There's a brief window of time before rising One57 eclipses New York by Gehry as the tallest residential building in the city. Into that gap steps Metro Loft Management, hoping to claim a moment of glory with its conversion of the Art Deco building at 70 Pine Street into rentals. The plan is to open the conversion by next summer, giving the 950-foot building a few months of lording it over New York by Gehry before One57 takes the prize. So what can we expect out of 70 Pine's rental conversion other than tallness?
There are two possibilities, the Times reports. The building?previously slated for a condo conversion?could become a 300-room hotel with 700 apartments above. Or the whole thing could just go rental, with a total of around 970 apartments. Metro Loft will decide between the options once interior demolition has started, sometime within the next month. In the meantime, the developers did reveal some information about unit sizes and pricing.
The apartments will range in size from studios of 400 square feet to 4BRs of 1,800 square feet. Studio prices will average $2,400/month, a smidge less than the $2,700/month studio starting price at New York by Gehry. That's the way to do it: undercut 'em! 70 Pine has another unique feature: the top-floor observatory. Unfortunately, while it might remain as common space, it could also be folded into a 6,000-square-foot triplex?and even a price that undercuts New York by Gehry won't be low enough to get most folks in there.
· Rentals Offered, With Bragging Rights [NYT]
· 70 Pine coverage [Curbed]