
The complaint against the tower includes loss of views for current residents in the neighborhood. (Getty)
Seaport community groups sue to block Howard Hughes’ Water Street tower
Seaport community groups sue to block Howard Hughes’ Water Street tower
The Howard Hughes Corporation CEO David O'Reilly (LinkedIn via David O'Reilly)
Howard Hughes’ (slightly less) big Seaport project approved
Howard Hughes’ (slightly less) big Seaport project approved
A rendering of 250 Water Street, Landmarks Preservation Commission chair Sarah Carroll and Howard Hughes Corporation CEO David O’Reilly (Center for Architecture, The Howard Hughes Corporation/SOM)
Howard Hughes told to further refine Seaport tower proposal
Howard Hughes told to further refine Seaport tower proposal
Howard Hughes Corporation CEO David O’Reilly and 250 Water Street (The Howard Hughes Corporation/SOM)
Critics look down on shorter 250 Water Street
Critics look down on shorter 250 Water Street
Previous rendering of 250 Water Street (left) and a new rendering (right) with Howard Hughes Corporation CEO David O’Reilly (The Howard Hughes Corporation/SOM)
Howard Hughes hopes smaller Seaport project will work this time
Howard Hughes hopes smaller Seaport project will work this time
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...