Alchemy borrows $220M for Woolworth Building conversion

Developer bought the tower’s upper 30 floors for $68M in 2012

A rendering of the Woolworth residences (inset: Ken Horn)
A rendering of the Woolworth residences (inset: Ken Horn)

Alchemy Properties took out a hefty loan to finance its residential conversion on the top floors of the Woolworth Building in the Financial District.

The company borrowed $220 million from Overseas Bank Limited, according to a news release. The money will go to fund the creation of 33 condominium units at 233 Broadway, which the firm calls the Woolworth Tower Residences.

Joseph A. Sarcinella, Gerard A. Hefner Crystal Persaud, Konstantinos P. Melitsanopoulos and Rose C. Plager-Unger of Reed Smith represented the lender in the deal.

Alchemy bought the top 30 floors of the building in 2012 for $68 million from Steve Witkoff and Ruby Schron’s Cammeby’s International, and subsequently poured millions more into renovations.

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The developers are reportedly planning to ask $110 million for the building’s penthouse. The least expensive unit there, a 1,200-square-foot apartment on the 44th floor, will have an asking price of $3.5 million.

The project’s head of sales, JP Forbes, left Alchemy late last year amid rumblings of low sales at the project, which is set to open in about 16 months.

Sotheby’s International Realty is marketing the property.

Schron and Witkoff bought the Woolworth Building back in 1998 for $146 million. They still own its lower floors. — Ariel Stulberg