Historic New York City buildings transforming into luxury condominiums may be one of the biggest real estate trends in the market at the moment. From Brooklyn to downtown Manhattan to the Upper West Side, the newest upscale buildings in town are a throwback to the past, with former lives as banks, libraries, and department stores.
Christopher Totaro, an agent at Warburg Realty, says that historic buildings are ripe for conversion. “Since land is at such a premium in New York today, developers are looking for every square inch of real estate they can find, and historic buildings are often it because zoning and landmark preservation laws don’t allow them to be torn down,” he says. “These buildings also help create a unique story for the condo.”
Following are seven examples.
Designed by famed architect Ralph Walker in 1927, 100 Barclay was once home to the New York Telephone Company. Today, Magnum Realty Group has converted the top 22 floors into upscale condos (Verizon offices are in the building’s lower portion). Walking into the Art Deco lobby is like stepping back in time: The hand-painted murals depict the history of communication, from carrier pigeons to smoke signals to early telephones. Amenities for residents include four terraces, a children’s playroom, teen lounge, wine tasting and storage room, and 82-foot lap pool.
Number of residences: 156
Starting price: $4.48 million
Originally built in 1925 by the Knights of Columbus, this condominium located on Prospect Park served as a clubhouse and hot spot for society events in Park Slope, complete with a ballroom, restaurant, bowling alley, indoor swimming pool, and more. Today, the design firm Workstead, notable for its work on boutique hotels such as the Wythe in Brooklyn, is leading its conversion to residences, which will open later this year. Many of the original features remain intact, such as the stone façade and crown moldings on the ceilings. Amenities include a library, children’s playroom, and rooftop with garden.
Number of residences: 64
Starting prices: $2.075 million to $5.97 million
The history of One Wall Street goes back to 1931, when it was built as the home of Irving Trust (later the Bank of New York). Today, it’s one of the most important Art Deco buildings in the country, regarded as a symbol of commerce in the area where the city of New York was first created. Following an intricate renovation, Macklowe Properties has turned the Ralph Walker– designed limestone tower into residences that come with amenities such as a swimming pool and a roof deck. Sales launch later this year.
Number of residences: 566
Starting price: $1.475 million
Built in 1896 as a warehouse for The Great Atlantic & Pacific Tea Company (better known as A&P), Tribeca’s 67 Vestry was converted into artists’ lofts in the 1970s. In fact, some of the most prominent artists of the 20th century worked and lived in the building, including John Chamberlain, Dan Flavin, and Andy Warhol; it became known as a place where artists gathered. Now, the Romanesque-revival waterfront landmark is being restored with the help of Gachot, the design studio known for its work on the Shinola Hotel in Detroit. Sales launched this spring.
Number of residences: 13
Starting price: $7.3 million
The Woolworth Tower Residences
Designed by Cass Gilbert in 1913 as a commission from retail magnate F.W. Woolworth, the Woolworth Building was once the tallest in the world. Today, floors 29 to 58 of the famous tower are home to loft-like apartments. Thierry Despont, known for his makeover of the Ritz Paris Hotel, is behind the finishes. The conversion to residences included a restoration of the striking terra-cotta façade and coffered ceiling that was moved from Woolworth’s private office. Amenities in its new life include a lounge, wine cellar and tasting room, and 50-foot lap pool.
Number of residences: 32
Starting price: $5.6 million
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The Towers of the Waldorf Astoria
Celebrating 90 years on Park Avenue this year, the Waldorf Astoria epitomized glamour—Hollywood’s elite and countless world leaders stayed at the hotel whenever they came to town, and famed cultural events and galas were held in the gilded ballroom. Today, the property is going residential in a makeover that includes an extensive renovation and contemporary new interiors courtesy of renowned French designer Jean-Louis Deniot. When the building opens in early 2023, residents will have access to 50,000 square feet of amenities, including an 82-foot pool with skylight and a spa.
Number of residences: 375
Starting price: $1.8 million
Built in 1905 on the Lower East Side, the downtown branch of the New York Public Library was the first library in the city to feature a rooftop reading room. By 1950, the building had become a dance hall and restaurant. When Horizon Group purchased it in 2018, it was the Church of the Nazarene. The conversion, debuting in late May, keeps many original features intact, such as the terrazzo floors in the lobby and three floors of façade. New elements include dark wood cabinetry and paneling and a rooftop.
Number of residences: 11
Starting price: $1.25 million
