Alchemy Properties acquires interest in top 30 floors of the Woolworth Building; Investors Schimmel and Neumann assume minority interest

An investment group led by Alchemy Properties Inc., has acquired a condo interest in the top 30 floors of the Woolworth Building. Alchemy will create 40 residences within the tower of the downtown property. Alchemy acquired the condo interest for $68 million from The Witkoff Group and Cammeby's International, which will continue to own the lower 28 floors to house office tenants. Private investors Marc Schimmel and Adam Neumann, CEO of WeWork, assmed minority interests in the ownership structure. Schimmel has taken an investment stake, while Neumann will also act as a branding and marketing consultant.Schminnel and Neumann played central roles throughout the purchase and negotiation. Together, they acquired the rights to purchase the top portion of the property and then worked with Alchemy and its institutional partner to transfer a majority of their position. Alchemy said that the vacant top floors will be converted into residential condo units. Current plans call for a separate lobby for residents to be constructed on Park Place, with private elevators serving the residential condo. All of the residential units will start 350 ft. above ground level. Units are expected to be completed by 2015. "We are eager to begin writing a new chapter in the storied history of the Woolworth Building," said Kenneth Horn, president of Alchemy. "Transforming this jewel of the crown, which coincidently will celebrate its 100-year anniversary in 2013, into some of the city's finest residential condo units will be a complex but hugely rewarding experience for everyone involved. There will be nothing like these residences when they are delivered." Representing Alchemy was Jeffrey Schwartz, Esq. of Wolf, Haldenstein, Adler, Freeman and Herz. HSBC Bank provided the acquisition financing for the purchaser. Constructed in 1913, the 58-story Woolworth Building is one of the most recognizable buildings in the world. It was the world's tallest skyscraper until 1930. With its ornate neo-Gothic spire rising above city hall on lower Broadway, the Woolworth Building was designated as a National Historic Landmark in 1966. The floors being acquired are all currently vacant, allowing for Alchemy to move forward with its designated plans. The penthouse units will be more than 700 ft. above ground, making them some of the highest luxury residential quarters in the city. All of the units will be designed as spacious, super high-end homes with ceiling heights, on average, from 11 to 14 ft., adding to the grandeur of the residences. About Alchemy Properties Alchemy Properties Inc. is a privately held, fully integrated real estate firm whose principals have over 75 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and selling of real estate in the New York City Tri-State area. To date, they have developed 30 properties in the New York Metropolitan area in excess of two million square feet. For more information, visit http://www.alchemy-properties.com/index.html.