Rendering of 245 West 55th Street (Madigan Development | Fogarty Finger Architects)
Office-to-residence conversions have become increasingly commonplace thanks to recently approved rezonings, but some conversions offer a more creative history than the typical banking or insurance tower. In the heart of Hell's Kitchen, a recording studio used by the likes of The Beatles, Bruce Springsteen, Michael Jackson, Madonna, Mariah Carey, and Beyonce was converted to condominium The Hit Factory in 2006. More recently, work is underway to expand and convert the nearby former film processing building at 245 West 55th Street to a mixed-use tower with 42 residential units.
245 West 55th Street has long been known as the DuArt Building in honor of its longtime tenant. Motion picture lab and processing studio DuArt acquired the building in the 1970s and worked on such acclaimed films as Dirty Dancing, She's Gotta Have It, Roger & Me, Forrest Gump, and The Cider House Rules there. DuArt listed the building in November 2022, months after the death of its Academy Award-winning chairman, Irwin Young, and Madigan Development bought it for $28.5 million in June 2023.
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via Bob Knakal | https://www.bkrea.com/insights/midtown-office-to-condo-conversion-site-sells-in-manhattan-nyc-at-245-west-55th-street-for-28-500-000
Permits for the conversion were filed in October 2024. A short time later, renderings by Fogarty Finger revealed a six-story addition clad in brick and metal paneling with a grid of industrial-style windows and three tiers of setbacks to be topped with terraces. Owing to the chemicals used in film processing, the site had to undergo brownfield cleanup before construction could begin. Work is now underway with scaffolding and netting in place to protect the building's distinctive ornamental metal and masonry facade.
Rendering of 245 West 55th Street as seen from Eighth Avenue (Fogarty Finger)
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The project will also involve a full interior renovation, though hopefully not one that comes at the expense of such original features as ceilings over 12 feet high and exposed brickwork. According to Bob Knakal who brokered the deal, the residences will be condos. There will be no more than four units per floor, and amenities are to include a mail/package room, bike storage, a central laundry room, and a roof terrace. Another perk will be a central address in close proximity to Columbus Circle, Central Park, Carnegie Hall, the Theatre District, Hell's Kitchen dining and nightlife, and numerous transportation options.
Construction progress, January 2026 (CityRealty)
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