Lower Broadway Landmark Is Going Condo
The original New York Life Insurance Co. building before numerous additions. Photo courtesy The New York Public Library.
Jan. 13, 2016 — It rose on lower Broadway in the 19th century as headquarters for the New York Life Insurance Co. More recently it housed New York City Criminal Court. In 2013, this 13-story, 419,000-square-foot behemoth became the single largest building ever sold by the City of New York – for the princely sum of $160 million.
Now it’s being converted – shocker! – into luxury condos.
Miami-based Peebles Corp. has secured a $334 million construction loan from Bank of America to convert the structure – also known as the Clock Tower Building – into 151 condo apartments, plus a 7,210-square-foot communal facility and 2,200 square feet of commercial space, reports Commercial Observer. The conversion is being designed by Beyer Blinder Belle, with a penthouse apartment that will include the building’s iconic rooftop clock.
The building is a city landmark and is also on the National Register of Historic Places.