The upper floors of the McGraw-Hill building next to the Port Authority Bus Terminal are set to go the way of luxury rentals, The Real Deal has learned. The owners of the Art Deco landmark, Deco Tower Associates, are priming the upper floors for a residential conversion, and will then market the units as Art Deco rentals.
The redevelopment of the office tower is still about a year and a half away from happening, but TRD was able to learn about the impending plans through an offering memorandum that the publication obtained. Representatives for the developer declined to comment, according to TRD.
The owners will seek approvals for the project this fall, and are hoping to get permission from the city’s Department of Buildings sometime in the fall of 2019. They’re hoping for construction work to begin in January 2020. The residential conversion concerns floors 16 through 34 of the building.
A labor union currently occupies the floors that are set for a residential conversion, but their lease will come to an end in 2020, and the owners are not looking to renew.
The McGraw-Hill Building—not to be confused with the second McGraw-Hill building, which now goes by 1221 Avenue of the Americas—was built in 1932 for publishing bigwigs James McGraw and James Hill. It was designed by noted Art Deco architect, Raymond Hood, who also designed the New York Daily News building, and the Chicago Tribune building in Chicago. The McGraw-Hill building was designated a National Historic Landmark in 1989.