21-floors of a 32-story office tower in Manhattan’s Tribeca neighborhood will be converted from office to luxury residential condominiums by the new owners. CIM Group and Magnum Real Estate Group have acquired condominium interest primarily consisting of floors 11 through 31 in the high-rise at 140 West Street, in a deal first reported by High Rise Facilities back in September. The building is commonly known as the Verizon Building and previously known as the Barclay-Vesey Building and the New York Telephone Company Building.
Located in southern Tribeca, 140 West Street occupies a full city block with street frontage on West Street, Barclay Street, Vesey Street and Washington Street. Completed in 1927, the Art Deco building was the first prominent work of architect Ralph Walker, and it is recognized as a premier Art Deco skyscraper and one of the most significant structures in skyscraper design. The building originally served as the headquarters for the New York Telephone Company.
Architects and historians widely consider the Verizon Building as the first Art Deco skyscraper. It was among the first skyscrapers designed under the 1916 Zoning Resolution, using the step back principle which became a key element of art deco design. The building was designated a New York City Landmark in 1999 and was added to the National Register of Historic Places in 2009.
This is CIM’s first acquisition in Tribeca, a popular neighborhood characterized by cobblestone streets, world-famous restaurants, luxury and boutique shops, and stylish warehouse-loft conversions. The 140 West Street property is also conveniently located near the World Trade Center development and Brookfield Place.
CIM’s investments in Lower Manhattan include 5 Hanover Square, 2 Rector Street, and 15 William in the Financial District. CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), One Madison Park, 47 East 34th Street, and 225 Fifth Avenue.
Photo credit: Wikipedia user Beyond My Ken