The Real Deal New York

FiDi office building to be converted
into hotel

Hotel at 88 Wall Street will have 181 rooms, according to filing
By Mary Diduch | December 27, 2018 06:04PM

88 Wall Street

It looks like the Financial District is getting a new hotel.

Actium Development Company filed a permit to convert a 13-story office building at 88 Wall Street into a 181-room hotel, plus add another story. The property, which sits along Water, Pearl and Wall Streets, was built in 1902.

Actium, a New York-based developer that constructs and repositions luxury hospitality and retail assets, did not return a request for comment.

G4 Capital in September provided $73 million to refinance the property, which the Otto Gerdau Co. earlier this year transferred to a Delaware-based LLC, Commercial Observer reported.

The Otto Gerdau Co. is likely connected to The Paspaley Group, an Australian-based corporation that specializes in the pearl industry and that lists the Wall Street building as one of its holdings on its website.

The Paspaley Group also did not immediately return a request for comment.

The Paspaley Group eventually acquired dispersed former assets of The Otto Gerdau Co., including 80-82 Wall Street, according to a 2009 book about the global pearl industry by journalist Stephen G. Bloom.

The Otto Gerdau Co. was once a New York-based import and export company, whose assets were at first placed in a trust for three religious organizations after Allan Gerdau died in 1986, according to the Smithsonian Institution.