United Overseas Bank Limited, New York Agency has provided $220 million in financing for the conversion of the upper floors of the iconic Woolworth Building in Manhattan, according to Reed Smith, the law firm representing the lender.
The borrower, Alchemy Properties, purchased the top 30 floors of the 900,000 sq ft building from the Witkoff Group and Cammeby’s International for $68 million in 2012. (Alchemy used $41m in financing from HSBC to fund the acquisition).
The developer has planned a group of 33 super-luxury condominiums called The Woolworth Tower Residences, some of which were said to carry sticker prices greater than $50m (not to mention an elite $110m, four-bedroom penthouse). It’s not clear if those plans will be revised now that the Manhattan high-end condo market is said to be overheating.
The luxury condominium conversion was designed by Thierry Despont, whose projects have included the centennial restoration of the Statue of Liberty and the renovation of the Ritz Paris.
Witkoff and Cammeby’s formed a partnership in 1998 to buy the copper-domed property at 233 Broadway for $126.5m.
In May of last year Blackstone provided a $320m first mortgage loan to refinance the office component — from the ground up to the 28th floor — of the 60-story building, taking out a previous $250m CMBS loan and funding additional renovation costs.
United Overseas Bank Limited is a leading Asian bank, headquartered in Singapore, with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America.