Beauty and the Beasts: Rescuing a Historic Façade in the Financial District
Certainly, 55 Liberty Street is a beautiful building – the base of the roof on the 28th floor is adorned with a menagerie of massive masonry eagles, lions, alligators, fish, gnomes, and assorted flora – but that beauty can quickly turn deadly. That was the case in 1993 when chunks of terra cotta broke loose from the skin of the 32-story, 80-unit co-op and plunged to the crowded sidewalk below.
Designed by Henry Ives Cobb, the free-standing terra-cotta structure was the tallest building in the world when it opened its doors in 1909. It served as offices for Sinclair Oil and other businesses until 1979, when it was converted to residential living. Two years later, it became a co-op. Now it is dealing with capital challenges, safety, and the ever-present memory of the past.
Neighborhood
Financial District
Value
Recent Sales
5/16/11: $677,000
11/10/10: $840,000
8/18/10: $509,000
Property Taxes
Estimated Market Value: $28,097,000
2011/12 Taxable Value: $11,379,500
The Vision Thing
Andrew Feiwel, president of 55 Liberty Street’s seven-member board for three years and a resident since 1998, loves living in the 103-year-old ex-office tower. “Our building is beautiful; they don’t make them like this anymore,” he says. “When the conversion was done, people bought the floors [as raw space] and designed them themselves. Every floor plan is different. There are no cookie-cutter apartments. You get very good light and air.” Despite the mammoth restoration projects of the last few years, he enjoys the challenges of service. A real estate broker by day, Feiwel brings his marketing expertise to the board. But, paradoxically, he also feels that the building doesn’t need much promotion. “It’s a great place and in a great neighborhood,” he notes enthusiastically. “I just love waking up in the apartment. I have 11 windows, with great views. I get to see the river, the sky, and the sunsets.”
Building Investment
Project
-
Cost: $2.2 million
- Local Law 11 seventh cycle replacement/restoration of the gothic detail and white terra-cotta façade
- Replaced more than 50 unique ornamental pieces such as gargoyles and other sculptures
- Replaced roughly 800 terra-cotta stones across the façade of the building
- Repaired and glazed more than 500 existing terra-cotta stones
Contributors
Skyline Restoration
Lawless & Mangione
Lisette Maiques, Cooper Square Realty
Andrew Feiwel, board president
Began in March 2011 and completed in January 2012.