Wall Street could be getting a new residential property. Rudin Management is considering all its options for the badly storm-damaged 110 Wall Street, including a conversion to residences or a hotel, Crain’s reported. The company canceled its office tenants’ leases after Hurricane Sandy, citing the damage to the building.
“We didn’t want to keep our tenants in limbo, so we gave them notice we are terminating the leases,” Rudin CEO William Rudin told Crain’s. “This is the second time the building was flooded and we need to figure out a way to make this a sustainable property and that doesn’t happen overnight. It’s very complicated.”
The property was also severely flooded in the 1990s following a severe storm. However, Rudin denied suggestions that he’s using the storm as an excuse to turn the property into residences.
“We didn’t take the decision to cancel leases lightly, we understand we’re impacting tenants,” he told Crain’s. “It could remain as an office building, it could be mixed-use, we could have a hotel here, there are a variety of different uses and we’re not ready to say what it’s going to be.” [Crain’s] — Zachary Kussin