Filtered by Tag: Financial District
The Woolworth Building, designed in the neo-Gothic style by prominent American architect Cass Gilbert in 1913, was designated as a National Historic Landmark in 1966 and a New York City Landmark in 1983. Located in the heart of Manhattan’s Financial District, this internationally recognized 58-story American icon, which was the world’s tallest building until 1930, has been called the “Cathedral of Commerce” in reference to its resemblance to Gothic European cathedrals. Its façade features elaborate glazed terra cotta decorative elements and its ornate vaulted-ceiling lobby is designed with marble, mosaics, stained glass, painted murals, and bronze fittings. Following acquisition in 1998, Witkoff carefully restored the façade and lobby, created a below-grade parking garage, leased the base of the building to office tenants, and worked with New York City’s Landmarks Commission to secure permits for residential development of the upper floors and redesign of the building’s core. Witkoff sold the upper residential floors of the building in 2012 and maintains the lower office levels.
Witkoff acquired 10 Hanover Square, located in Manhattan’s Financial District, in 1995. At the time, it was a 522,000 square foot office building. Following acquisition, Witkoff completed a gut renovation as part of an agreement to secure Goldman Sachs as a long-term tenant. When Goldman Sachs later vacated the building to move to their new corporate headquarters, Witkoff redeveloped the building into a 493-unit Class A rental building with ground floor retail and sold it to UDR, one of the largest national multi-family REITs.
The International Mercantile Marine Company Building, also known as One Broadway, is a 185,000 square foot office building overlooking Battery Park and the New York Harbor in Manhattan’s Financial District. The building was originally constructed in 1882 and previous uses of the site included serving as headquarters for George Washington during the American Revolution. It was added to the National Register of Historic Places in 1991. Witkoff acquired One Broadway in 1996 through a purchase option made available by an existing tenant.
Located in Manhattan’s Financial District, 55 Wall Street is a nine-story Greek Revival style building that was originally constructed from 1836 to 1842 to house the Merchants’ Exchange. It was designated a New York City Landmark in 1965 and was named a National Historic Landmark in 1978. Witkoff acquired 55 Wall Street in 2005 and redeveloped it into a Cipriani-branded condominium with 101 luxury residences, one of the largest event spaces in New York City, a private club, and a restaurant. Witkoff’s redevelopment achieved the highest relative value per square foot in the Financial District.
125 Broad Street is a 40-story Class A office tower located in Manhattan’s Financial District. In 1998, Witkoff purchased two condominium units totaling 525,000 square feet and fully leased all vacant space.
100 Wall Street is a 29-story, 509,000 square foot Class A office tower located in Manhattan’s Financial District. Originally designed by legendary architecture firm Emery Roth & Sons in 1969, it was acquired by Witkoff in 1997 and resold at a substantial profit within nine months.
80–90 Maiden Lane is a 535,000 square foot office building in Manhattan’s Financial District. Witkoff acquired this property in 1998 and sold it in 2000.
33 Maiden Lane is a 27-story, 600,000 square foot office tower located in Manhattan’s Financial District. Witkoff acquired this property in 1996 through the purchase of a defaulted note from a Japanese institutional lender and a subsequent friendly foreclosure action. Following acquisition, Witkoff leased a substantial portion of the tower to the Federal Reserve Bank of New York.
In 2000, Witkoff acquired a commercial office building at 84 William Street in the Financial District and converted it into a 121-unit apartment building utilizing incentives for redevelopment of downtown Manhattan, including New York City’s 421-g Tax Incentive program.
20 Exchange Place is a 57-story Art Deco building located in Manhattan’s Financial District. Originally designed in 1929 by the Cross & Cross architectural firm, it was designated as a New York City Landmark in 1996 and has been featured in several major Hollywood movies. Witkoff acquired this property in 1997 and implemented an active management program, including significant capital improvements and successful marketing of the vacant space. The Federal Deposit Insurance Corporation was a major lessee. Witkoff sold 20 Exchange Place in 2004 to a residential developer.
180 Maiden Lane is a 1.2 million square foot vertical corporate campus located in Manhattan’s Financial District, steps from the East River Waterfront Esplanade and the South Street Seaport. In 2004, Witkoff made a loan on this property and acted as special servicer for the lending group. The property was sold in 2008.