Like other downtown edifices, the Art Deco skyscraper (which dates from 1932) at 70 Pine Street is undergoing a transformation from office to residential property. Lots of big numbers have been floated regarding the building's residential units, but the Post today delivers the most specific details yet. Here we go!
The building?the makeover of which will cost $550 million?will include 644 rental units and, on the lower floors, another 132 units that will be managed by an extended-stay company. The rents at New York by Gehry, which are around $66/square foot, will be 70 Pine's "starting point" for rents, according to developer Adam R. Rose. Rose believes about 40 percent of his tenants will be finance folk, and the rest will be New Yorkers in tech, media, and other industries. We won't know until the leasing office opens next summer. Move-ins are currently expected to start by October 2014.
70 Pine has already signed up with La Palestra for a two-floor fitness center and spa in the building. Rose's big plans also include a "family-friendly, tablecloth restaurant?basically an American brasserie" that could take up to 15,500 square feet of the building's retail space. Higher up, the building might also have a members-only club space.
· New plans for downtown's 70 Pine St. are sky-high [NYP]
· 70 Pine Street coverage [Curbed]