Rose Associates, the owners of 70 Pine Street in Lower Manhattan, are spending $550 million to transform the historic 952-foot-tall high-rise into a mixed-use building with rental apartments, a hotel and retail space.
The Art Deco skyscraper was built in 1932 to act as the headquarters of the Cities Services Company (Citgo). When completed it was the third tallest building in the world, after the Empire State Building and the Chrysler Building. American International Group (AIG) purchased the tower in 1976 and occupied the building until 2009. Rose Associates, which has a 27,000 apartment portfolio, acquired 70 Pine Street in 2012. The company is using $30 million of its own money, along with a $300 million construction loan and $220 million from financial partner, Eastbridge Group.
When completed this fall, the building will have 644 rental apartments in studio, one-, two- and three-bedroom configurations. Rose has selected Furnished Quarters to manage 132 extended stay hotel apartments on four floors of the 66-story landmarked property. The units are full-sized apartments complete with kitchens, and will average 800 square feet—nearly three times the size of a standard New York hotel room. Benjamin Noriega-Ortiz, the designer behind the Mondrian Hotels in New York’s SoHo district, Los Angeles, and the upcoming Mondrian Baha Mar in the Bahamas, will collaborate with Furnished Quarters’ in-house design team on the creation of the extended stay hotel rooms.
“We are pleased to be working with Furnished Quarters, an experienced operator of extended stay properties. Their thoughtful approach to the hotel portion of 70 Pine blends nicely with our overall vision for the building,” said Adam R. Rose, co-president of Rose Associates. “Furnished Quarters has long provided hospitality services to the financial, legal and media industries and 70 Pine’s future guests are certain to mirror the professionals within that demographic.”
“We plan to introduce a fresh hospitality concept under an entirely new brand at 70 Pine Street,” said Steve Brown, co-founder of Furnished Quarters. “This is a significant step in our evolution, and we’re excited to now offer our corporate clients and guests apartment-size lodging in New York City for stays that are less than 30 days.”
Along with theprivate residences and hotel, 70 Pine offers commercial spaces that will feature restaurants and other retail. Rose is currently marketing 35,000 square feet of retail space, which will be accessed via the surrounding streets and the lobby. The historic lobby, which will feature a restaurant and café, will be re-opened to consumer foot traffic for the first time in decades. La Palestra, an operator of upscale fitness and wellness centers, will utilize 23,000 square feet of space off the building’s lobby. Furnished Quarters’ guests will have access to La Palestra and the many other amenities of 70 Pine. The building’s top four stories are being converted into a one-of-kind space that will serve as a lounge with 360-degree views.
Photo courtesy Rose Associates