Rumors of the Woolworth Building's sale for $500 million have been greatly exaggerated. What's happening instead: the top 25 floors are changing hands, according to Crain's. The price? A more modest $70 million, or around $700/square foot. That's a sizable improvement over the last sale price, around $136/square foot in 1998. The buyer is an Israeli investment group.
As for what they'll do with the floors?about 100,000 square feet of mostly-empty space?our magic eight ball is coming up cloudy today. (The rest of the building has office tenants at the moment.) The owners had been thinking about about turning those top floors into a hotel or rental apartments, and a plan for condo conversion of the very top of the tower has already been approved once. So, fingers crossed.
· Deal inked for top floors of landmarked Woolworth [Crain's]
· Woolworth Building Could Change Hands for $500 Million [Curbed]
· Woolworth Building coverage [Curbed]