A famous commercial real estate property in New York will have more than half of its floors converted to a condominium setup, according to the New York Daily News.
The Woolworth Building, located in lower Manhattan, will have its 30 top floors made into luxury apartments. Alchemy Properties purchased the floors for approximately $68 million, and plans an additional investment of $80 million to make the office floors into 40 residences, the news source explained.
"This is a very exciting deal," Kenneth Horn, president of Alchemy Properties, told the news source. "We will be working with a truly iconic building which is a landmark not only in New York but internationally as well."
The 28 floors below Alchemy Properties' purchase will continue to be used as office space, the news source noted. The apartments will be completed in 2015, and there will also be a renovated swimming pool in the building. Each apartment will cost approximately $3,000 per square foot.
The Woolworth Building was designed in 1913, and was the tallest property in the world at its opening, the news source added.