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A blog from cityrealty (Links below will take you to the 6sqft site)
 
 

Top 10 Building Conversions

The conversions of many former commercial buildilngs into New York City apartment buidligns has been a substantial slice of the development pie in Manhattan and nortwestern Brooklyn for a generation or so as climbing rents justified the high architectural, construction and legal costs of changing a structure's usage.  Most of the Top 10 Building Conversions happened a few years ago as the choicest properties were obviously the first to go.  The most recent and glamorous conversion has been the Plaza Hotel on Fifth Avenue at Central Park South where about half the fabled hotel rooms facing Central Park were converted to luxury residential condominiums.

#1 - The Plaza, 1 Central Park South

The city's most famous luxury hotel, which was designed in French Renaissance chateau-style by Henry Janeway Hardenbergh in 1907, was acquired  by El Ad properties and reopened in 2008 after being closed for about years with 181 luxury condominium apartments facing Central Park and Fifth Avenue and 282 hotel rooms facing 58th Street.


  • Twenty-Nine apartments currently for sale from $1,195,000 to $50,000,000

#2 - Cipriani Residences, 55 Wall Street

One of Lower Manhattan's most important landmarks, this handsome building in the heart of the Financial District started as The Merchant Exchange in 1823 and became the New York Stock Exchange in 1841 before serving as the U.S. Custom House from 1862 to 1907 and then in 1907 as the headquarters of the City Bank Corporation.  It was bought in 1997 by Giuseppe Cipriani and Credit Suisse First Boston and they sold it two years later to the Regent International Hotels and Sidney Kimmel, the chairman of the Jones Apparel Group, for a hotel.  Mr. Cipriani subsequently joined forces with Mr. Kimmel and Steve Witkoff to convert the hotel to the very luxurious Cipriani Club Residences.


  • Seven apartments currently for sale from $699,000 to $1,780,000

#3 - The Police Building, 240 Centre Street

This very beautiful Baroque-revival style "palace" in the tenement heart of Little Italy was designed in 1909 by Hoppin & Koen as the headquarters for the New York City Department of Police, but the department abandoned it for a new building near City Hall in1973 and it was not until 1988 that it was converted it to 55 residential condominiums by Arthur D. Emil, John J. Ferhill and Edward R. Downe Jr.


  • One apartment for sale at $18,500,000

#4 - The Ansonia, 2109 Broadway

Built by William Eagle Stokes in 1904 as an elaborate apartment hotel that suggested what a mid-rise Paris might be, it became home to the city's most notorious sex club in 1977 but eventually was closed and the 17-story building was converted to a residential condominium with about 430 apartments in 1992.


  • Four apartments currently for sale from $799,000 to $2,395,000

#5 - Liberty Tower, 55 Liberty Street

This great Gothic Revival-style skyscraper was designed in 1910 by Henry Ives Cobb and became one of the first major downtown buildings to be converted when Joseph Pell Lombardi converted to a cooperative apartment building with 87 units in 1979.


  • Four apartments currently for sale from $825,000 to $2,725,000

One to Four Bedroom Condominium Residences in Classic Sutton Place. Inspired by a Tradition of Craftsmanship. View Property
Sprawling, Custom-Designed Tribeca Lofts With Over 40,000 Square Feet of Amenities. Immediate Occupancy. View Property

#6 - 141 Fifth Avenue

This domed building is of the glories of Lower Fifth Avenue.

#7 - The Sugar Warehouse, 79 Laight Street

This 10-story 1853 building was erected by the Grocers Steam Sugar Refining Company as one of the tallest buildings in Lower Manhattan and it was converted by Joseph Pell Lombardi to 34 condominium apartments in 2002.


  • Two apartments currently for sale from $4,295,000 to $6,700,000

#8 - The Clocktower Building, 1 Main Street

This large, 12-story building was erected in 1912 for Robert Gair and converted to 124 residential condominiums in 1998 by David Walentas, one of the major converters in the area around the Brooklyn Bridge.


  • Seven apartments currently for sale from $1,400,000 to $10,500,000

#9 - One Hanson Place, 1 Hanson Place

One of the city's finest Art Deco skyscrapers, this tower, next to the Brooklyn Academy of Music, was erected in 1927 as the Williamsburgh Savings Bank and the tallest building in Brooklyn and it was converted in 2006 to 175 residential condominiums.


  • Five apartments currently for sale from $1,325,000 to $1,880,000

#10 - 140 Franklin Street

One of the glorious former commercial buildings in TriBeCa that have been converted to residential use.


  • One apartment for sale at $13,900,000

One to Four Bedroom Condominium Residences in Classic Sutton Place. Inspired by a Tradition of Craftsmanship. View Property
Sprawling, Custom-Designed Tribeca Lofts With Over 40,000 Square Feet of Amenities. Immediate Occupancy. View Property
Downtown, service-forward, modern luxury studio to 3-bedroom rentals View Property
Expansive NYC and Hudson River views with amazing amenities, nestled between Chelsea and Theater District View Property
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