Office-to-condo conversions are creeping up on the zillions of rental-to-condo conversions in trendiness. Or, at least, in sheer number. Add one more to the list, as Isaac Chetrit (cousin to bigwig developer Joseph) and Jacob Aini just bought a building near Penn Station for $43 million in a bankruptcy auction. (In which the bidding started at $23 million.) The 14-story tower, with 63,000 square feet of space, is empty and gutted; it's been in limbo for years because of get thisa spelling error. The new owners are aiming to "close on the purchase in the next two weeks and subsequently convert the property into high-end residential condominiums." Shocker. The 1927-built structure has some nice setbacks towards the top, and we bet Chetrit and Aini are rubbing their hands together and thinking, "Mmmmm. Penthouses with private outdoor space."
In the Financial District alone, office-to-residential conversions include 101 Wall Street, 70 Pine, 1 Wall Street, 100 Barclay, the Woolworth Building's top floors, 180 Water Street, and 2 Rector Street.
Closer to this building, thought, there's the Sony Building's partial conversion to very expensive condosincluding a $150 million (!) penthouse. Note: this is not an exhaustive list. Feel free to leave additions in the comments section below.
· Isaac Chetrit, partner win bid for Midtown office building [TRD]
· Office Building Stuck in Typo Controversy Now for Sale [Curbed]