The top 30 floors of the historic Woolworth Building in New York will be converted into luxury apartments. Alchemy Properties paid $68 million for the square footage and will invest about $80 million more in order to convert existing office space into 40 residences in the landmark tower.
“This is a very exciting deal,” Alchemy President Kenneth Horn told the New York Times. “We will be working with a truly iconic building which is a landmark not only in New York but internationally as well.”
A long-abandoned swimming pool in the basement will also be renovated. A five-level, 8,000-square foot (743-square meter) penthouse will reportedly be housed in the cupola that tops out at 792 feet (241 meters). The lower 28 floors will remain offices.
Designed in 1913 by Cass Gilbert, the 241-meter (792 feet) Woolworth Building was the tallest in the world upon its completion.
Units are expected to sell for about $3,000 per square foot, the Times reports.