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The Woolworth Building

In the beginning of 2001 — with the economy in a downturn — the owners of the Woolworth Building, a 1,000,000 square foot historic landmark building in New York’s Downtown Financial District, were facing vacancies and several million dollars in payables.  The tower — 15% of the building — was vacant. We were brought in as the Asset Manager to formulate a plan to lease-up the building, decide what to do with the tower and work out the payables. Then came September 11, 2001 and the situation got worse. The Woolworth Building is located only 2 blocks from the World Trade Center site.  

Under our supervision new tenants were brought in including New York University, Brown University, Moneyline, the General Services Administration and The New York City Police Pension Fund. The below grade levels were developed into a parking garage.  All of the payables were paid, and new interior construction in excess of $15,000,000 was completed and paid for.  

The mortgage was refinanced for almost double the original amount.  The Tower is being developed as high-end boutique office space which will greatly enhance the value of the Building, which has increased to more than $750,000,000 during our asset management.

Today we oversee all aspects of this historic building including construction of the new Tower space, supervising onsite management, negotiating leases, budgeting, interacting with tenants and overseeing extensive preventive maintenance such as that required for the building’s decorative terracotta facade. All has been done in the pursuit of one goal, to ensure that the Woolworth building maintains its stature in the market.