The Real Deal New York

Delayed 70 Pine St. finally welcomes tenants

Conversion of landmarked building fraught with delays, cost overruns
January 26, 2016 08:39AM

The $600 million conversion of 70 Pine St. from offices to apartments was plagued with construction conundrums and delays, but Rose Associates and partner DTH Capital are finally welcoming the first tenants this month.

In what was once insurance offices, there are now 612 luxury rental apartments and Q&A’s 132-room apartment hotel, which opened last November.

The 66-story landmarked building in the Financial District took a year longer to convert than expected for Rose Associates, which took over the property in 2012 after two other developers had left the project, the New York Post reported. Rose and DTH Capital spent $600 million on the project, $50 million more than was anticipated.

Reps for Rose told the Post that a major issue was the landmarked building’s size — more than 1 million square feet and nearly 1,000 feet tall. Rose tapped Deborah Berke & Partners Architects to lead the project.

The art deco tower will be home to a four-level restaurant run by Spotted Pig chef April Bloomfield and her partner Ken Friedman. There will also be several other retail stores and a fitness center. [NYP]Dusica Sue Malesevic