The burden of converting a landmarked structure from offices to residential and a hotel has set the opening of 70 Pine Street's 644 rentals back yet again, but with the conversion's fraught history, it doesn't come as much of a surprise. A tipster eyed site signage saying that the development has postponed its opening until the fall, marking at least the third push-back in the building's unveiling to the public. A representative for Rose Associates, the site's third developer, says that working with the structure's landmark status has prolonged normal conversion procedures that usually take half the time.
↑ Well that's proven to be untrue.
In the wake of 2008's fiscal collapse, the Financial District structure was sold off by AIG to developer Young Woo & Associates, who then sold it for $205 million following its 2011 landmark status to Metro Loft Management who then turned around and bequeathed it to Rose Associates as part of an "internal partnership transaction" in 2012.
When it opens, 70 Pine will have 644 rentals that are "expensive but attainable," according to Rose Associates honcho Adam Rose, as well as a 132-room extended stay hotel. It will also have some pretty sweet amenities including a two-story gym with a two-lane bowling alley, pictured in a new floorplan below.
· 70 Pine [official]
· Two New Rentals Will Wage a War of Outrageous Amenities [Curbed]
· All 70 Pine Street coverage [Curbed]