Rudin Management's still-shuttered 110 Wall Street was one of dozens of FiDi buildings badly damaged from Hurricane Sandy flooding, and the company is considering a complete overhaul to get the building back up and running. Crain's reports that William Rudin has canceled all the leases of its office tenants at 110 Wall because he doesn't want to leave them in "limbo" while the building is fixed, and Rudin is considering all possible paths to recover?including possible conversion to a residential tower or hotel.
This is the second time the building has been badly flooded, and things like water pumps and elevator mechanicals need to be replaced. Plus, critical infrastructure like boilers and generators need to be moved to higher floors, so the building layout needs to be reconfigured. Many brokers have thought 110 Wall should go residential for awhile because of the building's small floor plates, and now the storm may have created an "opportune catalyst" for this to happen.
· Flooded Downtown Building May Go Residential [Crain's]
· Hurricane Sandy coverage [Curbed]